Ursula von der Leyen met with Volodymyr Zelenskyy on Friday in Kyiv. Photo: PAP/EPA/Vladyslav Musiienko
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Ursula von der Leyen, the European Commission’s president, has said the European Union will provide Ukraine with a €35 billion loan secured by frozen Russian assets.
The money comes from a G7 plan agreed earlier this year to raise $50 billion for Ukraine based on future profits from an estimated €200 billion in Russian assets now frozen by the EU.
Von der Leyen made the announcement while meeting with Ukrainian President Volodymyr Zelenskyy in Kyiv.
“Relentless Russian attacks mean Ukraine needs continued EU support,” Von der Leyen said during a joint press conference with Zelenskyy on Friday. “This is why I’m happy to announce that today the Commission has adopted the proposal that will enable the EU to lend €35 billion from the G7 pledge.
“This is a huge step forward,” she added. “We are now confident that we can deliver this loan to Ukraine very quickly. A loan that is backed by the windfall profits from immobilized Russian assets.
“So crucially, this loan will flow straight into your national budget. This will improve Ukraine’s macro-financial stability, and it will provide you with significant and much-needed fiscal space.
“You will decide how best to use the funds.”
Earlier on Friday, Von der Leyen said Europe would provide about €160 million in additional support to help cover more than a quarter of Ukraine’s electricity needs, Polish state news agency PAP reported.
My 8th visit to Kyiv comes as the heating season starts soon, and Russia keeps targeting energy infrastructure.
We will help Ukraine in its brave efforts.
I come here to discuss Europe’s support.
From winter preparedness to defence, to accession and progress on the G7 loans. pic.twitter.com/kxxWFA7eA0
The heating season begins in two weeks, and Russia’s attacks on Ukraine’s civilian energy infrastructure are designed to cause maximum damage, Von der Leyen was quoted as saying by PAP.
The International Energy Agency (IEA) said in a recent report cited by Reuters that Ukraine could face a 6-gigawatt electricity supply shortfall this winter—about a third of expected peak demand—due to Russian attacks on energy infrastructure and the expiry of a gas supply contract.
Ukraine’s energy system has been the frequent target of Russian attacks since Moscow launched its full-scale invasion in February 2022, resulting in rolling blackouts and limited electricity supply to some regions for a few hours a day.
Since March, Moscow has stepped up attacks in what appears to be a concerted effort to degrade the system before winter, when temperatures often fall below -10 degrees Celsius (14 degrees Fahrenheit).
