European Parliament approves $38 billion loan to Ukraine

22 Oct 2024, 16:41 by Clyde Hughes · UPI

Oct. 22 (UPI) -- The European Parliament on Tuesday approved a $38 billion loan to Ukraine that will be repaid from the profits of frozen Russian assets, clearing the final hoop for the funds.

The 518-56 vote the European Union commitment is part of the $50 billion promised through an initiative by the G7. The European Union's commitment will decrease if the United States chips in, which is expected.