You're reading: EU close to deciding on 760 million euro in new loans for Ukraine

Moscow - The EU is close to approving two new loan tranches worth a total of 760 million euro to be given to Ukraine by the end of the year, the Wall Street Journal reported on Oct. 29 citing sources in Brussels.

The funds could help Kyiv settle its debts for Russian gas and service foreign debt. This is not enough money to cover all expenses associated with renewing gas shipments from Gazprom, however. The next round of talks with the Russian gas monopoly will take place today.

On Tuesday, the European Commission reported that Kyiv had carried out various reforms, qualifying the country for a tranche of 260 million euro. Ukraine might receive this money in the first half of November.

The EC said Kyiv was close to qualifying for another 500 million euro by the end of December. For final approval of this amount, the IMF must agree on postponing parliament’s approval of the country’s budget for next year. This could take place as early as next week.

The EU has already given Ukraine 850 million euro in loans and grants.