Ukraine Facility: EU funding must be used along with the frozen assets of Russian oligarchs to rebuild the country

The Renew Europe Group in the European Parliament welcomes today’s adoption by the Committees on Budgets and on Foreign Affairs of the Ukraine Facility aiming to provide a sustainable financing framework to Ukraine until 2027, with 50 billion EUR in loans, grants and budgetary guarantees.

Our political group has been advocating for the establishment of a fund dedicated to Ukraine’s recovery since the Russian Federation started the illegal war of aggression against this country. The Ukraine Facility is one of the facets reflecting the urgent need to revise the Multiannual Financial Framework - more than ever, since the European Union has not only to face challenges like natural disasters or pandemics, but lately also a war.

Renew Europe MEP, Vlad Gheorghe (USR, Romania), shadow rapporteur on Ukraine Facility in the Committee on Budgets, said:

"My first reaction after the start of the war was to propose an EU plan to rebuild Ukraine. And today we have it. We have Ukraine Facility - this powerful instrument to build resilience in Ukraine, guarantee basic public services and bring the country closer to the EU membership via reforms. Ukraine Facility is also a powerful message to Putin, it is our declaration that we believe in Ukrainians and will stay together with them as long as it takes. And we shall not stop at 50 billion EUR foreseen by the Facility. Assets confiscated from Russian oligarchs will be used to replenish this instrument and help Ukraine even more efficiently."

Renew Europe MEP, Petras Auštrevičius (Lithuanian Liberal Movement), shadow rapporteur on Ukraine Facility in the Committee on Foreign Affairs, added:

“The Ukraine Facility is a geostrategic important instrument for the recovery, reconstruction, restoration and modernisation of Ukraine. This new Facility will promote cooperation between different layers of Ukrainian authorities, including civil society organizations, women, youth, persons with disability and other vulnerable groups. Ukraine and its people have a difficult task ahead of them, and we will stand together and support them every step of the way.”

Renew Europe insisted on having clear procedures to make access to funding easier for local NGOs and local authorities, while applying anti-corruption measures, so that the money reach the people that were affected most by the war and that infrastructure gets rebuilt. Another priority for our group is to safeguard human rights and civil society, while also addressing foreign information manipulation, interference, and disinformation.