The European Commission has promised to pay €9B in microfinance assistance by the end of the year.

At the EU summit, the finance ministers from the participating countries were instructed to develop a mechanism to allocate at least €18B to Ukraine in 2023, said the President of the European Commission, Ursula von der Leyen. The EC president clarified that Ukraine is asking for financing amounting to €3-4B per month to provide for basic needs. Moreover, this money should be provided by the US, the EU, and financial institutions. “So, the discussion was about €1.5B per month for Ukraine, financed by the EU. This gives a total amount of €18B next year – an amount that Ukraine can rely on,” Von der Leyen noted. The EC president added that by the end of the year, the EU will transfer a €9B tranche of macro-financial assistance to Ukraine.