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EU To Fund Repairs To Energy Networks Using Frozen Russian Assets-VdL

UKRAINE
EM BulletHomepagemarkets-real-timePolitical RiskPolitical Risk BulletBulletPower BulletsEmerging Market NewsPolitical Market News

Speaking at a presser alongside International Energy Agency (IEA) Exec Director Fatih Birol, European Commission President Ursula von der Leyen says that the EU 'aims to restore 3.5GW of energy capacity to Ukraine, meeting 15% of the country's power needs'. Says that a full power plant is being dismantled in Lithuania and will be rebuilt in Ukraine in an effort to bolster energy infrastructure amid massive Russian bombardment of power infrastructure.

  • VdL says that EUR160mn will be sent to Ukraine this winter. EUR60mn will be for humanitarian relief, with an additional EUR100mn for repairing power works and renewable systems. The latter will be funded using the proceeds of frozen Russian assets.
  • The utilisation of the proceeds of frozen Russian assets held by Euroclear has been talked of for some time, but is yet to be enacted. It remains to be seen whether such action would gain unanimous EU support, legal backing, and US backing.
  • The Commission president confirms that she will travel to Kyiv tomorrow (20 Sep) for talks with President Volodymyr Zelenskyy to discuss EU plans for supporting Ukraine's energy sector.
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Speaking at a presser alongside International Energy Agency (IEA) Exec Director Fatih Birol, European Commission President Ursula von der Leyen says that the EU 'aims to restore 3.5GW of energy capacity to Ukraine, meeting 15% of the country's power needs'. Says that a full power plant is being dismantled in Lithuania and will be rebuilt in Ukraine in an effort to bolster energy infrastructure amid massive Russian bombardment of power infrastructure.

  • VdL says that EUR160mn will be sent to Ukraine this winter. EUR60mn will be for humanitarian relief, with an additional EUR100mn for repairing power works and renewable systems. The latter will be funded using the proceeds of frozen Russian assets.
  • The utilisation of the proceeds of frozen Russian assets held by Euroclear has been talked of for some time, but is yet to be enacted. It remains to be seen whether such action would gain unanimous EU support, legal backing, and US backing.
  • The Commission president confirms that she will travel to Kyiv tomorrow (20 Sep) for talks with President Volodymyr Zelenskyy to discuss EU plans for supporting Ukraine's energy sector.