EU to provide €35B loan to Ukraine using frozen Russian assets
Ukraine's President Volodymyr Zelenskiy and European Commission President Ursula von der Leyen shake hands before meeting, in Kyiv, Ukraine September 15, 2022. (Reuters Photo)
The European Union is set to grant Ukraine a €35 billion loan, secured by the proceeds from Russia’s frozen assets.
EU Commission President Ursula von der Leyen made the announcement on her social media account during her visit to Kyiv, highlighting Russia’s continued attacks on Ukraine and the country’s need for EU support.
Von der Leyen emphasized that the EU will assist in Ukraine’s recovery, stating, “The EU Commission will provide up to €35 billion in loans to Ukraine, as part of the G7 commitment.”
In June, G7 leaders agreed to provide Ukraine with $50 billion in loans, using profits from Russia’s frozen assets as collateral. Since the start of the Russia-Ukraine war, Western nations have frozen approximately $300 billion in Russian assets, with about $200 billion located in EU countries. These assets generate billions in annual interest, which G7 nations, led by the U.S., aim to use in support of Ukraine.
