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EU parliament backs €50 billion for Ukraine’s recovery

The EU Parliament greenlights €50 billion for Ukraine’s recovery, emphasizing urgent adoption, democratic accountability, and proposing Russian assets fund reconstruction, aiming to modernize the nation by 2027.
Session of the European Parliament in Strasbourg. Source: Wikimedia Commons
EU parliament backs €50 billion for Ukraine’s recovery

On October 17, the European Parliament voted to allocate 50 billion euros in financial aid to Ukraine over the next four years to “support Ukraine’s recovery, reconstruction and modernisation from 2024” to 2027.

The Parliament’s website said 512 MEPs supported the proposal:

“Parliament’s stance on the proposed Ukraine Facility was adopted with 512 votes in favour, 45 against and 63 abstentions, with MEPs making the Facility more democratically accountable, encouraging multiparty democracy and Ukraine’s alignment with the requirements for EU accession,” the Parliament’s press release reads.

According to the press release, one of MEPs’ key demands is that assets from Russia or other entities or individuals directly connected “with Russia’s war of aggression be used to reconstruct Ukraine.”

MEPs have ensured that this facility is transparent and democratically accountable. They are pushing to create a dedicated web portal to monitor financial operations granted to Ukraine. To ensure the funds are used judiciously and transparently, the parliament has tightened provisions against fraud, corruption, and conflicts of interest in the use of these funds. Companies under oligarchic influence are explicitly excluded from receiving this funding.

MEPs have articulated their vision of ensuring Ukraine aligns with the EU’s democratic values. They wish for the country to establish a plan for reforms and investments with the EU Parliament’s involvement and consult the Verkhovna Rada (Ukrainian Parliament) effectively. As the Council agrees on a common position, negotiations with the member states are set to kickstart soon.

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