Ukraine Receives First Installment of 3 Billion Euro Loan from the European Union

Ukraine has received the first installment of a 3 billion euro (equivalent to 3.09 billion dollars) loan from the European Union. This plan was approved by the G7 countries to support Ukraine. Denys Shmyhal, the Prime Minister of Ukraine, announced on Friday, January 21, via a post on Telegram that this amount is sourced from the profits of frozen Russian assets. He added that this is the first installment of EU financial aid to strengthen Ukraine's economy under wartime conditions. The G7 leaders agreed about three months ago to provide approximately 50 billion dollars in loans to Ukraine through various channels. Ursula von der Leyen, President of the European Commission, wrote on the social media platform 'X': 'Today, we are delivering 3 billion euros to Ukraine. We are giving Ukraine the financial power to continue its fight for freedom and to win.' According to Reuters, this action is part of international efforts to financially support Ukraine in the face of the crisis resulting from Russia's invasion of the country. Russia invaded Ukraine on February 24, 2022, and has since occupied parts of the country. Ukraine has previously received financial and military assistance from the EU and the United States. Ukraine has shot down 46 Russian drones.