|Author (Corporate)||European Commission: DG Neighbourhood and Enlargement Negotiations (DG NEAR)|
|Series Details||COM (2023) 338|
|Content Type||Blog & Commentary, News, Policy-making|
Legislative initiative tabled by the European Commission on 20 June 2023, establishing a dedicated financing instrument to provide support to Ukraine for the period 2024-2027.
Russia launched a full-scale military invasion of Ukraine in February 2022, with devastating consequences for the country and its people. Months of fighting, shelling and airstrikes resulted in high numbers of civilian casualties, extensive damage to infrastructure and services, and destruction of cities and towns. The European Union (EU) provided wide-ranging support to Ukraine and its people, amounting to €70 billion by May 2023. It also imposed sanctions against Russia.
Due to the scale and complexity of the challenges involving the reconstruction of Ukraine and the country's EU accession, the European Commission has deemed necessary the establishment of a longer-term solution to ensure that funding is well coordinated and used efficiently. This draft law introduces a new instrument named Ukraine Facility. It seeks to cater for short-term recovery needs and medium-term reconstruction and modernisation of Ukraine. The proposed Facility is organised around three pillars:
The draft law was adopted by the European Commission on 20 June 2023 alongside the mid-term review of the EU's Multiannual Financial Framework (MFF).
|Subject Categories||Economic and Financial Affairs|
|Subject Tags||EU Budget, Multiannual Financial Framework [MFF]|
|Keywords||MFF 2021-2027, War in Ukraine (2022-)
|International Organisations||European Union [EU]|