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EU's von der Leyen Announces €35 Billion Loan to Ukraine Amid G7 Pledge

Sep 20, 2024, 07:35 AM

The European Union plans to provide Ukraine with a new loan of up to €35 billion ($39 billion) by the end of 2024. This initiative is part of a broader G7 pledge to raise $50 billion using profits from frozen Russian assets. The loan is intended to support Ukraine's energy infrastructure, defense, and bomb shelters in schools, kindergartens, and universities. European Commission President Ursula von der Leyen announced the loan during her visit to Kyiv, emphasizing the urgency of the aid as Ukraine faces a harsh winter and ongoing Russian attacks on its energy grid. The EU's move comes amid concerns that Hungary may block efforts to use frozen Russian assets for Ukrainian aid. President Volodymyr Zelensky highlighted the critical need for this support.