MFA: Decision in principle on €50 billion for Ukraine reached at EU summit, expect procedures to be finalized in January

The EU summit reached an in-principle decision to create a €50 billion multi-year funding fund for Ukraine, the Ukrainian Foreign Ministry said on Friday, indicating that it expects all necessary legal procedures to be completed in January 2024, UNN reports.

Details

"The Ministry of Foreign Affairs of Ukraine welcomes the achievement of a principled decision at the summit on the establishment of the Ukraine Facility in the amount of 50 billion euros for 2024-2027. This is a clear signal that the EU's financial support for Ukraine will continue. We expect all the necessary legal procedures to be completed in January 2024, which will allow us to receive the appropriate funding as soon as possible," the Foreign Ministry said in a statement.

Reportedly, the 50 billion euros to be allocated by the EU to Ukraine will be used, in particular, to support macroeconomic stability, restore and modernize our country, and accelerate integration into the EU.

The Foreign Ministry also called the approval of the 12th package of EU sanctions against Russia important.

"Ukraine has long been working together with partners on a new European sanctions package that will help close loopholes for Russia to circumvent sanctions and reduce the possibility of further financing of the Russian military machine," the statement said.

In addition, the Foreign Ministry reported on "the commitment of the EU and its member states to continue to meet Ukraine's urgent military and defense needs, in particular through the European Peace Fund (EPF) and the EU Military Assistance Mission, as well as through bilateral assistance from member states" and welcomed the decision. 

"We call on the EU to approve the new eighth tranche of assistance under the European Peace Fund as soon as possible. We support the proposal of the European Council to accelerate the work on reforming the EPF and increasing its funding to best meet Ukraine's military needs," the statement reads.

"We also hope for a quick agreement on the mechanism of using Russian frozen assets for the restoration of Ukraine, as well as their allocation to the needs of Ukraine, in particular through the Ukraine Facility," the Foreign Ministry emphasized.

The Ministry of Foreign Affairs of Ukraine also welcomed the historic decision of the European Council to open negotiations on Ukraine's accession to the EU, adopted in Brussels on December 14. 

As a reminder,

Suspilne reported earlier that the leaders of 26 EU member states agreed to provide Ukraine with 50 billion euros in aid over four years.