The support loan is based on the returns from frozen Russian assets in EU countries, the USA, Canada, and Japan. The proposal was adopted at the G7 group's top meeting in Italy in June. Since then, the process has been grinding on in each country.
"Adopted!" wrote the Council of Ministers' chair country Hungary on X after written clearance from all EU member states.
The exact size of the EU's loan remains unclear.
Never happened before
Hours after the decision in Brussels, US President Joe Biden signed the loan of 20 billion, approximately 212 billion kronor. Biden added that "tyrants" will be held accountable for their actions.
US Finance Minister Janet Yellen said the loan will be made available before the end of the year. The US Deputy National Security Adviser was clear in the warning directed at Moscow
Something like this has never happened before. Never before has a multilateral coalition frozen assets of an attacking country and transferred the value of the assets to defend the attacked, said Security Adviser Daleep Singh.
Civil and military
He added that the US is dividing the 20 billion dollars that the Biden administration has frozen between civil and military support.
Even G7 countries Canada and Japan are participating in the loan, with 3.3 billion dollars each, as previously promised.
The loan, where final adjustments to the support will be made, is secured with the help of returns from the Russian state funds that have been frozen in banks in EU and G7 countries due to the Russian war in Ukraine.
