50 billion euros for Ukraine. The EU will transfer a huge amount to Kiev

European Parliament committees have approved a new support instrument for Ukraine worth €50 billion to support the country’s reconstruction and modernization from 2024.

The Committee on Budgets and the Committee on Foreign Affairs of the European Parliament adopted the proposal with 86 votes in favour, 6 against and 2 abstentions.

“[Nowy] The support instrument for Ukraine was proposed as part of the budget review, which requires adjustments as the instrument has been severely reduced due to the numerous crises that have occurred since 2021.

MEPs are trying to reach an agreement on the instrument as soon as possible together with the budget revision, because from 2024 the provisions on aid to Ukraine will no longer apply, it was also reported.

As stated in the announcement, “the package should also be included in next year’s annual budget, which will be negotiated in November.”

What about Russia’s assets?

One of the main demands of the Members of the European Parliament is the use of the assets of the Russian Federation or other entities or persons directly linked to Russia’s aggressive war to rebuild Ukraine. In the proposed document, Members of the European Parliament have strengthened the rules on combating financial fraud, corruption, conflicts of interest and irregularities in the use of EU funds in Ukraine. They proposed a rule stating that companies under the influence of oligarchs should not be eligible for financing, the EP reports.

The committees also proposed a provision to increase the instrument’s transparency by creating an online portal dedicated to the financial operations granted to Ukraine and the objectives and “milestones” the country has achieved to receive aid.

They also want comments from third countries and international organizations on the use of funds to be made public.

The adopted proposal assumes that the plan, in which Ukraine will outline the reforms and investments to be supported by the EU, should be developed with the involvement of Parliament through delegated acts and effective consultations with the Verkhovna Rada.

The EP will vote on the project regarding aid to Ukraine during the plenary session on 16 and 19 October. Negotiations with Member States can then start once the Council agrees on a common position.

In June 2023, the Commission proposed creating a special instrument for Ukraine with a budget of €50 billion for the period 2024-2027 in the form of grants and loans.

Source: Do Rzeczy