Ukraine Facility Report : EU Funding and Frozen Russian Oligarch Assets for National Reconstruction

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 organization has been pushing for the creation of a dedicated fund to support Ukraine’s recovery ever since the Russian Federation initiated its unlawful war of aggression against the country. The establishment of the Ukraine Facility underscores the pressing necessity to reassess the Multiannual Financial Framework, especially now that the European Union is confronted not only with challenges such as natural disasters and pandemics but also with the added complexity of a recent 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, a member of the Lithuanian Liberal Movement and the shadow rapporteur for the Ukraine Facility in the Committee on Foreign Affairs, made the following contribution:

“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 strongly emphasized the need for transparent processes to simplify funding access for local NGOs and local governments. Simultaneously, they emphasized the importance of implementing anti-corruption measures to ensure that the funds benefit the individuals most affected by the conflict and contribute to the reconstruction of infrastructure. Additionally, our group prioritizes the protection of human rights and the preservation of civil society. We are also committed to tackling foreign manipulation of information, interference, and disinformation.

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