European Council approves over Rs 74K cr in financial aid for Ukraine amid war with Russia

The European Council, on Friday, approved 9 billion euros (over Rs 74,000 crore) of financial aid to Kyiv as the Russian-Ukraine war entered day 122. As the Euro summit concluded, the final communiqué stated, "The European Council notes that the European Commission will soon present a proposal for new exceptional macro-financial assistance to Ukraine of up to nine billion euros in 2022". Additionally, the European Council also called on the Commission to produce its proposals for the European Union's support for Ukraine's development.

The approval by the European Council came this week after, on May 31, the President of the European Council, Charles Michel had announced that EUCO will continue helping Ukraine with its immediate liquidity needs, together with G7. He called EUCO's grant of EUR 9 billion a strong and concrete support for Ukraine's reconstruction. He noted that EUCO will continue helping Ukraine with its immediate liquidity needs, together with G7. 

Earlier, on Thursday, the European Union (EU) gave a go-ahead to the war-torn nation toward membership in the bloc. Acting with uncharacteristic speed and unity to pull Ukraine away from Russian influence amid the Moscow-Kyiv war, the 27-nation-bloc mustered the required unanimous approval to grant Ukraine the candidate status, which has set in motion a membership process, which is expected to take years or even decades. 

'Ukrainians belong to Europe'

After getting the bloc's candidacy status, Ukrainian Defence Minister Dmytro Kuleba also said in a video address along with European Union Commission Vice President Josep Borrell that "Ukrainians belong to the European family". High Representative of the EU for Foreign Affairs and Security Policy, Josep Borrell, declared, “Ukraine will prevail. Europe will prevail” following the momentous step by the 27-nation bloc. Borrell also said that granting candidacy to Ukraine “marks the beginning of a long journey that we will walk together.” President of the European Council, Charles Michel, also joined the celebration and noted, "Our future is together". 

Additionally, European Commission President Ursula von der Leyen also called Thursday (June 23) a “good day for Europe”. Referring to the duration of the Russia-Ukraine war and the decades since Ukraine became independent following the split of the Soviet Union, Ukrainian President Volodymyr Zelenskyy said, “It’s a victory. We have been waiting for 120 days and 30 years…And now we will defeat the enemy.”  

Ukrainian Defence Minister Dmytro Kuleba also said in a video address along with European Union Commission Vice President Josep Borrell that "Ukrainians belong to the European family". 

(Image: AP)