EU Unleashes $39 Billion Lifeline for Ukraine, Funded by Seized Russian Assets

EU Pledges €35 Billion Loan to Support Ukraine

Ursula von der Leyen, President of the European Commission (EC), an administrative department of the European Union (EU), has announced a significant loan of €35 billion (approximately 1.3 trillion baht) to support Ukraine. This announcement was made during her visit to Kiev on Friday, September 20, emphasizing the need to help Ukraine protect itself from Russian attacks and navigate the winter season.

Ukraine to Utilize Loan for Energy and Defense

Alongside Ukrainian President Volodymyr Zelensky, von der Leyen stated during a joint press conference that the loan will be allocated for energy purposes, air defense, and arms procurement. Zelensky also expressed his intention to call on allied nations to approve the “Victory Plan” he has drafted by the end of the year.

Loan Part of Broader G7 Fundraising Plan

The loan is part of a broader fundraising plan by the G7 group of leading industrialized countries, utilizing income generated from “freezing Russian assets” as a means of punishing the Moscow government for its invasion of neighboring countries.

The G7 has already frozen Russian financial assets totaling around $300 billion (approximately 9.9 trillion baht), following Russia’s full-scale invasion of Ukraine in February 2022.

“Russia continues to blatantly and brutally attack your civilian energy infrastructure. To try to make your country dark.” “I’m here to tell you… The European Union is here to help you meet this challenge. and to keep the lights on,” von der Leyen emphasized.