EU Commission chief Ursula von der Leyen has announced plans for Brussels to lend Ukraine 35 billion euros backed by revenues of frozen Russian assets and promised to help Ukraine “keep warm” ahead of a third winter of war with Russia.
Von der Leyen was in Kyiv after a summer of intense fighting and as fears grow for how Ukraine’s war-battered energy grid will cope this winter.
The International Energy Agency has said Kyiv faces its “sternest test” so far this winter, with Moscow expected to launch another bombing campaign on the country’s already damaged infrastructure.
The EU official’s trip also came ahead of President Volodymyr Zelensky going to the United States to present plans to end two and a half years of war.
“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,” von der Leyen said.
“We are now confident that we can deliver this loan to Ukraine very quickly, a loan that is backed by the windfall profits from immobilised Russian assets,” she added, speaking alongside Zelensky.
Ukraine is desperate for funds as it seeks to prop up its economy and keep its electricity grid functioning.
The EU’s proposal—which needs to be signed off on by member states—is part of a bigger plan agreed by G7 powers in June to use the proceeds of frozen Russian assets to loan Kyiv $50 billion.
The EU has frozen roughly $235 billion of Russian central bank funds since the Kremlin launched its invasion of Ukraine in 2022, the vast bulk of immobilised Russian assets worldwide.
Von der Leyen also said that Brussels will “help you repair the damages done by the Russian strikes” to Ukrainian energy infrastructure.
“We will aim to restore 2.5 gigawatt of capacity this winter, that is approx 15% of your country’s needs for this winter,” she said.
Zelensky said he hoped U.S. President Joe Biden will support his so-called “victory plan” to end the fighting, which has killed thousands.
He is expected to present it to Biden in the coming days.
“The plan is designed for decisions that will have to happen from October to December… We would like that very much. Then we believe that the plan will work,” he added.
The Ukrainian leader is due to meet Biden and presidential candidates Donald Trump and Kamala Harris.
Zelensky has said he aims to host another international peace summit outlining his vision to end the war in November, to which Russia will be invited.
