| Author (Corporate) | Council of the European Union, European Parliament |
|---|---|
| Series Title | Official Journal of the European Union |
| Series Details | 2024/792 |
| Publication Date | 29/02/2023 |
| Content Type | Blog & Commentary, Legislation, News, Policy-making |
Summary:Regulation (EU) 2024/792 - adopted by the co-legislators on 29 February 2024 - establishing a dedicated financing instrument to provide support to Ukraine for the period 2024-2027. Further information: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 Regulation establishes a new instrument named Ukraine Facility. It lays down its objectives, its financing and budget for the period 2024 to 2027, the form of EU funding under it and the rules for providing such funding. The Facility provides support to Ukraine under 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). The plenary of the European Parliament adopted a negotiating position regarding the proposal on 17 October. National leaders held a discussion on the proposed instrument during a European Council summit held in December 2023, but were not able to reach a political agreement due to a veto by Hungary. The Council of the European Union adopted a partial general approach on 10 January 2024, excluding budgetary considerations negotiated as part of the proposed amendments to the MFF. National leaders reached an agreement on the mid-term review of the MFF on 1 February 2024, and on 6 February the co-legislators agreed on a compromise text for this file. This was formally endorsed by the Parliament on 27 February and by the Council on 28 February. The Act was signed by the Council of the European Union on 29 February 2024 and published in the Official Journal on the same day. |
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| Source Link | http://data.europa.eu/eli/reg/2024/792/oj |
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| 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] |
