The EU is in a hurry to issue a $50B loan to Ukraine backed by the Russian frozen assets.

The European Commission plans “very soon” to propose a $50B loan to support Ukraine and finish all the legislative work for it by the end of the year, says the Commissioner for Economy, Paolo Gentiloni.

The aid plan based on the proceeds of frozen Russian assets will also be discussed by finance ministers and central bank governors of the G7 countries in Rio de Janeiro on July 25-26.

The point is that the EU is looking for ways to circumvent resistance to support for Ukraine from Hungary, the EU’s most pro-Russia nation currently holding the bloc’s rotating presidency. Budapest stood in the way of billions of euros of urgently needed military aid to Kyiv, which is repelling Russian attacks.

“Continuity in supporting Ukraine is one of the most important features of this new set of loans because we want to give a clear signal that the G-7 countries and others will continue to support Ukraine as long as it takes,” Gentiloni added.