EU to Provide Ukraine Up to $39 Billion Amid Ongoing Conflict
The European Union has announced it will lend Ukraine up to €35 billion ($39 billion), representing a significant portion of a $50 billion loan pledged by G7 nations earlier this year. European Commission President Ursula von der Leyen shared the news during her visit to Kyiv, emphasizing that continued EU support is vital in light of relentless Russian attacks.
“We are now confident that we can deliver this loan to Ukraine very quickly,” von der Leyen stated at a press conference alongside Ukrainian President Volodymyr Zelensky, assuring him that the funds can be utilized at his discretion to bolster national resources and enhance military capabilities against Russian aggression.
The funds are anticipated to be delivered by the end of the year. In June, the G7, comprising some of the world’s largest economies, agreed to provide approximately $50 billion to Ukraine, backed by future profits from frozen Russian assets in the EU and beyond.
As part of a broad wave of sanctions following Russia’s invasion of Ukraine in 2022, Western nations have frozen significant Russian assets, with around two-thirds, totaling approximately €210 billion ($234 billion), located in the EU. However, only about $3 billion is held in US banks.
The EU loan must still receive approval from the European Parliament and a qualified majority of EU member states. In response to the urgency of the situation, the European Commission is working to ensure a swift adoption of the proposal.
The announcement underscores that the responsibility for rebuilding Ukraine will fall on those accountable for its destruction. Von der Leyen’s visit coincides with the onset of the winter heating season, a critical time as intensified Russian attacks on energy infrastructure have left many Ukrainians at risk of power outages. The International Energy Agency has indicated that this winter will be a “stern test” for Ukraine’s energy system.