Europe Approves €35 Billion Loan to Ukraine, Funded by Frozen Russian Assets

Ukraine is set to receive a significant loan of 35 billion euros from the European Commission to address its financial needs. This announcement was made by European Commission President Ursula von der Leyen during a joint press conference with Ukrainian President Volodymyr Zelensky in Kyiv. This marks von der Leyen's eighth visit to Ukraine since Russia launched its full-scale invasion.

Von der Leyen highlighted that the European Commission has approved measures that will enable the European Union to borrow 35 billion euros, backed by commitments from the G-7. She emphasized the importance of this loan, describing it as a substantial step forward, and expressed confidence that the funds will be provided to Ukraine promptly.

The European Commission chair noted that the financing will be sourced from the proceeds of frozen Russian assets. These funds are expected to be directly allocated to Ukraine's national budget. Von der Leyen underscored that this support will enhance Ukraine's macro-financial stability and reiterated that the Ukrainian government will determine the best use of the funds.