London
CNN
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The European Union will loan Ukraine up to €35 billion ($39 billion) to help rebuild its economy, the bloc’s executive arm announced Friday.
European Commission President Ursula von der Leyen announced the loan in a post on X as part of her visit to Kyiv, saying that it marked “another major EU contribution” to Ukraine’s recovery.
“Relentless Russian attacks means Ukraine needs continued EU support,” she wrote, adding that the loan was part of “the G7 pledge.”
In June, the Group of Seven, which brings together some of the world’s largest economies, agreed to collectively loan about $50 billion to Ukraine backed by profits from frozen Russian assets.
Western nations froze Russia’s assets in bank accounts located in Europe and the United States as part of a massive wave of sanctions enacted after Russian President Vladimir Putin ordered the full-scale invasion of Ukraine in 2022.
MJ Lee reports on the G7 summit, which saw the U.S. and Ukraine signing a major security pact, as well President Biden fielding questions about his son's conviction.
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G7 leaders agree on $50 billion loan for Ukraine
Von der Leyen’s visit to Kyiv comes just as the winter heating season starts in Ukraine. Russia’s bombardments targeted at the country’s energy infrastructure have intensified in recent months, leaving Ukrainians vulnerable to power outages.
On Thursday, the International Energy Agency said this coming winter will be the “sternest test yet” for Ukraine’s energy system.
