EU seeks to force Russian oligarchs to “contribute to the reconstruction of Ukraine”

The EC on May 19 proposed a loan of 9 billion euros ($9.5 billion) to Ukraine to help the country stay afloat while the Russia-Ukraine conflict continues. In addition, the EC also wants to establish a mechanism to support Ukraine’s post-war reconstruction.

“Our lawyers are working to find a possible solution in the matter of using the frozen assets of Russian oligarchs to rebuild Ukraine. I think Russia should also contribute” – Chairman von der Leyen told the TV channel ZDFand said she supported combining the long-term reconstruction of Ukraine with the reforms needed for the country’s accession to the EU.

While Ukrainians see their future in the EU, Ukraine still needs to meet certain criteria related to law, economy and politics in order to join the EU.

“The evaluation process depends a lot on the attitude and actions of the candidate. Ukraine wants to join the EU at all costs, which means it has a great incentive to carry out the necessary reforms” – President von der Leyen asserts, according to Reuters.

European Commission (EC) President Ursula von der Leyen. Photo: Reuters

Also on May 19, the US Senate approved a nearly 40 billion USD aid package for Ukraine, with a vote of 86-11. To date, this is the largest aid package that Washington has given to Kiev.

Earlier, on May 10, this aid package was also approved by the US House of Representatives. Currently, according to Reutersthe aid package was presented to the White House for President Joe Biden to sign into law amid Washington’s speeding up of arms and equipment aid to Kiev.

This aid includes $6 billion in security assistance; $8.7 billion in military equipment and $3.9 billion for European Command operations. The aid package also includes $5 billion to tackle global food insecurity due to the Russia-Ukraine conflict, in addition to nearly $9 billion in Ukraine’s economic support fund.

Signing a new aid package, President Joe Biden will increase the total US aid to Ukraine since the Russia-Ukraine conflict to more than $50 billion.