The European Commission, on behalf of the EU, has proposed a further €5 billion in macro-financial assistance (MFA) loans to Ukraine.
It says this is the second part of the exceptional MFA package of up to €9 billion announced by the Commission of 18 May 2022 and endorsed by the European Council of 23-24 June.
The Commission disbursed the first €1 billion of this MFA package in early August. The remaining up to €3 billion will be provided as soon as possible.
Meanwhile, EC president Ursula von der Leyen has issued a keynote statement on the energy crisis.
She stated, “We are facing an extraordinary situation, because Russia is an unreliable supplier and is manipulating our energy markets.”
“Our unity and our solidarity will ensure that we will prevail!”
“We have increased our preparedness and weakened Russia’s grip on our energy supply through demand reduction – which allowed our common storages to be at 82%.”
“Through diversification we have increased deliveries of LNG or pipeline gas from the US, Norway, Algeria, Azerbaijan, and others. For example Norway is now delivering more gas to the EU than Russia. And we are making massive investments in home-grown renewables through RePowerEU.”
“But we also see that the manipulation of the gas markets has a spillover effect on the electricity market.”
“We are confronted with astronomic electricity prices for households and companies and with enormous market volatility.”
“Therefore, we will put forward a set of immediate measures that will protect vulnerable consumers and businesses and help them adapt,” the statement concludes.