The European Commission is due to propose the EU’s financial aid package of about €50 billion ($55 billion) to support Ukraine amid its counteroffensive against Russian forces, a US news network has cited unnamed sources as saying.
The sources claimed that the announcement is expected later on Tuesday ahead of a conference in London, where donors will reportedly discuss issues related to Ukraine's financial support. The so-called Ukraine Recovery Conference will take place in the UK's capital on June 21-23 and is set to be attended by representatives of “international financial institutions, the private sector and civil society”, according to the event’s website.
One of the sources claimed that unlike previous financial packages for Ukraine, the current aid measures would be financed via contributions from EU member states rather than borrowing from the markets.
The package reportedly aims to help fund the Ukrainian government’s current expenditures and pay for urgent reconstruction priorities.
The developments come after German Finance Minister Christian Lindner warned last week that Berlin, the EU’s largest contributor, cannot afford to pour more money into the bloc’s budget.
"In view of the necessary cuts in our own national budget, we are currently unable to make any additional contributions to the European Union’s budget," Lindner said in an interview with local media.
The comments followed complaints from the European Commission that aid to Ukraine has "exhausted" the bloc's long-term 2021-2027 budget "to the maximum," and hints that Germany and other major EU economies should pitch in to make up the difference.
The EU has already provided Kiev with more than €50 billion ($55 billion) in economic, military, and humanitarian assistance since the start of Russia’s special military operation in Ukraine.
Moscow has repeatedly warned countries sending weapons to Ukraine that it sees these military shipments as legitimate targets. Russian Foreign Minister Sergey Lavrov, for his part, stressed NATO allies arming and training Ukrainian forces is tantamount to direct involvement in the conflict.