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EU will grant loan to Kiev that will be paid from frozen Russian assets — EC president

Ursula von der Leyen stressed that 35 billion euros is the part which the European countries will contribute to the 45 billion euro loan approved by the G7 in Italy in the summer

European Commission President Ursula von der Leyen AP Photo/ Ebrahim Noroozi

European Commission President Ursula von der Leyen

© AP Photo/ Ebrahim Noroozi

BRUSSELS, September 20. /TASS/. The European Commission (EC) will provide a loan of up to 35 billion euros to Ukraine as part of the G7 agreements, according to the EC plan, this amount should be paid with funds from the profits raised from frozen Russian assets, European Commission President Ursula von der Leyen announced during her visit to Kiev.

"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," she wrote on X social network.

The head of the EC stressed that 35 billion euros is the part that European countries will contribute to the 45 billion euro loan approved by the G7 in Italy in the summer. According to the EC statement, Brussels also proposes to create a so-called credit cooperation mechanism for Ukraine, which will help the EU issue 45 billion euros agreed upon by the G7 countries in the summer to Kiev. Thanks to this mechanism, Ukraine will be able to repay the loan with funds from the profits raised from frozen Russian assets. The European Parliament and the EU Council must approve the proposals of the European Commission, after which they will come into force.

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