diff --git a/CHANGES/7848.bugfix b/CHANGES/7848.bugfix
new file mode 100644
index 00000000000..13a29e2a226
--- /dev/null
+++ b/CHANGES/7848.bugfix
@@ -0,0 +1 @@
+Fix importing aiohttp under PyPy 3.8 and 3.9 on Windows.
diff --git a/aiohttp/cookiejar.py b/aiohttp/cookiejar.py
index 15dd982c960..a348f112cb5 100644
--- a/aiohttp/cookiejar.py
+++ b/aiohttp/cookiejar.py
@@ -62,9 +62,10 @@ class CookieJar(AbstractCookieJar):
     )
     try:
         calendar.timegm(time.gmtime(MAX_TIME))
-    except OSError:
+    except (OSError, ValueError):
         # Hit the maximum representable time on Windows
         # https://learn.microsoft.com/en-us/cpp/c-runtime-library/reference/localtime-localtime32-localtime64
+        # Throws ValueError on PyPy 3.8 and 3.9, OSError elsewhere
         MAX_TIME = calendar.timegm((3000, 12, 31, 23, 59, 59, -1, -1, -1))
     except OverflowError:
         # #4515: datetime.max may not be representable on 32-bit platforms