Russia-Ukraine crisis: EU Ambassadors okay extra $1.36 bn of macro-financial aid to Kyiv

French Minister for Economic Affairs, Finance and Recovery Bruno Le Maire revealed that European Union ambassadors have approved the European Commission (EC)'s proposal to quickly provide $1.36 billion (or 1.2 billion euros) of macro-financial aid to Ukraine for strengthening "Ukraine's resilience" amid the potential Russian invasion. 

According to a statement, this approval from the EU Ambassadors came after the EC had recommended the new emergency macro-financial aid program for Ukraine on February 1, valued up to 1.2 billion euros. During a news conference, EC Spokesperson Veerle Nuyts noted that this plan would support Ukraine's macroeconomic stability as well as overall resilience in the face of continuous border tensions with Russia. 

EU stands by Ukraine

In addition to this, Le Maire noted, “The EU stands by Ukraine, also economically. The current geopolitical tensions are having a severe economic impact on Ukraine. Member states are ready to provide €1.2 billion macro-financial assistance.” He further said, “I am happy to announce that we have decided to support the Commission’s proposal today so that the financial help can reach Ukraine without delay."

As soon as the European Parliament adopts the plan, the first payment of $684 million would be sent to Kyiv. Further, Sweden has contributed $5.3 million on February 2 for the newly established Partnership Fund for Resilient Ukraine (PFRU), which also comprises the United Kingdom, the United States, Canada, and Switzerland. 

Furthermore, since 2014, Germany has provided Ukraine with $2.08 billion in humanitarian assistance, development support, as well as the German-Ukrainian energy collaboration, comprising a $570 million unconditional loan and 1.5 million COVID-19 vaccination doses in 2021. 

Meanwhile, the EC Spokesperson Nuyts had earlier highlighted that Ukraine would obtain the macro-financial aid in the form of long-term loans with highly favourable conditions, as stated by Commission President Ursula von der Leyen.The new macro-financial assistance package builds on the EU's prior substantial aid to Ukraine in favor of the nation's resilience and modernisation, as well as its battle against the COVID-19 pandemic, has totaled over EUR 17 billion since 2014, as per media reports.  

The West and Ukraine have charged Russia with massing troops along the Ukrainian border in preparation for an attack in recent months. Putin's government has stated repeatedly that it is not threatening anybody, citing NATO military action along its borders as a danger to Russian national security. 

(Image: AP)