EU Council adopts EUR 18B assistance to Ukraine

The Council of the European Union reached agreement on a legislative package which will enable the EU to help Ukraine financially throughout 2023 with EUR 18 billion.

This is said in a press release issued by the EU Council.

The proposal was adopted by the EU Council today via a written procedure and it will be submitted to the European Parliament for its possible adoption next week.

"Ukraine can count on the EU. We will continue to support Ukraine, also financially, for as long as it takes. The legislation which we adopted today means that Ukraine can count on regular financial help from the EU throughout 2023," said Zbyněk Stanjura, Finance Minister of the Czech Republic.

It is noted that the package provides for a structural solution to financially support Ukraine in 2023.

"The amount to be lent to Ukraine in 2023 will be €18 billion, and the loans will have a 10-year grace period. Member states will cover the bulk of the interest costs via external assigned revenues. The guarantees for that borrowing will be provided either by the EU budget or by member states," the document says.

The aim is to provide short-term financial relief, financing Ukraine's immediate needs, rehabilitation of critical infrastructure and initial support towards sustainable post-war reconstruction, with a view to supporting Ukraine on its path towards European integration.