European Union Plans to Set Up Ukraine Solidarity Trust Fund

During the summit scheduled for 24-25 March, the European Union leaders plan to agree on the establishment of the Ukraine Solidarity Trust Fund.

“The latest draft of the Council of EU’s conclusions states that the EU ‘remains ready to move quickly with further coordinated sanctions’ on both Russia and Belarus. It also ‘agrees to set up a Ukraine Solidarity Trust Fund and calls for preparations to start without delay’,” Rikard Jozwiak, Europe Editor Radio Free Europe / Radio Liberty, wrote on his Twitter account after reviewing the draft decision of the summit.

Meanwhile, German Federal Minister of Finance Christian Lindner said Ukraine needed a Marshall Plan to overcome the effects of Russia’s invasion.

“Our support for the (Ukrainian) people’s struggle for freedom will continue… Our solidarity with our European neighbour has a solid foundation, and that is why we need an international Marshall Plan for Ukraine,” Lindner said in a speech to the Bundestag.

Earlier, European Council President Charles Michel revealed plans for creation of the Ukraine Solidarity Trust Fund to meet the urgent needs of Ukrainians.

The Fund is expected in the long run to become the basis for the restoration of a free and democratic Ukraine after the cessation of hostilities.

Partners will be able to make contributions to the Fund through an international donors’ conference.

Bohdan Marusyak