Members of the European Parliament (MEPs) on Tuesday voted 512 to 45, with 63 abstentions, to approve the new proposed Ukraine Facility, which officials say includes financial support in the form of grants and loans and aims to support Ukraine’s recovery, reconstruction and modernisation from 2024.
Members of the European Parliament (MEPs) during a voting session in Strasbourg, France, earlier this year. Photo: EPA/JULIEN WARNAND
The measure seeks to use "assets from the Russian Federation or other entities or individuals directly connected with Russia’s war of aggression" to help finance the reconstruction of Ukraine, the EU legislature said on its website.
The vote came after the European Commission in June proposed to set up a dedicated Ukraine Facility, with up to EUR 50 billion for the period from 2024 to 2027 in the form of grants and loans, according to the European Parliament.
The new Ukraine Facility "should cater both for short-term state and recovery needs and medium-term reconstruction and modernisation of Ukraine," according to the European Commission. It is designed as "a flexible instrument adapted to the unprecedented challenges of supporting a country at war and ensuring predictability, transparency, and accountability of the funds."
Russia invaded Ukraine on February 24, 2022, launching the largest military campaign in Europe since World War II.
Wednesday is day 602 of Russia’s war on Ukraine.