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Ukraine and the EU signed an agreement on the use of proceeds from frozen Russian assets
The mechanism will allow using income from frozen assets of the Russian Federation to cover the principal amount of the loan.
Finance Minister Sergei Marchenko signed an agreement with the EU on the launch of the Ukraine Credit Cooperation Mechanism (ULCM).
According to the Ministry of Finance, this Mechanism will create a legal framework for servicing and repaying funds received by Ukraine, which could reach up to 45 billion euros.
“The mechanism will allow the use of income from frozen sovereign assets of the Russian Federation to cover the principal amount of the loan raised from partners under the G7 ERA initiative, as well as interest and any other expenses associated with the loan,” the statement says.
It is noted that the funds…
