Confiscate Russian money to help Ukraine

The EPP Group wants to leverage the extraordinary profits from frozen Russian assets to help Ukraine. "A grim winter lies ahead for the people of Ukraine. The assistance package must be swiftly adopted. Time is of the essence when it comes to supporting Ukraine," says Jörgen Warborn MEP, EPP Group Spokesman on the International Trade Committee, ahead of today's vote on the new mechanism to use Russian assets to help Ukraine.

"Russia must be held accountable and pay directly for its aggression and crimes committed against Ukraine. The vote on the Loan Cooperation Mechanism is crucial – but more can be done. Russia's frozen assets must be confiscated and used to arm Ukraine," emphasises Sandra Kalniete MEP, the EPP Group’s lead negotiator on the new aid package.

Under the Loan Cooperation Mechanism, Ukraine will not need to repay the €35 billion in new loans to the EU. The repayment will be financed by the windfall profits generated from interest accrued on frozen Russian assets. It will still need the formal backing of the Member States.

"This is an innovative first step and is appreciated. Now, we urge the next step to hold Russia accountable for the unspeakable terror it is causing in Ukraine. Putin must reap what he has sown," underlines Kalniete. "The EPP Group stands for unwavering support for Ukraine," Warborn concludes.