EU to provide Ukraine with €35 billion loan funded by frozen Russian assets
The European Union plans to extend a loan of up to €35 billion to Ukraine, which will be financed through revenues from frozen Russian assets, according to details revealed at a joint press conference involving European Commission President Ursula von der Leyen and Ukrainian President Volodymyr Zelensky in Kyiv on September 20.
"We are confident that we can swiftly provide this loan to Ukraine, covered by the unforeseen revenues from the frozen Russian assets," von der Leyen declared.
In her address, von der Leyen emphasized the continuous need for EU support in the face of daily Russian attacks. "The European Commission will provide Ukraine with a loan of up to €35 billion as part of G7 pledge. This is another major EU contribution to the Ukraine’s recovery," she wrote on social platform X.
Von der Leyen arrived in Kyiv early this morning. Before her departure, she announced a further €160 million in emergency humanitarian aid to Ukraine for the upcoming winter, with €100 million funded by revenues from frozen Russian assets. "It is only fair that Russia should pay for the destruction it has caused," von der Leyen remarked.
The winter will be a severe test for Ukraine’s energy system.
The European Union estimates that about half of Ukraine’s energy infrastructure has been destroyed, complicating the heating of homes, hospitals, and schools. Russia has incapacitated around 9 gigawatts of Ukrainian energy infrastructure, equivalent to the energy output of the three Baltic countries, von der Leyen noted. "The heating season starts in two weeks, and the relentless Russian attacks on Ukraine's civilian energy infrastructure aim to cause maximum damage. We will continue to support Ukraine in overcoming this challenge," she asserted.