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.

Von der Leyen made the announcement during a joint news briefing in Kyiv with Ukrainian President Volodymyr Zelenskyy. The $39 billion loan is part of a $50 billion loan package using frozen Russian assets, which was agreed upon by the Group of Seven leading industrialized nations during a meeting in June.

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 on Friday more than $39 billion in loans to Ukraine to repair power plants and critical civilian infrastructure.

"Russia's relentless attacks mean further support is necessary," says European Commission President Ursula von der Leyen as she pledged $39 billion.

EU chief Ursula von der Leyen on Friday announced plans for Brussels to lend Ukraine 35 billion euros backed by revenues of frozen Russian assets and promised to help Ukraine "keep warm" ahead of a third winter of war with Russia.