President of the European Commission Ursula von der Leyen confirmed the allocation of almost 6 billion euros to Ukraine today. She announced this on November 13 in the European Parliament during a speech on the conclusions of the European Council meeting on October 23, writes UNN.
Today we will allocate almost 6 billion euros under the ERA loan and the Ukraine Facility
She also welcomed the European Council's commitment to cover Ukraine's financial needs over the next two years.
"We are working closely with Belgium and all member states on options to fulfill this commitment. Option 1 is to use budgetary opportunities to raise funds in capital markets. Option 2 is to have an intergovernmental agreement under which member states will independently raise the necessary capital. Option 3 is a reparations loan based on immobilized Russian assets.
The head of the European Commission explained that "it will be based on the remaining funds from immobilized assets."
"We are providing Ukraine with a loan that Ukraine will repay if Russia pays reparations. This is the most effective way to support Ukraine's defense and its economy. And the clearest way to make Russia understand that time is not on its side. We will show that, if necessary, we are committed to the long term. Because it is about our freedom. That Europe will be with Ukraine for as long as it takes," von der Leyen emphasized.