EU to provide €35 billion loan for Ukraine using proceeds from frozen Russian assets

Iryna Kutielieva, Iryna Balachuk — Friday, 20 September 2024, 13:40

Ursula von der Leyen, President of the European Commission. Photo: Office of the President of Ukraine

The European Commission will provide a €35 billion loan for Ukraine within a crediting plan for US$50 billion using proceeds from frozen Russian assets, coordinated with G7 countries.

Source: Ursula von der Leyen, President of the European Commission, on X (Twitter), as reported by European Pravda

Details: Von der Leyen states that non-stop Russian attacks prove Ukraine needs constant support by the EU.

Quote: "The EU Commission will provide a loan of up to 35 billion euros to Ukraine as part of the G7 pledge. This is another major EU contribution to Ukraine's recovery."

Earlier it was reported that the European Union planned to provide a new loan of up to €40 billion to Ukraine by the end of 2024, regardless of US participation, after the G7-approved plan for a US$50 billion loan using the proceeds from frozen Russian assets encountered certain issues.

This is about the plan of a US$50 billion loan for Ukraine, coordinated by G7 leaders, which is to be paid back by using the income from investing the frozen Russian assets. However, the EU and the US failed to reach agreement concerning some details.

Earlier, it was unofficially reported that a growing popularity of the US presidential candidate Kamala Harris lowered the prospect of a quick coordination of the conditions of providing a US$50 billion loan for Ukraine.

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