EU Gives €11 Billion in Aid to Ukraine

A demonstration about Ukraine in Munich, Germany.  Photo: Flickr.com/ blu-news.org

A demonstration about Ukraine in Munich, Germany.
Photo: Flickr.com/ blu-news.org. Some rights reserved.

On March 5, the European Commission promised Kiev €11 billion in aid, taking what many consider a long overdue measure to provide help in Ukraine.

The promise of monetary compensation came alongside announcements that the assets of 18 former Ukrainian officers would be frozen.  The names of the individuals were withheld until Thursday, to prevent the officials from withdrawing last minute funds.  The sanctions, enforced on the grounds of drastic misappropriation, will be in effect for the coming 12 months.  The European Union will allow the frozen funds to be recovered in advance if “certain conditions” towards the recovery of the Ukrainian government are met.

The special EU summit on Ukraine held on Thursday also proposed numerous measures of economic recovery plans, geared to help the nation’s failing economy, nearly €13 billion in debt this year.  To this end, the payment of the €11 billion is dispersed in intervals between now and 2020, containing both direct funds and developmental grants.

Despite consensus that an aid package for Ukraine was necessary, specifics regarding outside involvement were not easily decided upon.  A number of Western powers, including the U.S., Britain, Russia, Germany, and France, met with diplomats from Ukraine in Paris on Wednesday, independent of the emergency EU summit.

“We have a principle of firmness but at the same time of searching for dialogue,” French Foreign Minister Laurent Fabius told reporters after hours of meetings.

As hostilities between Russia and Ukraine over the occupied Crimean territory continue worsen, diplomats from many foreign powers are searching for a solution.  After failing to come to a diplomatic solution in Paris, NATO and a number of central European countries, including Hungary and Poland, are bristling under the potential of military involvement.  In addition to the €11 billion provided by the EU, the U.S. has offered €1 billion in aid, negotiated by Secretary of State John Kerry during his travel to Kiev earlier this week.

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  1. […] EU gives €11 billion in aid to Ukraine. On March 5, the European Commission promised Kiev €11 billion in aid, taking what many consider a long overdue measure to provide help to the eastern European nation. The promise of monetary support came alongside announcements that the assets of 18 former Ukrainian officers would be frozen. The names of the individuals were withheld until Thursday, to prevent the officials from withdrawing last minute funds. The sanctions, enforced on the grounds of drastic misappropriation, will be in effect for the coming 12 months.  The European Union will allow the frozen funds to be recovered in advance if “certain conditions” towards the recovery of the Ukrainian government are met. […]

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