On 22 October, Renew Europe welcomed the European Parliament’s adoption of the exceptional macro-financial assistance loan to Ukraine (MFA) of up to €35 billion with broad support. 

This loan, contributing to the establishment of the Ukraine Loan Cooperation Mechanism (ULCM) of €45 billion, will not be repaid by Ukraine but by windfall profits coming from Russian frozen assets. 

EP rapporteur Karin Karlsbro MEP (Liberalerna, SE) ensured the European Commission's proposal has been adopted swiftly and unamended, so that Ukraine can benefit from this exceptional assistance before the end of 2024.

In a Congress resolution adopted earlier in October, ALDE Party had called to extend the sanctions policy and explore "all legal ways to redirect Russia’s frozen assets for Ukraine’s needs".

Idag har vi chansen att äntligen få fatta det historiska beslutet att säga ja till att låta frysta ryska tillgångar betala Ukrainas återuppbyggnad. Jag är ansvarig för förslaget och hoppas på ett brett stöd för att hålla Ryssland ansvariga för förödelsen och låta Putin betala. pic.twitter.com/RvlFpfsf4C

— Karin Karlsbro (@KarinKarlsbro) October 22, 2024

The G7 support for the successful implementation of this mechanism depends on the prolongation of the sanctions against Russia and extending the immobilisation of Russian assets. 

Renew Europe expressed their outrage about the continued obstruction of Hungarian Prime Minister Viktor Orbán, who opposed the proposal to freeze €210 billion of Russian sovereign assets for 36 months.  

This option, also supported by the United States, would have provided Ukraine with the stable assistance it needs to counter Russian aggression. 

“Since the first day of Putin's war it has been clear, that one day Russia must pay for the destruction of the Ukrainian society,” said Karlsbro.  

“By using the windfall profits of the frozen Russian assets, we can send up to 45 billion euros to Ukraine. It is time to make Russia pay for its attacks on Ukrainian society and the brutal destruction of infrastructure, cities, villages, and homes.  

“The burden of rebuilding Ukraine will be shouldered by those responsible for its destruction, namely Russia.” 

⚡️@Europarl_EN has just voted with 518 votes in favor of granting #Ukraine 35 billion euros from Russian assets!

📍Symbolically, I am in the European Parliament now and at every meeting I repeat: it is important to give Ukraine the freedom to manage the funds from the frozen… pic.twitter.com/U7ghVrkRM0

— Yevheniia Kravchuk (@kravchukev) October 22, 2024