EU sets timeline for first €90 billion Ukraine aid tranche
Photo: Marta Kos (Getty Images)
The European Union may disburse the first tranche of a €90 billion loan package to Ukraine as early as next week, European Commissioner for Enlargement Marta Kos says during a press conference.
According to her, Brussels expects to make the first payments as early as next week. Kos notes that everything related to Ukraine is the responsibility of the European Commission.
"We are in a good way. I hope that in the next week we will be able to disburse the first payments," the European Commissioner says.
She states that the funding will help Ukraine defend not only its own territory but also European values. At the same time, receiving the funds is contingent on the continuation of reforms that Kyiv, according to the EU’s assessment, is currently implementing.
"To be in the position to say that the money will stop the war. Luckily, I can't say this, but this money will enable Ukraine to defend not just the country but also Europe and European values," the European Commissioner emphasizes.
At the same time, she does not specify the exact amount of the first tranche.
European Commission President Ursula von der Leyen made a statement in April that the first 6 billion euros of the loan to Ukraine would be transferred as early as this quarter. These funds will be directed toward financing drones.
Ukrainian President Volodymyr Zelenskyy stated that Ukraine would direct the first tranche toward developing domestic defense production. The production of drones and miltech technologies would be priority areas.
On April 23, the European Council approved the provision of €90 billion in loan assistance to Ukraine. Repayment of this debt is planned to be carried out using reparations payments from Russia.
At the same time, Energy Minister of Ukraine Denys Shmyhal clarified that these loan funds would not be used to rebuild energy infrastructure destroyed by Russian strikes.
The Ministry of Finance of Ukraine reported that the EU could use frozen Russian assets to repay Ukraine’s €90 billion loan. Such a scenario is possible if Russia refuses to pay reparations.
