(MENAFN- Kuwait News Agency (KUNA)) BRUSSELS, Nov 13 (KUNA) -- European Commission President Ursula von der Leyen affirmed on Thursday that the European Union is working on new mechanisms to provide financial support to Ukraine, including a proposal to use frozen Russian assets to fund loans directed to Kyiv.
In a speech before the European Parliament in Strasbourg, von der Leyen said that the Commission is currently working with Belgium and EU member states to study three options for securing the necessary funding.
"The third option would be to establish a reparations loan based on immobilized Russian assets, using the accumulated cash balances from these assets to provide a loan to Ukraine, which would repay the loan once Russia pays its reparations", she explained.
She noted that this proposal "represents the most effective way to sustain Ukraine's defense and its economy, and the clearest message to Moscow that time is not on its side," stressing that "the European Union will remain committed to supporting Ukraine as long as the fight for freedom, democracy and the rules-based international order continues."
Von der Leyen explained that the EU Commission has been working to repair the damage caused by Russian strikes and to stabilize Ukraine's energy grid by exporting over two gigawatts of electricity from EU member states to Ukraine, in addition to providing new anti-drone equipment.
Von der Leyen added that the Commission will disburse around six billion euros to Ukraine today under the European loan program and the Ukraine Facility, noting that the European Council has reaffirmed its commitment to cover Ukraine's financial needs for the next two years. (end)
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