European Union lawmakers on Tuesday approved the bloc's plan to use frozen Russian central bank assets to loan up to 35 billion euros ($38 billion) to its ally Ukraine.

BRUSSELS — The European Parliament approved an EU loan of up to €35 billion to Ukraine that will be repaid through the profits generated by Russian frozen assets. Parliament voted by a majority of 518 in favor and 56 against, clearing the final hurdle for the EU to finalize the payment before an end-of-year deadline.

Britain on Monday announced it will lend Ukraine nearly $3 billion to be used on weapons and aid needed to repel the Russia's invasion.

European Union lawmakers on Tuesday approved the bloc's plan to use frozen Russian central bank assets to loan up to 35 billion euros ($38 billion) to its ally Ukraine. The European Parliament voted by 518 in favour to 56 against,

The UK government will give an extra £2.26bn ($2.93bn) to Ukraine, using the profits from seized Russian assets held in Europe. It forms Britain’s contribution to a £38bn ($50bn) fund announced in June by members of the G7 group of leading economies.

The funds represent the UK’s share of a $50 billion (£38.39 billion) loan package agreed upon by the G7 nations, financed through interest generated from sanctioned Russian sovereign assets

The loan will be allocated to Ukraine's military spendings. Kyiv will be able to invest in key equipment to fight Russia, such as artillery, air defense, and wider equipment support.

Our support for Ukraine and her men and women in their fight for freedom from Putin’s aggression is unwavering and will remain so for as long a