EU sends additional €1 billion to Ukraine

The European Union has sent Ukraine another €1 billion ($1.1 billion) in financial support, the European Commission announced on Wednesday.

The money is a loan, which is to be repaid with proceeds from frozen Russian assets in the EU.

European Commission President Ursula von der Leyen described the payment as an "investment in a shared common future."

"We are backing Ukraine's impressive reform efforts and deepening our ties — from space, security and defence to building a thriving business environment," she said in a statement.

The support is part of an initiative by the Group of Seven (G7) economically developed Western countries, which provides for a total of around €45 billion in new aid payments by 2027.

The EU is to provide €18.1 billion in total, with €5 billion already disbursed, including the new payment.