The European Union (EU) will allocate €160 million ($178.74 million) to Ukraine to support its energy security ahead of the winter. Part of the funds will come from frozen Russian assets, according to European Commission (EC) President Ursula von der Leyen during a press conference in Brussels.

EU envoys agreed on Wednesday to give Ukraine up to 35 billion euros as part of the bloc's share in a larger planned loan from the Group of Seven nations (G7) backed by frozen Russian central bank assets,

The European Union gave preliminary backing to a non-refundable loan package for Ukraine of up to €35 billion ($38.3 billion) backed by immobilized Russian central bank assets as it seeks to sustain Kyiv’s war efforts.

By Tamas Csonka in Budapest Hungary has joined other EU countries in supporting a €35bn EU loan package for Ukraine, backed by interest accrued on frozen Russian central bank assets held in Europe. However,

European Union countries have approved an unprecedented plan to issue a 35-billion-euro ($37.2 billion) loan to support Ukraine's war-torn economy, using Russia's immobilized Central Bank assets as collateral.