G-7 nations had promised Ukraine at least $50 billion using frozen Russian assets, but there were differences between the United States and the European Union over implementation.

The European Union will lend Ukraine up to €35 billion ($39 billion) to help rebuild its economy, providing the lion’s share of a $50 billion loan agreed by G7 nations earlier this year.

A view shows an office building of FSD (Fondation Suisse de Déminage), a non-governmental humanitarian organisation damaged during a Russian missile attack, amid Russia's attack on Ukraine, in Kharkiv,

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.

The European Commission proposed on Friday a loan of up to 35 billion euros ($39 billion) for Ukraine to help cover its increased needs after Russian destruction of its infrastructure. The proposed loan,