STRASBOURG, France: The European Parliament on Tuesday voted to hand war-torn Ukraine a loan of up to $38 billion (35 billion euros) backed by profits from frozen Russian assets.
Kyiv is desperate for funds as it seeks to prop up its economy, equip its military and keep its electricity grid functioning this winter after intense bombardments by Moscow’s forces.
The European Union loan — which was approved by an overwhelming majority of lawmakers — is part of a bigger $50 billion initiative agreed by G7 powers in June.
The EU is the first of the G7 powers to announce how much it is putting forward as its share of the plan and is still waiting for the United States and others to do their part.
EU justice commissioner Didier Reynders said other G7 countries are expected to unveil their contributions at a Washington meeting on Friday.
EU officials say the size of the bloc’s loan was up to 35 billion euros, but could decrease depending on how much other countries put forward.
The EU has frozen roughly $235 billion of Russian central bank funds since the Kremlin launched its invasion of Ukraine in 2022, the vast bulk of immobilized Russian assets worldwide.
About 90 percent of the funds in the EU are held by international deposit organization Euroclear, based in Belgium.
The G7 plan seeks to leverage interest earned on the assets to get more funds to Ukraine and will replace an existing EU scheme that funneled $1.7 billion to Kyiv in July.
There has been a delay in implementing the G7 loan as the United States had sought guarantees from the EU that the Russian assets would remain frozen.
Currently, EU members have to agree every six months to extend the asset freeze.
Hungary rejected a proposal to extend that period to 36 months, arguing it wants to wait until after the US presidential election in November.
The latest EU loan comes on top of roughly 120 billion euros of support that officials say the EU and its member states have provided to Kyiv since Russia’s invasion.
EU lawmakers approve new $38 billion loan for Ukraine
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EU lawmakers approve new $38 billion loan for Ukraine
- Kyiv is desperate for funds as it seeks to prop up its economy, equip its military and keep its electricity grid functioning this winter
- The EU loan is part of a bigger $50 billion initiative agreed by G7 powers in June
Long-delayed decision due on Chinese mega-embassy in London
LONDON: The UK government is Tuesday due to rule on plans for a sprawling Chinese mega-embassy in central London, amid security concerns and ahead of Prime Minister Keir Starmer’s expected visit to China.
Beijing’s proposal for a new embassy on the historic site of the former Royal Mint — a stone’s throw from the Tower of London — has been dogged by delays since China bought it in 2018.
If the relocation from its current site in London’s upmarket Marylebone area is approved, it would be the largest embassy complex in the UK by area, and one of the largest embassies in the heart of a Western capital.
But the move has faced fierce opposition from residents, rights groups and critics of China’s ruling Communist Party who fear the site could be used to surveil and harass dissidents.
The embassy proposal has proved to be particularly sensitive domestically, and appears to be a sticking point in bilateral ties as well.
The UK’s plans to redevelop its own embassy in China are also reportedly being held up.
Starmer is expected to visit China later this month, according to British media — although the trip has not yet been confirmed by Downing Street — as he tries to reset ties with the economic powerhouse.
If it goes ahead, it would be the first visit by a UK prime minister since 2018, after ties between London and Beijing fell to new lows under the previous Conservative government.
But the embassy plans, domestic furor over a collapsed case against two British men accused of spying for China, and the conviction of media mogul and British citizen Jimmy Lai in Hong Kong on two national security charges could make for an eventful first visit for Starmer.
While UK media reported that the development is likely to receive the green light this week, a refusal would not go down well in China.
When the decision was postponed once again in December, China’s foreign ministry spokesman Lin Jian said Beijing was “deeply concerned” and “strongly dissatisfied.”
Meanwhile, Starmer last month acknowledged that while China provided significant economic opportunities for the UK, it also posed “real national security threats.”
- ‘Spy embassy’ -
Last week, The Daily Telegraph reported the new embassy site would house 208 underground rooms, including a “hidden chamber,” according to unredacted plans obtained by the daily newspaper.
The vast site would also run alongside sensitive underground Internet cables, with the unredacted plans showing that Beijing would demolish and rebuild a wall between the cables and the embassy.
The high-speed Internet cables connect to the City of London financial district, with the Telegraph raising concerns that they could be tapped underground.
Hundreds rallied against the impending decision outside the proposed site on the weekend.
“We cannot allow the Chinese to build this spy embassy in an area so crucial to our national security,” said opposition Conservative party leader Kemi Badenoch.
A protester in London who gave his name only as Brandon, for fear of reprisals, told AFP on Saturday that the plans raised a “lot of concerns.”
“I don’t think it’s good for anyone except the Chinese government,” said the 23-year-old bank employee who moved to the United Kingdom from Hong Kong.
Clara, a protester also originally from Hong Kong, said she was “really afraid of transnational repression that China can impose on us.”
“UK government, why are you still endorsing it?“
Local residents could meanwhile also launch a legal challenge against approval further delaying the project.
Beijing’s proposal for a new embassy on the historic site of the former Royal Mint — a stone’s throw from the Tower of London — has been dogged by delays since China bought it in 2018.
If the relocation from its current site in London’s upmarket Marylebone area is approved, it would be the largest embassy complex in the UK by area, and one of the largest embassies in the heart of a Western capital.
But the move has faced fierce opposition from residents, rights groups and critics of China’s ruling Communist Party who fear the site could be used to surveil and harass dissidents.
The embassy proposal has proved to be particularly sensitive domestically, and appears to be a sticking point in bilateral ties as well.
The UK’s plans to redevelop its own embassy in China are also reportedly being held up.
Starmer is expected to visit China later this month, according to British media — although the trip has not yet been confirmed by Downing Street — as he tries to reset ties with the economic powerhouse.
If it goes ahead, it would be the first visit by a UK prime minister since 2018, after ties between London and Beijing fell to new lows under the previous Conservative government.
But the embassy plans, domestic furor over a collapsed case against two British men accused of spying for China, and the conviction of media mogul and British citizen Jimmy Lai in Hong Kong on two national security charges could make for an eventful first visit for Starmer.
While UK media reported that the development is likely to receive the green light this week, a refusal would not go down well in China.
When the decision was postponed once again in December, China’s foreign ministry spokesman Lin Jian said Beijing was “deeply concerned” and “strongly dissatisfied.”
Meanwhile, Starmer last month acknowledged that while China provided significant economic opportunities for the UK, it also posed “real national security threats.”
- ‘Spy embassy’ -
Last week, The Daily Telegraph reported the new embassy site would house 208 underground rooms, including a “hidden chamber,” according to unredacted plans obtained by the daily newspaper.
The vast site would also run alongside sensitive underground Internet cables, with the unredacted plans showing that Beijing would demolish and rebuild a wall between the cables and the embassy.
The high-speed Internet cables connect to the City of London financial district, with the Telegraph raising concerns that they could be tapped underground.
Hundreds rallied against the impending decision outside the proposed site on the weekend.
“We cannot allow the Chinese to build this spy embassy in an area so crucial to our national security,” said opposition Conservative party leader Kemi Badenoch.
A protester in London who gave his name only as Brandon, for fear of reprisals, told AFP on Saturday that the plans raised a “lot of concerns.”
“I don’t think it’s good for anyone except the Chinese government,” said the 23-year-old bank employee who moved to the United Kingdom from Hong Kong.
Clara, a protester also originally from Hong Kong, said she was “really afraid of transnational repression that China can impose on us.”
“UK government, why are you still endorsing it?“
Local residents could meanwhile also launch a legal challenge against approval further delaying the project.
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