ALBAWABA - As the war-torn nation continues to repel Russian aggression, the European Union (EU) has announced intentions to lend Ukraine €35 billion, secured by the interest earned from Russia's frozen assets.
While in Kiev, EU Commission President Ursula von der Leyen announced the news on her social media account, X.
Von der Leyen emphasized how critical it is to stand with Ukraine as it continues to face unrelenting Russian aggression. "The EU Commission will offer Ukraine up to €35 billion in loans under the G7 pledge," she said, restating the EU's commitment to supporting Ukraine's recovery.
The G7 countries decided in June to lend $50 billion to Ukraine with the proceeds from Russian assets that had been placed under lockdown serving as collateral.
Western nations have frozen over $300 billion in Russian assets since the crisis between Russia and Ukraine began, with about $200 billion of those assets being held by EU members. The G7 nations, headed by the US, want to use the significant yearly interest income generated by the frozen money to support Ukraine's military endeavors.
Furthermore, the EU intends to provide €100 million from these embargoed Russian resources to the reconstruction of Ukraine's energy infrastructure, which has sustained significant damage from continuous Russian assaults.
