The European Union on Friday agreed to provide 18 billion euros in financing to Ukraine next year and planned to slap more sanctions on Russia amid the ongoing war in Ukraine. Representational Image.
Brussels: The European Union on Friday agreed to provide 18 billion euros in financing to Ukraine next year and planned to slap more sanctions on Russia as EU leaders wrapped up their last summit of 2022.
Poland took back its objections to a global minimum corporate tax, unblocking a package of linked agreements that includes the additional loan to Ukraine, which has been hit by a war that has ravaged the country since Russia launched an invasion in February.
Moscow refers to its invasion of Ukraine as a “special military operation”.
Ukrainian President Volodymyr Zelenskyy had earlier predicted that the months to come would be even harder than the months already endured by his countrymen. With the harsh winter season already engulfing the war-torn country and Russia’s escalation of air strikes on key Ukrainian cities and its targeted attack on Ukraine’s power grid, the beleaguered country has been relying heavily on aid from European allies.
“Our joint determination to support Ukraine politically, financially, militarily and in the humanitarian area for as long as necessary remains unbroken,” German Chancellor Olaf Scholz said as he promised more aid after completing talks among the 27 national EU leaders in Brussels.
The US Treasury Secretary in a written statement applauded the global minimum tax agreement, that the EU has been mulling. “This historic agreement helps level the playing field for US business while protecting US workers,” Yellen said.
The last summit for 2022 capped a tumultuous year which saw the EU close ranks to support Ukraine but often struggle to agree how much pressure to put on Moscow to end the horrific war.
EU leaders on Thursday, however, agreed to a ninth package of sanctions against Moscow, which will include blacklisting nearly 200 more people and halt investment in Russia’s mining industry.
The decision, which requires unanimity among EU leaders, was made after Poland and Lithuania warned earlier that proposed exceptions for food security might benefit Russian oligarchs in the fertilizer business.
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