EU Plans to Raise €40 Billion in Loans for Ukraine by End of 2024 Without US Participation

Sep 16, 2024, 08:34 PM

The European Union is planning to raise up to €40 billion in loans for Ukraine by the end of 2024, without the participation of the United States. This decision, reported by the Financial Times, comes after a G7 plan to use frozen Russian assets for Ukrainian aid faltered. Brussels is concerned that Hungary may block the use of these assets, prompting the EU to take unilateral action. The funds are critical to help Ukraine address a $38 billion financing gap. The US had wanted a $50 billion package but insisted that the Russian funds backing the loans remain frozen long term.