EU Plans Up to €40 Billion ($44.5 Billion) in Loans for Ukraine Without US Participation Amid G7 Plan Falter

Sep 20, 2024, 06:08 AM

The European Union (EU) is preparing to provide up to €40 billion ($44.5 billion) in new loans for Ukraine by the end of 2024, regardless of US participation. This move comes after a G7 plan to use frozen Russian assets to aid Kyiv faltered, with concerns that Hungary may block the guarantees needed for the US to participate. The funds are critical to help Ukraine address a $38 billion financing gap. Additionally, European Commission President Ursula von der Leyen has announced a separate €35 billion loan for Ukraine as part of a G7 plan to raise $50 billion using future profits from frozen Russian assets. Von der Leyen's visit to Kyiv underscores the EU's commitment to support Ukraine's energy infrastructure and defense needs ahead of the winter months.