EU adopts sanctions against Russia including billions of ECA support for Ukraine

(EU-Neighbours-East, Brussels, 24 June 2024) The Council of the European Union today adopted a 14th package of economic and individual restrictive measures against Russia, “dealing a further blow to Putin’s regime and those who perpetuate his illegal, unprovoked and unjustified war of aggression against Ukraine”. These measures are designed to target high-value sectors of the Russian economy, like energy, finance and trade, and make it ever more difficult to circumvent EU sanctions. Since the Russian aggression started, the EU and its financial institutions have mobilised €50 billion to support Ukraine’s overall economic, social and financial resilience in the form of macro-financial assistance, budget support, emergency assistance, crisis response and humanitarian aid. the Executive Vice President of the European Commission Valdis Dombrovskis announced the Ukraine Facility budget which will be 33 billion euros in loans and 17 billion euros in grants. Of the total amount, 38.27 billion euros will support the budget, 6.97 billion euros will go to the investment fund and 4.76 billion euros will be for technical and administrative support. [ECA Watch note: This month's news review for What's New turned up many articles announcing a €300 million export credit guarantee facility under the EU flagship investment programme InvestEU.]

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