Since the start of the Russia’s war of aggression against Ukraine, the EU has provided Ukraine with financial, military and humanitarian support on an unprecedented level, including macro-financial assistance, financial support via the Ukraine Facility, humanitarian aid and military assistance from its Member States and through the European Peace Facility.
Regulation (EU) 2024/2773 provides for a new macro-financial assistance loan for Ukraine and establishes an Ukraine Loan Cooperation Mechanism (ULCM). That loan and the ULCM are part of a G7 initiative adopted at the G7 summit in Apulia in June 2024 to support Ukraine with loans of up to US$50 billion (€45 billion). The purpose of the G7 initiative is to provide Ukraine with sufficient and continuous financial support to address the immediate needs inflicted on the country by Russia’s ongoing aggression. The ULCM will provide Ukraine with non-repayable financial support to assist it in repaying loans provided by G7 partners. Given the urgent nature of Ukraine’s financing needs, the MFA will be available in 2024. According to the annex to the final agreement between G7 finance ministers of 25 October 2024, the EU’s share of the G7 loan will be €18.115 billion. Extraordinary revenues originating from Russian sovereign assets immobilised in the G7 member states will be used to repay those loans and the associated interest costs. The ULCM will collect the extraordinary revenues and use them to repay the loans. The European Parliament adopted the proposal on 22 October 2024 and Regulation (EU) 2024/2773 entered into force on 29 October 2024.
REGULATION (EU) 2024/2773 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 24 October 2024 establishing the Ukraine Loan Cooperation Mechanism and providing exceptional macro-financial assistance to Ukraine This Regulation establishes the Ukraine Loan Cooperation Mechanism (the ‘Mechanism’) and makes available to Ukraine exceptional macro-financial assistance in the form of a loan (the ‘MFA Loan’) with a view to supporting Ukraine in covering its financing needs.
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