EU: Ukraine will be rebuilt with frozen funds from Russian oligarchs

Ursula von der Layen / SP. archive

The European Union is looking for a way to use the frozen funds of Russian oligarchs to finance the reconstruction of Ukraine after the war, said today the President of the European Commission, Ursula von der Leyen.

- Our lawyers are working intensively to find possible ways to use the frozen assets of Russian oligarchs to rebuild Ukraine. "I think Russia should also contribute," the EC president told German television station ZDF.

The commission on Wednesday proposed a nine-billion-euro loan to Ukraine to support the country as it defends itself against Russian invasion.

On the other hand, the US Congress approved $ 40 billion in aid to Ukraine, which is another sign of the strong support that Joe Biden promised to Kyiv. That huge aid package includes $ 6 billion to equip Ukraine with armored vehicles and strengthen its air defenses amid fierce fighting in the east and south of the country.

Nearly $ 9 billion is earmarked to ensure, among other things, the "continuity of Ukraine's democratic institutions" as well as a large humanitarian package.

The bill, which was already approved by the House of Representatives last week, has yet to be signed by Joe Biden. By mid-March, Congress had already unblocked nearly $ 14 billion for the Ukraine crisis. But the US president has been calling for a significant budget increase for weeks to be able to support Ukraine in the new phase of the war.

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