Ukraine Secures $1 Billion Aid to Revamp Energy Sector

Ukraine will receive around $1 billion from allies and G7 countries to support its energy sector, heavily damaged by Russian missile attacks. The aid includes $500 million from the U.S., 300 million euros from EBRD, and grants from the World Bank and EU states, totaling over $16.1 billion in damages.

Ukraine will receive around $1 billion from allies and G7 countries to support its energy sector, which has been damaged by a series of Russian missile attacks, Ukraine's energy ministry said on Thursday. The new aid was announced during a conference in Berlin earlier this week, where Ukraine sought to reinvigorate flagging Western support.

The ministry the assistance would include over 70 million euros in new grant contributions to the Ukrainian energy support fund, $500 million in new funding from the United States, 300 million euros in funding from the EBRD and $47 million of additional grant from the World Bank and the EU states. The Kyiv School of Economics analytical team said in a report that damages to the Ukrainian energy sector as of May 2024 amounted to more than $16.1 billion.

It said the worst damages were incurred from the destruction of electricity generation sites ($8.5 billion), transmission facilities ($2.1 billion), oil and gas infrastructure ($3.3 billion).