News Feed, Ukraine, EU, EU aid, Ukraine Facility program

EU to transfer 4.5 billion euros to Ukraine

by Olena Goncharova March 16, 2024 1:47 AM 2 min read

EU flags in front of the European Commission building in Brussels, Belgium, on Dec. 28, 2023. Photo for illustrative purposes. (Dursun Aydemir/Anadolu via Getty Images)

This audio is created with AI assistance

Support independent journalism in Ukraine. Join us in this fight.

Ukraine will receive 4.5 billion euros ($4.9 billion) from the European Union through its four-year Ukraine Facility program next week, Johannes Hahn, European Commissioner for Budget and Administration, announced on March 15.

"Very glad to pave the way for next week’s first disbursement of funds under the Ukraine facility," Johannes Hahn said on X (formerly Twitter). "We stand with Ukraine and invest by this also into our security. A lot of money, yet nothing compared to the Ukrainian people’s sacrifices for Europe."

Kyiv is set to receive an additional 1.5 billion euros ($1.6 billion) to come over the next months.

The European Union Council on Feb. 28 greenlit a substantial aid package of 50 billion euros ($54 billion) in loans and grants earmarked for Kyiv, marking the formal adoption of the Ukraine Facility tool.

This financial support spans from 2024 to 2027, comprising 33 billion euros ($35.8 billion) in loans and 17 billion euros ($18.5 billion) in grants.

Following prolonged opposition from Hungary, European leaders reached a consensus during a summit on Feb. 1 to endorse the four-year financial assistance plan for Kyiv. The European Parliament ratified the decision on Feb. 27.

Among the allocations, 2 billion euros ($2.17 billion) are designated for migration and border management, 7.6 billion euros ($8.2 billion) for neighborhood and international relations, 1.5 billion euros ($1.63 billion) for the European Defense Fund, 2 billion euros ($2.17 billion) for the flexibility instrument, and 1.5 billion euros ($1.63 billion) for Solidarity and Emergency Aid Reserve.

"Grateful for the huge support, which paves the way for prevail and comprehensive recovery of Ukraine," Ukraine's Finance Minister Serhii Marchenko said.

In 2023, Ukraine secured $42.5 billion in external financing, with $11.6 billion constituting non-refundable grants, according to the data provided by the Finance Ministry on Feb. 19.

Foreign aid is crucial for Ukraine as the economic pressure caused by the full-scale Russian invasion grows.

Author: Olena Goncharova

Comments

News Feed

1:27 AM

Indian PM Modi to visit Ukraine in August, media reports say.

Indian Prime Minister Narendra Modi is scheduled to travel to Kyiv in August, marking his first visit to Ukraine since Russia launched its all-out war in February 2022.

11:14 PM

Romania denies downing Russian drones over Ukraine.

Videos on social media that purport to show Romanian air defense units shooting down Russian attack drones above Ukraine are spreading a false narrative, Romania's Defense Ministry said in a statement on July 26.

10:39 PM

Ukraine to receive nearly $8 billion in direct budget support from US by November, ambassador says.

By November, Ukraine will receive $7.9 billion in direct support to the state budget, part of the $61 billion aid package passed by the U.S. Congress in April, Ukraine's ambassador to the U.S., Oksana Markarova, said on air on July 26.

10:19 PM

War update

Ukraine war latest: Russian losses in Ukraine causing 'serious problems' for recruitment, HUR says

9:04 PM

Russia using new, cheap drones to locate Ukraine's air defense, military intelligence says.

Russia is now launching a new type of cheaply-made drones to identify air defense systems and act as decoys, Andrii Cherniak, a spokesperson of Ukraine's military intelligence, told Reuters in an interview published on July 26.

8:05 PM

Inspection of Ukraine's 59th Brigade finds management issues, but no criminal charges laid.

The 59th Brigade is deployed near Krasnohorivka in Donetsk Oblast, a front-line town under heavy pressure by Russian forces.

6:37 PM

Ukraine's energy situation improving, state grid operator says.

After a "very difficult couple of weeks" due to record-breaking heat and power plants being under repair, Ukraine's energy supply situation is improving, Volodymyr Kudrytskyi, the head of state grid operator Ukrenergo, said on July 26.

6:33 PM

Olympics

Long an Olympic powerhouse, Russia has the smallest participation in 30 years

6:07 PM

Kharkiv renames 3 metro stations, nearly 50 streets to 'de-Russify' city.

The city of Kharkiv has decided to rename three metro stations and 48 streets to "remove Russian markers from public space," Governor Oleh Syniehubov announced on July 26.

4:52 PM

Russian losses in Ukraine causing 'serious problems' for recruitment, HUR says.

Speaking on national TV, Andrii Yusov said the situation will soon have an impact on the frontline situation and Russia's ability to effectively wage war.

4:50 PM

Russian Central Bank raises interest rate to 18% amid 'accelerated' inflation.

Russia's Central Bank announced on July 26 that it is to raise the interest rate from 16% to 18%, as the Russian economy continues to experience accelerated inflation amid its war in Ukraine.

4:44 PM

Demobilization could repeat Ukraine's 'mistake' in 1918, parliament speaker says.

Adopting demobilization law now could repeat the "mistake" of the Ukrainian People's Republic during its war against the Bolsheviks in 1918, said Ruslan Stefanchuk, speaker of Ukraine's parliament, on national television on July 25.

4:02 PM

Kuleba calls on Hong Kong to close sanctions circumvention routes for Russia.

Ukraine's foreign minister said that these restrictive measures are necessary to "weaken Russia's potential to wage war and kill people in Ukraine."

3:52 PM

Belarus weekly

Belarus Weekly: Warsaw gives Minsk 3 conditions to prevent full suspension of goods transit between EU, Belarus

3:38 PM

Russian ex-deputy defense minister arrested on corruption charges.

In his previous position, former Russian Deputy Defense Minister Dmitry Bulgakov was in charge of the military's logistics chains during the full-scale invasion of Ukraine. His dismissal was widely seen as a response to the logistic failures that accompanied the early months of Russia's all-out war.

3:07 PM

Ex-lawmaker Farion's murder suspect could be involved in Russian far-right movement.

The man suspected of murdering lawmaker and professor Iryna Farion could be involved in the Russian neo-Nazi movement, Ukrainian law enforcement agencies announced during a press briefing on July 26.

2:33 PM

Paris hit by 'massive' arson attack, just hours before Olympics opening ceremony.

According to the state-owned railway operator SNCF, vandals damaged signal boxes on three lines connecting the French capital with other major cities, while a fourth attempt was foiled.

1:37 PM

EU transfers Ukraine $1.6 billion of proceeds from frozen Russian assets.

"There is no better symbol or use for the Kremlin's money than to make Ukraine and all of Europe a safer place to live," said European Commission President Ursula von der Leyen.

4:56 AM

(Updated: July 26, 2024 1:37 pm)

Ukraine hit Russian airfield in occupied Crimea, General Staff confirms.

The General Staff of Ukraine's Armed Forces confirmed that Ukraine hit Russia's Saky military airfield in occupied Crimea overnight on July 26 following media reports about explosions in the area.

1:19 PM

Olympics

Ukrainian athletes who will never have a chance to compete at the Olympics

1:07 PM

Russian man 'confesses' to Moscow car bomb attack, says Ukraine's SBU ordered operation.

Kremlin state media on July 26 released a video purporting to show a Russian man confessing to a car bombing in Moscow earlier this week, which reportedly injured a Russian military officer and his wife.

11:31 AM

Сeasefire would leave 25% of Ukraine under Russian control, ambassador says.

"Many countries have proposed the idea of a ceasefire, but no one thinks about what it means. Some 25% of Ukrainian territory would remain under Russian control, which means buying time for Russia to strengthen its capabilities and resume its attacks on Ukraine," Ambassador of Ukraine to Turkey Vasyl Bodnar said.

10:02 AM

EU to transfer 4.5 billion euros to Ukraine

Most popular

News Feed

Editors' Picks

Subscribe

Subscribe

Subscribe