Zelenskyy signs law on ratification of agreement between Ukraine, EU on loan cooperation mechanism

15:53, 09.12.2024 1 min read

Ukrainian President Volodymyr Zelenskyy signed on Monday law No. 4121-IX of December 5, 2024, previously adopted by the Verkhovna Rada, on ratification of the agreement between Ukraine and the European Union on the implementation of the Ukraine Loan Cooperation Mechanism.

The agreement, in particular, provides for the creation of a legal framework for servicing and repaying loans received by Ukraine; providing Ukraine with financial support from income received from frozen assets of Russia, the Telegram channel of the Verkhovna Rada reports.

As reported earlier, the Ukraine Loan Cooperation Mechanism (ULCM) was created, where emergency revenues from frozen Russian assets and other voluntary contributions made by member states or third countries will be received. These resources will then be used to repay the principal amount of the debt and interest on the relevant bilateral loan agreements of Ukraine with creditors.