The European Union vows to lend Ukraine up to $39 billion, underwritten by the windfall profits earned on almost $300 billion in frozen Russian assets.

Kyiv, Ukraine — The European Union pledged on Friday to lend Ukraine up to 35 billion euros ($39 billion) as part of a loan package organized by the Group of Seven major industrial nations, as it seeks to help the country rebuild its economy and its war-shattered power grid.

A view shows an office building of FSD (Fondation Suisse de Déminage), a non-governmental humanitarian organisation damaged during a Russian missile attack, amid Russia's attack on Ukraine, in Kharkiv,

European Commission President Ursula von der Leyen announced on Friday more than $39 billion in loans to Ukraine to repair power plants and critical civilian infrastructure.

"Russia's relentless attacks mean further support is necessary," says European Commission President Ursula von der Leyen as she pledged $39 billion.

The European Union will lend Ukraine up to €35 billion ($39 billion) to help rebuild its economy, providing the lion’s share of a $50 billion loan agreed by G7 nations earlier this year.

The EU will grant a loan of up to 35 billion euros ($39 billion)to Ukraine to help the country stuck in a grinding war with Russia, EU Commission President Ursula von der Leyen announced on Friday. The loan,