EU to provide Ukraine with up to EUR 1.5 billion in monthly funding in 2023, says EU’s top diplomat

The New Voice of Ukraine
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EU High Representative for Foreign Affairs and Security Policy Josep Borrell
EU High Representative for Foreign Affairs and Security Policy Josep Borrell

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“Together with our member states, the EU mobilised over EUR 19 billion for Ukraine’s economic, social and financial resilience, and EUR 3.1 billion in military support,” Borrell wrote following a G7 Foreign Ministers Meeting in Münster, Germany, on Nov. 3-4.

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“Our help also includes technical support to help repair energy infrastructures and supply of additional power generation. We will also increase our humanitarian support, which has become even more pressing in view of the approaching winter.”

According to the diplomat, “keeping Ukraine’s economy afloat remains key.”

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“The EU is to propose a substantial financial package of up to EUR 1.5 billion a month, totalling up to EUR 18 billion, to significantly cover Ukraine's financing needs for 2023,” he said.

Borrell also stressed that it is crucial that the Black Sea Grain Initiative is extended beyond Nov. 19.

European Commission President Ursula von der Leyen said after the EU summit in Brussels on Oct. 21 that the EU leaders had agreed to provide Ukraine with EUR 1.5 billion in monthly funding in 2023 and tasked the finance ministers to develop a mechanism for disbursing these funds.

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