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EU to loan Ukraine $39bn to rebuild power grid destroyed in Russian attacks

European Union Ukraine Russia United States European Commission Kyiv G7 Ursula von der Leyen Volodymyr Zelenksyy Europe

European Commission President Ursula von der Leyen arrives at the railway station in Kyiv, Ukraine, on September 20, 2024 [Christoph Soeder/Pool via AP Photo]

The European Union has pledged to loan Ukraine up to 35 billion euros ($39bn) as part of a plan by the Group of Seven (G7) nations to raise $50bn through profits from frozen Russian state assets.

The loan, announced by European Commission President Ursula von der Leyen in Kyiv on Friday, will help Ukraine repair its war-battered energy grid and boost its heating capacity as winter approaches.

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