Ireland has agreed to an EU funding mechanism to provide immediate financial support to Ukraine, which is trying to maintain “essential state functions” at a time of intensified Russian attacks. The Department of Finance published a document, including an EU explanatory memorandum, for the Oireachtas on establishing a new financial system, capable of supplying up to €35bn to Ukraine. The EU explanatory memorandum said that in light of “escalating Russian aggression” it is necessary to act swiftly to ensure Ukraine has access to the resources it “urgently needs”. It said the scheme is “designed to signal to Russia that there continues to be widespread practical and financial support to Ukraine’s economy as it continues to defend itself". The department said it consulted with the Department of Foreign Affairs, Department of the Taoiseach, and the Department of Defence.

Source: Irish Examiner October 20, 2024 20:14 UTC