Brussels/Strasbourg, 20 May 2022 (TDI): The MEPs called for funding to deal with the consequences of the war in Ukraine.

The MEPs stated that it needs to be done by confiscating Russian oligarchs’ assets whilst utilizing new EU own resources and the existing EU budget.

Therefore, the MEPs said the EU has to strengthen support for citizens, businesses, and assistance for Ukraine.

They said EU citizens and businesses need to be assisted to overcome the war’s negative impacts.

Furthermore, they emphasized that the war and the justified sanctions against Russia overall are affecting the EU’s post-pandemic economic recovery.

In addition to this, MEPs highlighted that it all poses a crucial threat to the recovery of the EU.

Thereby, there is a need to address the effects so as to help households, and companies and maintain the support of the citizens for actions made against Russia whilst other actions to support the people of Ukraine.

Existing financial instruments

MEPs said the existing instruments like Next Generation EU, SURE (Support to mitigate Unemployment Risks in an Emergency) or the EU budget’s flexibility system are insufficient to reduce the negative impacts of war and the cost for the EU due to sanctions imposed on Russia.

Thereby, they called for a windfall profit tax for energy companies and for the oligarchs of Russia’s assets to be confiscated and seized.

Following this, MEPs also called upon the EU to lead in the setup of the Ukraine Solidarity Trust Fund.

Help people and businesses

MEPs stressed that the war has worsened the energy price crisis and negatively affected purchasing power and operating costs.

For this purpose, they maintained that exacerbation of the crisis needs quick intervention.

Moreover, MEPs pointed out the need to set up a temporary European social resilience package that will coordinate a set of measures and ways to strengthen social welfare and social protection systems within the EU.

In conclusion, MEPs called for the establishment of a new, dedicated European fund.

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