The European Parliament on Tuesday defended the “urgent approval” of a financial mechanism proposed by the European Commission to support Ukraine and the use of frozen Russian funds to rebuild the country.
In Tuesday’s report, approved by 512 votes in favour, 45 against and 63 abstentions, MEPs argue that the Ukraine Facility – with a budget of €50 billion to be provided between 2024 and 2027 – still needs to be approved at the same time with review. EU long-term budget
Without approval of the proposal, funds to help Ukraine’s reconstruction will not be available for use.
The approved report also stipulates that assets frozen in the EU of the Russian Federation or other persons or entities directly linked to the war of aggression unleashed by Moscow will be used to restore Ukraine.
Parliament has strengthened provisions to combat fraud, corruption, conflicts of interest and irregularities in the use of EU funds in Ukraine. Companies under oligarchic influence should not be eligible for financing, the deputies added, since a legal framework for this purpose has yet to be created.
It is also important for the EP to participate through delegated acts in the plan that will be created by Kiev for the use of funds, as well as to defend consultations with the Ukrainian parliament.
Negotiations with member states can begin as soon as the EU Council develops a common position.
Brussels on June 20 proposed the creation of a mechanism to support the recovery, reconstruction and modernization of Ukraine in the amount of up to 50 billion euros, which will be allocated between 2024 and 2027, including loans and grants, providing the country with a specific financial instrument, the function of which is to ensure consistent and predictable support.
The Russian military offensive into Ukraine, launched on February 24 last year, has plunged Europe into its most serious security crisis since World War II (1939-1945).
Ukraine’s Western allies have supplied weapons to Kyiv and approved successive packages of sanctions against Russian interests in an attempt to reduce Moscow’s ability to finance the war effort.