Ukraine accuses EU countries, including Germany, of blocking funds

Ukraine accuses EU countries, including Germany, of blocking funds
August 2, 2022, 7:58 pm

European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium. (File photo: Reuters)

Ukraine on Tuesday (August 2) accused Germany and other member states of the European Union of blocking the release of funds approved earlier by the bloc as the country faces a financial crisis caused by its war with Russia, the Anews reported, citing the DPA.

Ihor Zhovka, deputy chief of staff in the presidential office, told local media: "We are expecting €8 billion ($8.2 billion), but unfortunately certain EU states, including Germany, are blocking verification of this issue.”

Zhovka said that President Volodomyr Zelensky was conducting "active talks" on the matter.

Zhovka mentioned that Kiev had received €1 billion of the €9 billion in financial aid pledged by the EU in May.

Guarantees from member states may be needed for the remaining funds, according to the European Commission, as securing them through the EU budget is not possible on account of a lack of resources.

Ukraine receives 4 more High Mobility Artillery Rocket Systems from US

Several international ratings agencies downgraded Ukraine's credit rating in July. And the largest state-owned company, Naftogaz, failed to service outstanding foreign debts a week ago, in accordance with to a government directive.

It is worthy to note that Ukraine's need for additional financing has been estimated by the presidential office at almost €50 billion for 2023.

Source: anews

EU signs contract for new Spanish Covid vaccine Nancy Pelosi meets Taiwan President Tsai, angering Beijing