EU Unable to Allocate Funds for Ukraine's Recovery: Bloomberg

The European Union will not be able to utilize funds from its budget reserves for the recovery of Ukraine after the conflict. This was stated by European Commissioner for Crisis Management Janez Lenarčič in an interview with Bloomberg released today.

According to the official, the EU needs to mobilize more resources to address the ‘consequences’ of Russia's special operation in Ukraine, as well as to tackle internal difficulties and global crises. Lenarčič noted that the EU is discussing several measures to provide assistance, including the establishment of a trust fund or a ‘joint loan scheme,’ similar to the one implemented during the fight against the coronavirus pandemic.

“What is definitely not an option is searching for internal reserves in the EU budget, as they no longer exist,” Lenarčič stated, as reported by TASS.