EU commits $19b to Ukraine under G7 plan

BRUSSELS, Belgium, Nov 29 (AFP): The European Union on Thursday confirmed it would give Ukraine 18.1 billion euros ($19 billion) as part of a bigger G7 loan backed by profits from frozen Russian assets.

The Group of Seven advanced economies last month finalised an agreement on a $50 billion loan to Kyiv to help prop up the country as it struggles to fight back against Moscow's invasion.

The United States committed to providing $20 billion of the money, while the United Kingdom, Canada and Japan also agreed to contribute.

The funds for Ukraine come at a crucial juncture for Kyiv as questions swirl over the future of US support once Donald Trump returns to power.

The EU had originally said it was willing to provide up to $38 billion before its G7 partners announced their shares.

Senior EU official Valdis Dombrovskis wrote on X that he had signed a memorandum of understanding with Kyiv on the 18.1 billion euros "to help Ukraine cover immediate needs".

Ukrainian Prime Minister Denys Shmygal welcomed what he called a "bold step" by the EU.

"This is not just aid -- it's a precedent for holding Russia accountable for its crimes and ensuring it pays for its brutal war of aggression," Shmygal wrote on X.