EU provides $1 billion in aid to Ukraine backed by frozen Russian assets
The European Commission has disbursed an additional 1 billion euros ($1.1 billion) in Macro-Financial Assistance (MFA) to Ukraine, to be repaid with proceeds from frozen Russian assets, the commission announced on March 20.
"With today's payment of 1 billion euros, we are reiterating our steadfast commitment to Ukraine. We are helping the country's economy stay on course and rebuild critical infrastructure damaged by Russian aggression," Commission President Ursula von der Leyen said.
Western nations froze around $300 billion in Russian assets after Moscow launched its full-scale invasion of Ukraine in February 2022, with roughly two-thirds held in Europe.
The MFA amounts to 18.1 billion euros ($19.6 billion) in total, representing the EU's contribution to a G7-led initiative that collectively aims to provide Ukraine with approximately 45 billion euros ($48.8 billion) in financial support.
With this latest payment, the European Commission has disbursed 4 billion euros ($4.3 billion) to Ukraine under the MFA since the start of 2024.
In October 2024, the Group of Seven agreed to provide Ukraine with nearly $50 billion in loans backed by the revenue generated from frozen Russian assets.
Tim Zadorozhnyy
