Ukraine might not be a member of the European Union, but it will continue to have access to the bloc’s cash for years to come.
The EU plans to approve a plan that will set up a fund to help Ukraine rebuild, whenever its war with Russia concludes, according to a draft statement viewed by Reuters.
“Bearing in mind the destruction and enormous losses brought upon Ukraine by Russia’s military aggression, the European Union is committed to provide support to the Ukrainian Government for its immediate needs and, once the Russian onslaught has ceased, for the reconstruction of a democratic Ukraine,” the draft read.
EU leaders are expected to make the announcement following a summit later this week.
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The document didn’t include how large the fund would be or exactly how it would be financed. Some EU politicians, Reuters reported, suggested they could use frozen Russian assets, including the roughly $300 billion in Russian central bank reserves.
Besides funding for post-war rebuilding, the EU also announced Tuesday it approved another tranche of support for Ukraine’s war effort totaling roughly $551 million — the second aid offering of that size.
Leaders agreed to send more aid to Ukraine after acknowledging the bloc has to do more to address its commitment to security and defense, EU High Representative Josep Borrell said. Borrell said the EU spends about $220 billion on defense, roughly 1.5% of its GDP, but it is not enough.
“We have to spend more,” Borrell said. “But we have to spend better. Better means to avoid duplications and to avoid gaps.”
The EU has worked closely with Ukraine since Russia invaded, calling Russia’s actions in the country “war crimes,” offering more than $1 billion in aid, and levying sanctions on Russia’s economy, tanking the value of the ruble and preventing the aggressor from trading in technology. However, it has not gone as far as the United States when it comes to sanctioning Russia’s energy sector — a result of several EU members being highly reliant on Russian oil and gas.
The bloc has also not agreed to fast-track Ukraine’s applications for membership.
Becoming an EU member has been on Ukraine’s list of goals for years, and its resilience in the face of Russian aggression appears to be bolstering its case.
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After making the rounds of appearing before Western countries’ members of government, Ukrainian President Volodymyr Zelensky has struck a chord with Italy in particular.
“Ukraine is the gates of Europe, where they want to break in,” Zelensky told Italian lawmakers. “But barbarism must not be allowed to pass.”
Mario Draghi, Italy’s prime minister, praised Ukraine’s “heroic” resistance and said his country supported Ukraine’s attempt to join the EU.
“I want to say to President Zelensky that Italy is at Ukraine’s side in this process,” he said. “Italy wants Ukraine in the EU.”
