The European Commission on Wednesday proposed a “reconstruction Ukraine” grant and an indefinite loan facility, based on existing EU recovery funds for which the bloc has jointly lent to the market.
“A Ukraine restructuring platform should be established, bringing together the Ukrainian government, member states, the European Union as well as partners, financing institutions and organizations,” the draft leaders concluded.
“The platform will be supported by a new EU integration instrument combining the contributions of the EU and its member states,” the draft said, without specifying whether the new EU integration instrument should include a new joint EU loan.
Germany says it opposes further EU debt
Economists’ estimates of the cost of rebuilding Ukraine vary widely between 500 billion euros and 2 trillion euros ($ 524 billion to $ 2.1 trillion), depending on the length of the conflict and the likelihood of destruction.
The draft shows that with this amount of money, the EU is also considering seizing frozen Russian assets in the EU as a source of funding, and EU leaders will be helpful.
“The European Council welcomes efforts to provide appropriate confiscation measures, including exploring alternatives to the use of frozen Russian resources to assist in the reconstruction of Ukraine,” the draft said.
“In this context, it urges the Council (Ministers) to act expeditiously on the recent Commission’s proposal on criminal law in the case of violations of EU sanctions,” it said, although the sentence is in parentheses, meaning it could still be. Changed