The ECR strongly supports the Ukraine loan cooperation mechanism and the exceptional macro-financial assistance.

The Group urges the EU to continue with further sanctions against Russia and not to relax its international diplomatic efforts in support of Ukraine.

Commenting on the new aid mechanism, ECR Shadow Rapporteur Rihards Kols said: “This is a crucial step, yes—€35 billion to help stabilise a war-torn economy is no small feat—but the goal of this mechanism is not in the plan itself, but in its implementation.”

According to Kols, Russia started the war and must pay the price: “The aggressor must not only lose, but also pay. The use of immobilised Russian assets as collateral is a bold statement that Russia should take note of.” But the EU should not stand still: “With this mechanism in place, we need to create a framework to seize frozen Russian assets and impose sanctions not every six months, but until Russia fully withdraws from Ukraine and pays reparations,” he added.

At the same time, however, he warned the EU not to let up in its foreign policy support for Ukraine:

“We must not only provide financial assistance, but also confront the international dynamics that threaten Ukraine’s sovereignty. At the moment, Ukraine faces two nuclear powers as belligerents on its soil.

“Reagan warned us: ‘Freedom is never more than one generation away from extinction. We must safeguard Ukraine’s freedom today, or we shall spend our lives recounting stories about what it was like when nations were free”, he concluded.