EU using funds from seized Russian assets to aid Ukraine’s energy sector

Sep 19

Jack Aylmer Energy Correspondent

By Jack Aylmer (Energy Correspondent), Ian Kennedy (Video Editor)

As the conflict in Ukraine stretches on, about half of the nation’s energy infrastructure is estimated to have been destroyed as a result of Russia’s invasion. In response, the European Union (EU) is stepping up efforts to help ensure that Ukrainians have access to electricity and heating during the upcoming harsh winter months, when temperatures can plummet to an average of 23 degrees Fahrenheit.

EU chief Ursula von der Leyen is visiting Ukraine on Friday, Sept. 20, to pledge $180 million to aid in the restoration of the country’s decimated energy sector.

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The EU announced that the funds would be sourced from the proceeds of seized Russian assets, with von der Leyen saying “It is only right that Russia pays for the destruction it caused.”

“As temperatures are dropping down, the European Union is ready to step up its support to Ukraine,” von der Leyen said. “We are preparing for the winter together.”

Since the onset of the Russian invasion in 2022, the EU estimates that it has provided over $2 billion in energy-related support to Ukraine. A report earlier this year by the Ukrainian government, World Bank Group, European Commission and United Nations estimated it would require a total of $11 billion to completely rebuild the nation’s power sector.

Tags: Energy, European Union, Russia, Severe Weather, Ukraine

JACK ALYMER: AS THE CONFLICT IN UKRAINE CONTINUES-

IT’S BEEN ESTIMATED THAT ABOUT HALF OF THE NATION’S ENERGY INFRASTRUCTURE HAS BEEN DESTROYED AS A RESULT OF RUSSIA’S INVASION.

WITH A HARSH WINTER SEASON COMING, WHERE TEMPERATURES CAN DROP AS LOW AS 23 DEGREES ON AVERAGE-

THE EUROPEAN UNION IS WORKING TO ENSURE UKRAINIANS HAVE THE ELECTRICITY NEEDED TO SURVIVE THESE CONDITIONS.

THE EU’S CHIEF IS TRAVELING TO WAR-TORN UKRAINE FRIDAY WITH THE PROMISE OF FUNDS FOR THE NATION’S DECIMATED ENERGY SECTOR.

ONE HUNDRED AND EIGHTY MILLION DOLLARS WILL BE GIVEN TOWARD THIS EFFORT-
WITH THE E.U. INDICATING THE FUNDS WILL COME FROM THE PROCEEDS OF SEIZED RUSSIAN ASSETS-
SAYING QUOTE IT IS ONLY RIGHT THAT RUSSIA PAYS FOR THE DESTRUCTION IT CAUSED.

THE E.U. ESTIMATES THAT SINCE RUSSIAN FORCES FIRST ATTACKED UKRAINE IN 20-22, THEY’VE PROVIDED THE COUNTRY WITH OVER TWO BILLION DOLLARS IN ENERGY SUPPORT.

FOR STRAIGHT ARROW NEWS – I’M JACK AYLMER.