EU to send 160 million euros from frozen Russian assets to Ukraine

A man walks in a park overlooking Dnipro River on a sunny winter day in Kyiv, amid Russia’s attack on Ukraine, January 17, 2024. /Thomas Peter/File Photo

BRUSSELS - The sum of 160 million euros from the proceeds of frozen Russian assets will be allocated to meet Ukraine's urgent humanitarian needs for this winter, European Commission President Ursula von der Leyen said on Thursday.

Russia has knocked out about 9 gigawatts (GW) of Ukraine's energy infrastructure, which von der Leyen said was the "power equivalent of the three Baltic states".

On top of the cash injection, the EU will help with repairs and additional exports. The International Energy Agency said on Thursday that Ukraine could face a shortfall of 6 GW this winter as peak electricity demand increases.

A fuel power plant is being dismantled in Lithuania and will be rebuilt in Ukraine, where 80% of the country's thermal plants have been destroyed. A third of Ukraine's hydropower is also out.

"We aim to restore 2.5 GW of capacity, which is 15% of Ukraine's needs," Von der Leyen said, referring to repairs.

In addition, the EU will increase exports to supply 2 GW of electricity to Ukraine, she said.

-Reuters