The EU has proposed a new way to finance aid to Ukraine.

EU Commissioner for Environmental Affairs Virginijus Sinkevičius suggests that the EU should additionally tax Western companies doing business in Russia to help Ukraine. He said that it is essential to find sources of funding that would use as few European taxpayers as possible so as not to encourage populists.

According to him, the EU needs a long-term plan because the Russian Federation is waiting for Europe and the US to tire and the populists to take control.

As Politico points out, despite requests from several EU states, plans to use frozen Russian assets to help Ukraine have stalled. Major EU countries, such as France and Germany, warn of the negative consequences of confiscating Russian assets and using them to help Ukraine.

Despite the EU’s recent approval of a €50B aid package for Ukraine, this money is not enough to cover the country’s budget deficit, given that the Republicans are delaying US aid to Kyiv.