EU announces €35 billion loan plan for Ukraine before winter

September 20, 2024 / 10:20 PM

EU President Ursula von der Leyen speaks during a joint press conference with Ukrainian President Volodymyr Zelensky in Kyiv

Sharjah 24 – AFP: EU chief Ursula von der Leyen announced a €35 billion loan plan for Ukraine, supported by frozen Russian assets, to help the country "keep warm" this winter amid ongoing conflict with Russia. During her visit to Kyiv, she expressed concern for Ukraine's war-damaged energy grid, which the International Energy Agency calls "under severe pressure."

The loan, part of a larger G7 initiative to lend $50 billion using frozen Russian assets, aims to bolster Ukraine's economy and energy infrastructure. Von der Leyen stated that the EU would assist in repairing damage from Russian strikes, aiming to restore 2.5 gigawatts of capacity this winter.

Ukrainian President Volodymyr Zelensky praised the EU's commitment and emphasized the urgency of support as he prepares to present his "victory plan" to U.S. President Joe Biden next week. The plan aims to outline decisions necessary to end the fighting.

Norway also pledged to increase its aid to Ukraine by $475 million, extending assistance through 2030. As tensions rise, evacuations continue in Pokrovsk, where residents face difficult choices as Russian forces advance.