Commissioner Dombrovskis
Thank you. Good morning, everyone.
As the President said, are now approaching the fifth year of Russias full-scale invasion of Ukraine.
Throughout this time, by bravely defending their homeland, Ukraine has also protected the entire European continent from Russian aggression.
Europe can and must continue to provide Ukraine with the support it needs to ensure its financial stability and ability to defend itself.
This is the only way that we can secure a just and lasting peace.
A peace which ensures real security for Ukraine and Europe for the long-term.
In December, EU leaders confirmed our resolve to help Ukraine meet its urgent and sizable financing needs.
Today, we have taken the necessary step to put forward a proposal to deliver this crucial support.
Allow me now to highlight some important elements.
The funds can be disbursed through either Macro-Financial Assistance or the Ukraine Facility.
On Macro Financial Assistance specifically, it is a tried-and-tested instrument for supporting Ukraine, or countries in balance of payments difficulties.
It is well suited to providing fast and flexible financial assistance while driving the implementation of meaningful reforms.
It also complements and amplifies IMF programmes, as has been demonstrated in Ukraine over the past decade.
Both Macro Financial Assistance and the Ukraine Facility provide for strong conditionality, especially on the fight against corruption.
The €60 billion indicatively allocated to support Ukraines defence industrial capacity will allow Ukraine access to the equipment it needs to defend itself.
At the same time, it will provide a very significant boost to the rapidly developing European and Ukrainian defence industries.
Finally, as said before, Ukraine will only repay the Ukraine Support Loan if it receives reparations from Russia for the destruction its war has caused.
This is why the proposal also makes it clear that, in line with the conclusions by the Leaders, the Union reserves its right to use the cash balances from immobilised Russian assets held in the EU to repay the Ukraine Support Loan.
Of course, time is of the essence.
The European Commission will work with the co-legislators to ensure a swift adoption of todays proposals.
We will also liaise with Ukrainian authorities to prepare financing strategy and ensuing steps needed to operationalise the proposal swiftly.
With regard to the broader support from our international partners, the implementation of the G7-led Extraordinary Revenue Acceleration loans initiative is progressing well.
€35 billion has already been disbursed to Ukraine from G7 partners and the EU.
And we will continue to engage closely with international partners, including the G7, to ensure delivery on their commitments for 2026 and beyond.
To conclude, supporting Ukraine is a litmus test for Europe.
The outcome of Russias brutal war of aggression against Ukraine will determine Europes future.
Todays proposal shows that we are determined to continue providing Ukraine with the support it needs.
And it also represents a crucial investment in Europes own security.
Thank you.
Commissioner Kos
As we have just heard from the President, today we take a next step in our support to build a stronger and more stable Ukraine.
This budgetary support package is about much more than financial assistance.
It reconfirms that we Europeans continue to shoulder the lion share of support for Ukraine to defend itself in the short-term – but also prepare for its recovery and long-term prosperity and EU membership.
We also send a clear message that time is not on Russias side. Ukraines financing needs will be secured and predictable budgetary support guaranteed in the form of a loan to be repaid by reparations due to Russia.
Our proposal includes the Ukraine Facility as a pillar for disbursement of the loan, closely tying in a strict reform programme to advance accession negotiations.
This reflects our continued determination to support the decisive implementation by Ukraine of an accelerated reform agenda, central for a credible EU accession path.
We know that reforms are difficult. They are difficult for any government, and even more so when a country is fighting a war. But the Ukraine Facility has a track record of effectively achieving these reforms for Ukraines future under the most difficult circumstances.
And it works. It has helped Ukraine to keep the course. The implementation of the Ukraine Plan has been broadly successful, with 63 steps completed out of 68 due by the last payment requests in the areas of the rule of law, anti-corruption, energy market, public administration, and state-owned enterprises in Ukraine. This works needs to continue for Ukraines society and economy to grow stronger, and to deliver its future prosperity and social cohesion.
The Ukraine Support Loan will build on these achievements and further prepare Ukraine for EU membership.
At the same time, we are operating in uncertain times.
As explained by the President our proposal today brings in the necessary flexibility to address Ukraines urgent budgetary needs and unexpected financial needs.
Todays decision will undoubtedly make us better equipped to navigate what is to come while keeping clear sight of our long-term objective for a secure and prosperous Ukraine with economic growth inside the European family.