Two years of European Union’s economic support for Ukraine


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As Ukraine perseveres through the third year of conflict with Russia’s aggression, the European Union continues to stand by its side, offering unwavering support across various fronts. From political solidarity to financial aid, humanitarian assistance to military cooperation, the EU remains committed to bolstering Ukraine’s resilience and fostering its path towards stability and prosperity.

The EU’s commitment to Ukraine’s cause is reflected in its substantial financial assistance, amounting to over €88 billion since the onset of Russia’s aggression. This support encompasses a wide range of initiatives aimed at bolstering Ukraine’s economic, social, and military resilience.

Through the “Team Europe” approach, the EU and its Member States have mobilized €43.4 billion to support Ukraine’s overall economic and financial stability. This includes macro-financial assistance, budget support, emergency aid, crisis response funds, and humanitarian assistance.

Recognizing the importance of security in Ukraine, the EU has allocated around €28 billion in military assistance measures. This includes support under the European Peace Facility, which enables the provision of vital military equipment and training to Ukrainian forces.

The EU’s commitment to humanitarian aid in Ukraine is evident through the allocation of €860 million for humanitarian programs. This aid encompasses essential services such as shelter, healthcare, food assistance, education, water, and sanitation. Moreover, the EU has facilitated the delivery of over 144,000 tonnes of in-kind assistance and allocated funds for humanitarian demining efforts.

In addition to immediate aid, the EU is actively engaged in supporting the long-term economic recovery and development of Ukraine. The economic partnership between the EU and Ukraine extends beyond immediate financial assistance. In February 2023, the European Commission and Ukraine signed an agreement for Ukraine to join the Single Market Programme (SMP). This landmark agreement not only facilitates market access but also fosters a favorable business environment for Ukrainian enterprises. By aligning with EU standards and regulations, Ukrainian businesses can enhance their competitiveness and foster sustainable growth. Moreover, the renewal of the suspension of customs duties and trade defense measures on Ukrainian exports to the EU until June 2025 underscores the EU’s commitment to supporting Ukraine’s economic integration and market access.

In addition to direct financial assistance, the EU provides crucial financial guarantees through institutions like the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD). These guarantees enable the Ukrainian government to access credit for essential infrastructure projects and allow companies to offer vital services. By facilitating investment and access to finance, the EU contributes to the long-term economic stability and development of Ukraine, laying the groundwork for sustainable growth and prosperity.

Looking towards the future, the EU is set to launch the Ukraine Facility, a dedicated financial instrument for the years 2024 to 2027. With a commitment of up to €50 billion, this facility will support Ukraine’s recovery, reconstruction efforts, and path towards EU accession, reaffirming the EU’s long-term commitment to Ukraine’s prosperity and security.

In the face of the ongoing conflict in Ukraine, the EU’s support has been instrumental in bolstering Ukraine’s resilience and fostering its path towards stability and prosperity. Through political solidarity, financial assistance, humanitarian aid, and economic cooperation, the EU stands as a steadfast ally to Ukraine, reaffirming its commitment to the principles of peace, democracy, and sovereignty in the region. As Ukraine continues to navigate through challenging times, the EU remains firmly committed to standing by its side, offering support and solidarity for as long as it takes.

Written by: Nenad Stekić

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