EU Pledges €35 Billion Loan to Ukraine Amidst Ongoing Russian Aggression

European Commission President Ursula von der Leyen announced a €35 billion loan for Ukraine to defend against Russian attacks and survive the winter. The funds will be used for energy, defense, and humanitarian needs. The loan is part of a broader G7 plan to leverage frozen Russian assets to support Ukraine.

European Commission President Ursula von der Leyen has pledged a loan of up to €35 billion ($39 billion) to Ukraine during her visit to Kyiv, addressing the nation's need to counter Russian aggression and endure the winter. Standing beside her, President Volodymyr Zelenskiy highlighted that the loan would be directed towards energy, air defenses, and arms procurement, urging swift approval of a 'victory plan' by year-end.

This financial support highlights the EU's continued commitment to Ukraine amidst ongoing Russian attacks. von der Leyen's visit at the start of her second term underscores the broader G7 initiative to utilize proceeds from roughly $300 billion in frozen Russian assets to finance Ukraine's needs.

During the joint press conference, Zelenskiy emphasized the necessity of this funding for energy restoration, school bomb shelters, and domestically produced weapons like drones and missiles. He indicated that he would also discuss his 'victory plan' with U.S. President Joe Biden in the upcoming week, as key decisions rely on U.S. support.

(With inputs from agencies.)