Solidarity in the face of Russian aggression

This disbursement follows a positive assessment by the European Commission of the agreed policy conditions linked to reforms in critical areas such as judiciary, anti-money laundering, public finance management, business environment, and agriculture. 

The EU's steadfast support for Ukraine comes in the wake of Russia's large-scale military invasion on February 24, 2022, which has plunged the country into a state of turmoil and devastation. Despite the immense challenges posed by this unprovoked act of aggression, Ukraine has remained resolute in its defence of democracy and national sovereignty. The passage also follows from the recent passage of a US aid package to Ukraine on 20 April 2024.

A beacon of hope and resilience

Commission President Ursula von der Leyen emphasised the significance of this aid, stating, ‘Ukraine is carrying a heavy burden on its shoulders for all of us. The additional €1.5 billion we disburse today will ensure that Ukraine can continue to keep the State and basic services running for the population, while it fights back the aggressor.’ The funds also should represent the first in series of allocations under the aforementioned Ukraine Facility.

The disbursement follows the release of the first instalment of €4.5 billion in March, bringing the total amount disbursed under the Ukraine Facility to €6 billion since its entry into force on March 1. This substantial financial assistance aims to bolster Ukraine's macro-financial stability and resilience in the face of the ongoing conflict.

The Ukraine Facility: a comprehensive plan for recovery and reconstruction

The Ukraine Facility, which entered into force on March 1, is a comprehensive plan that foresees up to €50 billion in stable financing, comprising grants and loans, to support Ukraine's recovery, reconstruction, and modernisation for the period 2024 to 2027. The Facility is designed to foster reforms and investments outlined in the Ukraine Plan, with disbursements conditioned on the delivery of identified indicators.

In addition to the €32 billion earmarked for supporting reforms and investments, the Facility also allocates close to €7 billion for the Investment Framework to support investments and provide access to finance, while around €5 billion is foreseen for technical assistance to support reforms and related support measures.

A steadfast commitment to Ukraine's EU path

The EU's unwavering support for Ukraine extends beyond immediate financial assistance. On June 23, 2022, following Ukraine's application for EU membership on February 28, 2022, the European Council granted Ukraine a European perspective and candidate status for EU membership.

The Commission's Opinion outlined seven steps that Ukraine needed to address to progress on the path to the EU, complemented by an analytical report on the country's alignment with EU acquis. In November 2023, the Commission included Ukraine in the Enlargement Package reports for the first time and recommended opening accession negotiations. On December 14, 2023, the European Council decided to open accession negotiations with Ukraine, marking a significant milestone in the country's journey towards EU integration.

The EU's unwavering support for Ukraine, exemplified these funds, serves as a testament to the bloc's commitment to upholding democratic values and fostering resilience in the face of adversity. As Ukraine continues to navigate the challenges posed by the ongoing conflict, the EU's assistance will play a crucial role in facilitating the country's recovery, reconstruction, and modernisation efforts, while also reinforcing its aspirations for EU membership.