EU close to decision on two-year financial support for Ukraine - French MFA
Photo: Jean-Noël Barrot (Getty Images)
The European Union could make a decision this week that would ensure Ukraine’s financial stability for the next two years, according to France’s Minister for Europe and Foreign Affairs Jean-Noël Barrot, ahead of the EU Council of Ministers meeting in Brussels.
According to him, the decision could be made in the coming days during the European Council summit with the participation of the heads of state and government of the 27 EU member countries.
"This will allow Ukraine to be protected from any financial difficulties over the next two years and put it in a strong position at a moment when discussions aimed at achieving peace are ongoing," Barrot emphasized.
He added that Ukraine is showing readiness to move along this path more quickly.
The minister also noted that talks between representatives of Ukraine, Europe, and the US will continue today in Berlin.
Barrot said that European countries have already demonstrated determination by adopting a decision at the end of last week to restrict Russia’s access to its assets held in Europe until Moscow ends its aggression and pays reparations to Ukraine.
In addition, Brussels plans to continue increasing sanctions pressure on Russia. This includes introducing restrictions on nine entities involved in evading sanctions, including the so-called shadow fleet and shipping companies connected to oil giants Lukoil and Rosneft.
The EU is also preparing sanctions against 12 individuals whom Brussels calls "agents of Russian destabilization in Europe." According to Barrot, they are responsible for foreign digital interference.
Among them are Franco-Russian citizen Xavier Moreau, considered in the EU one of the mouthpieces of Kremlin propaganda, as well as John Mark Duggan, involved in digital interference and campaigns uncovered by the French intelligence service Viginium.
Ukraine’s funding plan
Ukraine is in urgent need of financial assistance from Western partners, as the state budget deficit is estimated at around $60 billion. Previously, EU leaders have repeatedly confirmed their readiness to support Ukraine for as long as needed.
European Council President António Costa emphasized that the European Commission must propose funding options as soon as possible so that Ukraine can continue its defense and its fight for a just and sustainable peace in 2026–2027.
Initially, the European Commission proposed providing Ukraine with a so-called reparations loan using frozen Russian assets. At the same time, it became known that Brussels is also exploring alternative funding mechanisms in case this option cannot be agreed upon.
Today, December 15, the European Union announced that it has proposed two basic solutions for using frozen Russian assets to financially support Ukraine.
