The EU Parliament has cleared the way for 1.2 billion euros in financial aid for Ukraine.

On Wednesday evening in Strasbourg, MEPs approved a proposal by the EU Commission to make these funds available to Ukraine as a loan.

The EU Commission had proposed the loan, which has a term of twelve months and is to be paid out in two tranches, to the EU Parliament and the member states at the end of January.

The 27 member states approved the proposal on Friday.

The aim of the EU is to "provide rapid support in an acute crisis situation and to strengthen Ukraine's resilience", as stated in the decision of the EU Parliament.

The first tranche is to be paid out in the short term if Ukraine meets certain conditions.

Among other things, it must demonstrate progress in implementing a reform program drawn up by the International Monetary Fund (IMF).

According to EU Commission President Ursula von der Leyen, the EU has already provided Ukraine with "17 billion euros in subsidies and loans" since Russia annexed Crimea in 2014.