“The EU stands by Ukraine, also economically. The current geopolitical tensions are having a severe economic impact on Ukraine. Member states are ready to provide €1.2 billion macro-financial assistance. I am happy to announce that we have decided to support the Commission’s proposal today, so that the financial help can reach Ukraine without delay,” Le Maire said as quoted in a European Council press release.
The first tranche of $684 million will go to Kiev as soon as the European Parliament approves the proposal.
On 2 February, Sweden allocated $5.3 million for the newly-created Partnership Fund for Resilient Ukraine (PFRU), which also includes the UK, the US, Canada and Switzerland.
Since 2014, Ukraine has received $2.08 billion from Germany in humanitarian aid, assistance for development, and the German-Ukrainian energy partnership, including an unconditional loan of $570 million and 1.5 million COVID-19 vaccine shots in 2021.
In the past few months, the West and Ukraine have accused Russia of a troop build-up near the Ukrainian border in alleged preparation for an invasion. Moscow has repeatedly said that it is not threatening anyone and pointed to NATO military activity near the Russian borders, which it deems a threat to its national security.