Fri Sep 20 13:30:21 UTC 2024: ## EU Pledges €35 Billion Loan to Ukraine, Backed by Frozen Russian Assets

**Kyiv, Ukraine** – The European Union (EU) has announced a €35 billion loan to Ukraine, backed by frozen Russian assets, as the country faces a challenging winter with its energy grid severely damaged by Russian attacks. The loan, announced by EU Commission President Ursula von der Leyen during a visit to Kyiv, is part of a larger $50 billion package agreed upon by G7 nations in June.

Von der Leyen emphasized the EU’s commitment to supporting Ukraine through the upcoming winter, stating, “The European Union is here to help you in this challenge to keep the lights on, to keep your people warm and keep your economy going as you fight for your survival.”

The EU has frozen approximately $235 billion of Russian central bank funds since the beginning of the war in 2022. This loan proposal, which needs approval from EU member states, aims to utilize the revenue from these frozen assets to aid Ukraine.

In addition to the loan, the EU plans to help rebuild damaged Ukrainian energy infrastructure, aiming to restore 2.5 gigawatts of capacity this winter, approximately 15% of the country’s needs.

Meanwhile, Ukrainian President Volodymyr Zelensky is preparing to present his “victory plan” to end the war to US President Joe Biden during a visit to Washington. Zelensky hopes for Biden’s support for the plan, which aims to achieve decisive outcomes through actions taken between October and December.

The Ukrainian leader is also planning to host a peace summit in November, inviting Russia to participate, in an effort to bring the war to an end.

The announcement of the EU loan comes amidst intensified fighting in eastern Ukraine, with Russian forces advancing towards the city of Pokrovsk. The city, once home to 60,000 people, is now largely deserted with many residents forced to evacuate due to the looming threat.

While Ukraine battles on multiple fronts, the EU’s financial and logistical support highlights the continued international commitment to assisting Ukraine in its fight for survival.

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