EU will raise EUR 35B loan for Ukraine - von der Leyen

European Commission President Ursula von der Leyen has announced that the European Union will provide Ukraine with a EUR 35 billion loan backed by the windfall profits from immobilized Russian assets.

She said this during a joint press conference with Ukrainian President Volodymyr Zelensky in Kyiv on Friday, according to an Ukrinform correspondent.

"You need to keep the state and the economy running and, at the same time, bolster your defense capacity against Russian aggression. We have been supporting you since the very beginning with over EUR 118 billion from Europe to date. But Russia's relentless attacks mean further support is necessary. This is why I am happy to announce that today the Commission has adopted proposals that will enable the European Union to lend EUR 35 billion from the G7 pledge. This is a huge step forward," von der Leyen said.

She emphasized that Brussels would be able to complete the procedures needed for the transfer of funds by the end of the year.

"This loan will flow straight into your national budget. This will improve Ukraine's macro-financial stability and it will provide you with significant and much-needed fiscal space. You will decide how best to use the funds, giving you maximum flexibility to meet your needs," von der Leyen said.