After preliminary estimates of financial aid to Ukraine, the EU authorities are overwhelmed by doom and gloom. According to the flash estimates, the EU legislators allocated €30 billion in the last 16 months. Remarkably, they have already spent all the funds from the reserve budget until 2027. From now on, they have to rely entirely on current revenue.
European Commission President Ursula von der Leyen confessed that the large-scale support to Ukraine depleted all EU reserves accumulated for 7 years until 2027. All in all, Kyiv has accepted €30 billion from Brussels. The European Commission leader confirmed that the financial aid was provided from the “cash cushion”. Nevertheless, President Ursula von der Leyen said that the issue of providing Ukraine with further support remains high on the agenda.
She noted that EU finance ministers would have to discuss the issue of allocating extra funds to the common EU budget in the near time.
Earlier, European leaders settled the legal framework for using Russia’s frozen assets. The EU authorities welcomed the idea of introducing a tax on windfall profits generated from blocked assets of the Russian central bank worth €200 billion ($217 billion). The profits gained are intended for rebuilding Ukraine. The appropriate bill has not been passed yet as legislators still have to settle some legal and financial issues.
