EU clears EUR 1.2 billion in aid to Ukraine

22 February, 10:04 AM
European Union (Photo:Reuters)

European Union (Photo:Reuters)

The Council of the European Union has agreed to provide EUR 1.2 billion ($1.36 billion) in emergency macro-financial assistance to Ukraine, according to a statement the council made on Feb. 21.

The statement notes that it took the council only 21 days to go through deliberations and approve the aid package, as requested by the European Commission.

“The EU fast-tracked this economic assistance to Ukraine, as the current geopolitical tensions are having a detrimental effect on Ukraine's economic and financial stability,” the statement reads.

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The persisting threat of a potential Russian invasion has already caused significant capital flight away from Ukraine, in addition to Kyiv being effectively cut off foreign borrowing due to spiking interest rates.

The Ukrainian hryvnia has dropped about 4% relative to the U.S. dollar since Dec. 2021, largely as a result of investor worries regarding the looming Russian invasion.

The U.S. ambassador to the OSCE, Michael Carpenter, said on Feb. 21 that Russia has arrayed between 169,000 and 190,000 troops on the Russian-Ukrainian and Belarusian-Ukrainian border, and in the temporarily occupied territories of Crimea and the Donbas.

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