EU announces €35 billion loan to Ukraine as part of a G7 aid plan. The loan will help Ukraine rebuild amid Russian attacks, with approval needed from EU countries and Parliament by year's end.

The European Union plans to fund a €35 billion ($39.1 billion) loan backed by future profits from immobilized Russian central bank assets to help provide more predictable financial support to Ukraine,

The loan plan was floated after Hungary vetoed a previous proposal that sought to use frozen Russian assets to back Ukraine.

The EU will grant a loan of up to 35 billion euros ($39.06 billion)to Ukraine to help the country stuck in a grinding war with Russia, EU Commission President Ursulo von der Leyen announced on Friday.

The European Commission plans to announce a 35 billion euro ($39 billion) loan to Ukraine as part of a G7 scheme to raise $50 billion on the back of future profits from frozen Russian state assets, the Financial Times reported on Friday,