EU Commissioner announced the date of the "Group of Seven" announcement about their contributions to the Ukraine Support Fund.

EU Commissioner for Justice Didier Reynders stated that partner countries from the "Group of Seven" should announce their contributions to the 50 billion dollar initiative for Ukraine in New York on October 25.

According to Reynders, the approval by MEPs of the resolution on the creation of the Credit Cooperation Mechanism and the provision of exceptional macro-financial assistance for Ukraine will allow this initiative to be implemented by the end of the year and ensure payments in 2025.

"G7 partners will announce their contributions to the 50 billion dollar initiative for Ukraine in New York on October 25. We continue to work closely with our allies to ensure their contributions to the credit mechanism," he said.

Reynders emphasized the importance of providing additional and urgent financial support for Ukraine.

He explained that the Credit Cooperation Mechanism is a tool for collecting excess profits from Russia and providing them to Ukraine to repay loans from EU and G7 partners. This initiative also contains innovative features.

"Firstly, Russia is held accountable for its actions. Secondly, the European Commission's proposal allows providing a loan of up to 35 billion euros with automatic adjustment," explained Reynders.