EU, Ukraine sign memorandum for EUR 18.1B financial assistance – PM

Ukrainian Prime Minister Denys Shmyhal announced this on Telegram, as reported by Ukrinform.

"The EU has taken a step towards providing exceptional macro-financial assistance to Ukraine. The signed memorandum is essential for the allocation of EUR 18.1 billion. This funding is part of the G7 package worth USD 50 billion, financed by revenues from frozen Russian assets," Shmyhal stated.

He emphasized that this is not just financial support but also a precedent for holding Russia accountable for its actions and initiating a process to ensure the aggressor pays for its brutal war.

Valdis Dombrovskis, Executive Vice President of the European Commission, remarked that this financial aid will help Ukraine address urgent needs, maintain macroeconomic stability, and secure resources to counter Russia’s escalating aggression.

"This Memorandum of Understanding that I signed today with the Ukrainian authorities comes at a time when Ukraine needs our help the most. With some policy conditions attached, it is a key step towards releasing more EU support – around EUR 18.1 billion in macro-financial assistance," Dombrovskis wrote on Facebook.

Dombrovskis highlighted that this program ensures that Russia directly pays for the damages caused by its war.

"This is the EU’s fifth MFA programme for Ukraine since Russia started its war, where we have already provided EUR 25.2 billion, and the first where loans will be repaid by revenues arising from Russian assets," he added.

As reported by Ukrinform, the World Bank approved USD 664 million for Ukraine under the INSPIRE project in the social sector.