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EU offers 50 billion euros to help finance Ukraine's war against Russia

Tuesday, 20 June 2023 7:23 PM [ Last Update: Tuesday, 20 June 2023 7:23 PM ]

European flags fly outside the European Commission headquarters in Brussels, Belgium March 13, 2023. (Photo by Reuters)

The European Union says it will inject 50 billion euros ($54.58 billion) in aid over the next four years in order to finance Ukraine's war against Russia.

The proposal from the commission is aimed at boosting the country's finances and covering immediate costs caused by the war it is fighting against Russia.

The money, a combination of grants, and loans, is part of the review to plug gaps in the EU's budget for the period 2024-2027 left by the fallout of the COVID pandemic and the conflict.

"This financial reserve will allow us really to calibrate our financial support according to the evolution of the situation on the ground," European Commission chief Ursula von der Leyen said on Tuesday.

Overall, the 27-nation bloc has already committed 30 billion euros from its budget to support the country since the Ukraine war broke out in February 2022.

The proposal comes ahead of a major donor conference in London this week on paying for Ukraine's reconstruction. Ukraine is seeking up to $40 billion from the conference starting on Wednesday.

But observers say the demands for a fresh injection of money will face some serious headwinds from EU countries still grappling with the consequences of the pandemic and war.

Separately, Italian Prime Minister Giorgia Meloni said on Tuesday during a visit to Paris that Italy and France will continue supporting Ukraine in its war against Russia.

"There is no doubt on the fact that Italy and France will continue to support the Ukrainian cause for as long as it will be necessary," she said before a meeting with French President Emmanuel Macron.

Underscoring the Franco-Italian commitment, Meloni said the SAMP/T-MAMBA air defense system on which the two countries have worked for months is now operational on the Ukraine battlefield.

Russia warns EU about continental security risks of military aid to Ukraine

Russia’s deputy foreign minister says the EU is inconsiderate of the consequences of providing military aid to Kiev.

Since the beginning of the war in Ukraine, European countries have focused their attention on providing support to Kiev, whether financially or militarily.

Russian President Vladimir Putin has criticized Western states' policies, warning that they are increasing the risk of a global conflict.

Putin also accused the West of exploiting Ukraine and using its people as cannon fodder against Russia.

Moscow has repeatedly denounced the West's military support for Ukraine since the war began. The Kremlin asserts Western countries are only adding fuel to the flames of war, adding that they do not seek to find a solution to end the conflict.

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