EU Announces €35 Billion Loan to Ukraine Backed by Frozen Russian Assets as Part of G7 Pledge

Sep 20, 2024, 09:12 AM

The European Union (EU) has announced plans to provide Ukraine with a loan of up to €35 billion ($39 billion) as part of a broader Group of Seven (G7) initiative. The loan, which is backed by future profits from frozen Russian assets, comes amid ongoing Russian attacks on Ukraine's infrastructure. European Commission President Ursula von der Leyen made the announcement during her visit to Kyiv. The funds will be used to support Ukraine's energy sector, defense, and the construction of bomb shelters in schools, kindergartens, and universities. This move is part of a $50 billion G7 pledge to aid Ukraine's recovery and resilience. The loan addresses urgent aid needs and winter preparedness, as emphasized by Ukrainian President Volodymyr Zelensky.