EU countries have approved a loan of up to 35 billion euros to Ukraine, using the proceeds from Russia's immobilized assets, reports the press service of the Council of the EU.

Now this decision must be ratified by the European Parliament, after which it will be officially approved.

"The financial assistance aims to provide immediate relief to Ukraine’s urgent financing needs that have increased due to Russia’s intensified aggression towards Ukraine," the Council noted.

The €35 billion loan is the EU's contribution to the initiative of the G7 countries—the US, UK, Germany, France, Italy, Canada, and Japan—to provide a $50 billion loan to Ukraine.

Kyiv will get maximum freedom of action for its use.

Ukraine is expected to start receiving it in 2025.

Under the G7 plan, each ally's loan to Ukraine will be gradually repaid from profits from Russia's immobilized assets.

This loan shall be repaid over a maximum period of 45 years.