European Union will provide a loan of up to 35 billion euros (about $39 billion) to Ukraine backed by the windfall profits from frozen Russian assets, European Commission President Ursula von der Leyen said Friday, after a plan from the Group of Seven nations to use Russian assets to raise funds for Ukraine stalled.

The commission, the EU's executive branch, has adopted proposals to enable the bloc to grant Ukraine the loan backed by the Russian profits as part of the broader G-7 plan, and the money will “flow straight into” Ukraine’s budget, von der Leyen said on a trip to Kyiv.

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