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
Albanese announces bravery award for heroes of Bondi antisemitic attack
- The proposed honors would recognize those who are nominated and recommended for bravery or meritorious awards under the existing Australian Honors and Awards system for their actions during and after the attack
NEWCASTLE: Australian Prime Minister Anthony Albanese announced plans Thursday for a national bravery award to recognize civilians and first responders who confronted “the worst of evil” during an antisemitic terror attack that left 15 dead and has cast a heavy shadow over the nation’s holiday season.
Albanese said he plans to establish a special honors system for those who placed themselves in harms way to help during the attack on a beachside Hanukkah celebration, like Ahmed al Ahmed, a Syrian-Australian Muslim who disarmed one of the assailants before being wounded himself.
Sajid Akram, who was killed by police during the Dec. 14 attack, and his 24-year-old son Naveed Akram are accused of perpetrating Australia’s worst massacre since 1996.
Speaking at a press conference after a Christmas Day lunch at a charitable foundation in Sydney, Albanese described a Christmas defined by a sharp contrast between extremist violence and the “best of humanity.”
“This Christmas is a different one because of the anti-terror and the terrorist attack motivated by Daesh and antisemitism,” Albanese said. “But at the same time as we have seen the worst of humanity, we have seen the bravery and kindness and compassion ... from those who rushed to danger.”
The proposed honors would recognize those who are nominated and recommended for bravery or meritorious awards under the existing Australian Honors and Awards system for their actions during and after the attack.
’Difficult fortnight’
Just a day after pushing through the country’s toughest firearm laws, New South Wales state leader Chris Minns issued a plea for national solidarity, urging Australians to support their Jewish neighbors during what he described as a fortnight of “heartbreak and pain.”
“Everybody in Australia needs to wrap their arms around them and lift them up,” Minns said at the same press conference Thursday. “I want them to know that Australians have got their back. We’re in their corner and we’re going to help them get through this.”
Tougher gun laws
The gun reforms which passed through the New South Wales state legislature on Christmas Eve include capping individual gun ownership at four and reclassifying high-risk weapons like pump-action firearms.
The legislation also tightens licensing by reducing permit terms to two years, restricting ownership to Australian citizens, and removing the review pathway for license denials.
“Gun reform alone will not solve hatred or extremism, but we can’t fail to act on restricting access to weapons which could lead to further violence against our citizens, Minns said earlier in the week when introducing the proposed laws.
Other new laws will ban the public display of terrorist symbols and grant police expanded powers to restrict public gatherings in specific areas following terrorist incidents.
Albanese has also announced plans to tighten Australia’s already strict gun laws.
