The European Council summit reached a decision to provide Ukraine with €50 billion under the Ukraine Facility for 2024-2027. The relevant funding will be provided after all the necessary legal procedures are completed, the Ukrainian Foreign Ministry said in a statement on the European Council's decision.
This is expected to happen in January. The €50 billion to be allocated to Ukraine will be used to support macroeconomic stability, recovery, modernisation of the state and accelerated integration into the European Union.
"The Ukrainian Ministry of Foreign Affairs also welcomes the summit's decision in principle to establish a €50 billion Ukraine Facility 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 relevant funding as soon as possible," the statement said.
The Ministry of Foreign Affairs also called it important to agree on a sanctions package that will help close loopholes for Russia to circumvent sanctions and reduce the possibility of further funding for the Russian military machine.
The ministry called on the EU to approve the new eighth tranche of assistance under the European Peace Facility as soon as possible and supported the European Council's proposal to accelerate work on reforming the EPF and increasing its funding to better meet Ukraine's military needs.
"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 added.
The Ministry expressed its gratitude for the opening of negotiations on Ukraine's accession to the EU and expects the European Commission to start preparing a mandate for negotiations and an analytical assessment of Ukrainian legislation as soon as possible.