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.

European Commission President Ursula von der Leyen announced a loan of up to 35 billion euros ($39 billion) for Ukraine during a visit to Kyiv on Friday, saying it was needed to defend the country against Russian attacks and help it get through the winter.

European Commission President Ursula von der Leyen announced plans for a loan of up to €35 billion backed by the profits from immobilized Russian central bank assets to help provide more predictable financial support to Ukraine.