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European Council Chief Calls on US to Unlock $60Bln for Ukraine

© Sputnik / Pavel Bednyakov / Go to the mediabankEuropean Council President Charles Michel attends a news conference during the G20 leaders' summit
European Council President Charles Michel attends a news conference during the G20 leaders' summit - Sputnik International, 1920, 06.02.2024
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MOSCOW (Sputnik) - European Council President Charles Michel on Tuesday called on the US House of Representatives to unblock $60 billion in financing for Ukraine, following the council's February 1 agreement on long-term financing for Ukraine worth 50 billion euros ($53.7 billion).
"This European Council decision [to set up the Ukraine Facility worth 50 billion euros] is a message to all of those who have faith in democratic values and freedom. Partners, this is a way of supporting Ukraine, supporting Ukrainians. I want to appeal to the United States House of Representatives to release the $60 billion necessary to guarantee the financial stability of Ukraine," Michel said at the European Parliament plenary session.
Euro Money - Sputnik International, 1920, 05.02.2024
Analysis
Burden of Ukraine Funding May be Passed Onto Europe
On Monday, the US Senate introduced a bill combining the allocation of money for US border security, aid to Ukraine and Israel. The bill proposes to allocate a total of $118.28 billion, of which $60.06 will be sent to support Kiev. US President Joe Biden expressed his support for the bill and urged Congress to pass it as soon as possible.

On February 1, EU leaders made a decision to create a fund to provide Ukraine with 50 billion euros in financial aid through 2027, but with a number of strict conditions. They also agreed to work out a mechanism and reporting system for approving the funding on an annual basis. However, the decision is subject to legislative approval and creating a practical mechanism for its implementation. Media reported that the first installment could be sent by March, with no clarity on specific dates.

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