In the vote, 512 MEPs voted in favor of the so-called Ukrainian reconstruction fund, which is not intended for military support, but for the recovery, reconstruction and modernization of the country, 45 voted against, and 63 abstained.
The parliamentarians who approved the new financial support for Ukraine called for the harmonization and approval of the entire long-term EU budget covering the years 2024-2027 as soon as possible, so that support for Ukraine can be provided without interruption from 2024 onwards.
The final terms of Ukraine’s financing will still be negotiated with the EU Council, which is coordinating its position.
After the appearance of fears in the public space that the support in Ukraine is not always used according to its intended purpose, the members of the EP seek to make the use of the Ukrainian reconstruction fund more transparent, and the planned support would encourage Ukraine to develop a multi-party democracy and comply with the requirements of joining the EU.
One of the main requirements of the MEPs is to ensure that the assets of Russia or other entities or persons directly related to the war are used for the reconstruction of Ukraine. At the same time, the Parliament tightened provisions on the fight against fraud, corruption, conflicts of interest and violations when using EU funds in Ukraine. The EP added that companies controlled by oligarchs should not receive funding.
Personal archive photo. / Juozas Olekas
According to Lithuanian MEP Juoz Olekos, the new support package for Ukraine can be welcomed, as it will ensure long-term assistance to the country fighting Russia’s large-scale military aggression. However, he also expressed regret that although at first glance, 50 billion EUR seems like a large amount, but in fact it is not enough.
“In my understanding, it is small, because after dividing it over 4 years, a little more than 12 billion remains per year, which is less than what is received now,” asserted J. Olekas.
Žygimanto Gedvilos/BNS photo/Rasa Juknevičienė
MEP Rasa Juknevičienė also agreed with the position that this amount of support for Ukraine is far from sufficient. According to her, knowing the extent of destruction seen in Ukraine, much more than 50 billion will be needed. euros.
“Now there is great solidarity towards Ukraine. I hope everyone understands how many challenges await us in the future”, said the MEP at the press conference about the allocation of support to Ukraine.
P. Auštrevičius: it is necessary to nationalize the frozen assets of Russia and end that game
Photo by Arnold Vydmantas and 15min/Petras Auštrevičius
In turn, EP member Petras Auštrevičius emphasized the need to use Russian assets frozen in Europe to rebuild Ukraine.
“We need to nationalize Russian assets and end that game. It will take a lot of money to rebuild Ukraine, and this is an inevitable source,” emphasized the MEP from Lithuania.
According to him, in order to encourage discussions about the expropriation and use of Russian assets for the benefit of Ukraine, a resolution on such a proposal will be presented at the next month’s EP hearing.
Speaking about the Fund for the Reconstruction of Ukraine, R. Juknevičienė also emphasized that now it is very important not to give in to Russian propaganda, which constantly tries to insinuate that Ukraine is drowning in corruption and because of it, support is not going where it is intended.
“No one hides, Ukraine has certain problems, like all post-Soviet countries. But there is no other option. It is necessary to help Ukraine to Europeanize, because if it falls into the clutches of Russia, it will be much worse,” the MEP asserted.
123RF.com photo/
When considering the Ukrainian reconstruction fund, the MEPs partially changed the funding proposal presented by the European Commission (EC), including a requirement to ensure greater transparency in the absorption of Ukrainian funds. For this, a web portal should be created about the financial operations intended for Ukraine and about the efforts of this country to ensure that the money is used correctly. MEPs also want the funds received from third countries and international organizations to be made public.
The EC proposed to create a special financing instrument for Ukraine in 2023. June 20 According to it, in 2024-2027 during the period up to 50 billion would be allocated in the form of grants and loans. financial support in the amount of EUR. It would reach Ukraine automatically, thereby avoiding Hungary’s often controversial demands, which kept stalling the process of adopting new support packages.
The Ukrainian Reconstruction Fund facility will replace the support currently provided by the EU under the Neighbourhood, Development and International Cooperation Facility “Globali Europe” and 18 billion macro-financial assistance+ program in the amount of EUR 100,000, which will be terminated in 2023. at the end The new funding package will include support that Ukraine would have received under the Instrument for Pre-Accession Assistance.
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T the support is used effectively.
Additionally, all MEPs emphasized that sustainable development in Ukraine requires strong democratic institutions and a commitment to transparency and accountability in governance. They acknowledged the critical role of international support in the rebuilding process and the importance of fostering a robust civil society in Ukraine to counteract corruption and ensure that aid is directed toward pressing needs.
In light of ongoing military aggression from Russia, MEPs from various political groups expressed solidarity with Ukraine and emphasized that robust financial support is essential for the country’s stability and future. Discussions are ongoing about how best to mobilize resources and ensure that they are used effectively to aid Ukraine in its recovery and reconstruction efforts.
The conversations in the European Parliament reflect a strong commitment to supporting Ukraine not only in terms of immediate humanitarian assistance but also in creating a foundation for long-term recovery and integration into European structures. The upcoming resolution on the use of frozen Russian assets signifies a potential shift in strategy to harness resources for Ukraine’s benefit, reinvigorating discussions about financial accountability and governance in rebuilding efforts.
