Today, the S&Ds will vote in favour of the new aid package for Ukraine, enabling a Ukraine Loan Cooperation Mechanism of up to €45 billion and an exceptional Macro-Financial Assistance (MFA) loan of up to €35 billion. This is a much-needed step to help Ukraine rebuild its infrastructure, stabilise its economy, and continue its fight for freedom.

With winter approaching and Russia intensifying attacks on Ukraine’s critical infrastructure, the urgency of providing financial support cannot be overstated. The S&Ds emphasise that swift and continued EU action is essential for both immediate relief and to meet the end-of-year deadlines.

The new mechanism, initiated by the G7 last June, provides loans funded by extraordinary profits from immobilised Russian assets. This unprecedented collaboration between G7 partners and the EU is designed to support Ukraine's recovery, ensuring that those responsible for its destruction bear the costs of its reconstruction.

Brando Benifei, S&D coordinator in the INTA committee and negotiator on this file, said:

“This new aid package is yet another tool by the EU and G7 partners to demonstrate effective solidarity with Ukraine. It is a clever instrument, with adequate safeguards for the EU budget and a structure that ensures resources are spent exclusively on the intended purposes of macroeconomic stabilisation and the preservation of Ukraine’s critical infrastructure.

"Most importantly, it is also a just instrument, utilising windfall profits from frozen Russian assets. After all, the costs of Russia's aggression should be borne by Russia itself, not by European citizens.

"Next, it is up to the member states to extend and renew the sanctions on Russia. I especially urge Hungarian Prime Minister Viktor Orbán to stop playing games and prioritise the future of European citizens before it results in extra costs for all of us.”