Where it comes from and where it's going.
Ambassadors from all 27 European Union nations agreed to set aside windfall profits generated from frozen Russian assets with the intention of using them to help pay for the reconstruction of Ukraine, Reuters reported. An unnamed source from Belgium, which holds the rotating presidency of the EU, told the news
All 27 member nations of the European Union have agreed to support the EU's €50 billion aid package for Ukraine and it is likely to pass at the start of next month, Ukrainian Prime Minister Denys Shmyhal said. “On Feb 1 we expect the EU to approve a
The European Union is unlikely to give $300 billion in frozen Russian assets to Ukraine even as other forms of aid for the country are at least temporarily blocked, Reuters reported, citing unnamed senior EU officials. "Confiscation of the capital of the Russian assets is not going to happen,
The reconstruction fund that BlackRock and JP Morgan are setting up for the Ukrainian government will be "ready to take action" this year, Reuters reported, citing BlackRock Vice-Chairman Philipp Hildebrand. "We want to be ready to deploy with at least soft commitments from donor countries," Hildebrand
Italian Prime Minister Giorgia Meloni is working to persuade her Hungarian counterpart, Viktor Orban, to drop his opposition to a proposed European Union aid package for Ukraine and improve his relationship with Ukrainian President Volodymyr Zelensky, Bloomberg reported, citing unnamed sources privy to the discussions. Orban, whose veto power is
Japanese Foreign Minister Yoko Kamikawa, speaking at a press conference in a bomb shelter after an air attack warning interrupted her surprise visit to Kyiv, pledged to donate $37 million to a NATO fund that supports drone detection and other air defenses. Kamikawa, who visited Kyiv on Sunday as part
The Ukrainian government has earmarked 3 billion hryvnias ($79 million) this year to support private investors who import new equipment for use in a "significant investment," or a project valued at $12 million or more. The funds are meant to support investments that create capacity in Ukraine to
The European Union is preparing a workaround plan to fund Ukraine with a financing arrangement similar to the one used to provide countries with cheap financing during the Covid era, the Financial Times reported, citing unnamed sources. The plan could provide Ukraine with up to €20 billion in financing even
Support in Western nations for spending almost $300 billion in frozen Russian assets on Ukraine is increasing, but diplomats and policymakers are now quietly considering using that money to fund the war effort rather than reconstruction, the New York Times reported. The Biden administration is discretely calling on allies in
The European Investment Bank (EIB) has announced the disbursement of €99.6 million in loans for the reconstruction of Ukrainian hospitals, water facilities and other infrastructure damaged by Russian shelling. The loans, to come in tranches of €60 million and €39.6 million, are earmarked for almost 200 small municipal
The governors of the European Bank for Reconstruction and Development (EBRD) approved a €4 billion increase to the bank's paid-in capital so it can invest more in Ukraine's reconstruction and war-time needs. The added shareholder capital, which brings the bank's paid-in capital to €34
The European Union has agreed to start talks that could lead to Ukraine joining the EU after Hungarian Prime Minister Viktor Orban decided at the last moment to refrain from vetoing the talks.
A European Commission proposal would separate proceeds generated from frozen Russian from the frozen assets themselves in a step toward toward using the funds for the reconstruction of Ukraine, a European Union official told Politico. European proposal would separate proceeds from frozen Russian assets as first step in transfer to
Russia is looking for ways to transfer a portion of its frozen reserves to a global fund meant to offset damage from climate change to the world's poorer nations, the country's climate envoy said at the ongoing COP28 United Nationals climate summit in Dubai. "We
The German government and the European Investment Bank (EIB) have offered a €20 million grant to install renewable energy systems in Ukrainian schools, hospitals and other public buildings. The grant will be used to install solar energy systems, biomass energy solutions and geothermal heat pumps in buildings that are already
The European Bank for Reconstruction and Development (EBRD) is providing Credit Agricole Ukraine with a €12.5 million unfunded portfolio risk-sharing facility to unlock lending in the agriculture, food processing, retail, transport and pharmaceutical sectors. The facility is meant to unlock €50 million in loans to stimulate investment in modernization
