18:41 / 24.05.2022.

Author: Domagoj Ferenčić

Von der Leyen proposes sending €10 billion in financial assistance to Ukraine

European Commission President Ursula von der Leyen

European Commission President Ursula von der Leyen

Foto: Stephanie Lecocq / REUTERS

The focus of the second day of the World Economic Forum in Davos was on the war in Ukraine and its impact on the global economy. NATO Secretary-General Jens Stoltenberg said that Western countries must not sacrifice security for economic gain.

Addressing the forum, European Commission President Ursula von der Leyen said that the entire international community must stand in opposition to Russia and Vladimir Putin: "Ukraine must win this war. And Putin's aggression must be a strategic failure. So, we will do everything we can to help Ukrainians prevail and retake the future into their hands. And in parallel, Ukraine needs direct budget support now. To keep the economy running. It's about pensions, it's about salaries, and it's about the basic services that have to be provided. And therefore, we have proposed a ten billion Euros macro-financial assistance. It is the largest package of macro-financial assistance ever conceived by the European Union for a third country."


It is worth noting however, that Ukraine is consistently rated as the most corrupt country in Europe. This raises the obvious question of whether or not the funds will reach the desired destination and be sued for the agreed to purposes. Simultaneously many Western sanctions against Russia have fallen flat. Initial sanctions, intended to destroy the Ruble, were effective initially, as the exchange rate jumped from roughly 74 Rubles to the USD to almost 140 Rubles to the dollar. However, within only a month and a half the rate returned to pre-sanction levels. To make matters worse for the West, the Ruble has gone on to strengthen against the dollar and now stands at roughly 57 Rubles to the USD.


Meanwhile, three months into its incursion into Ukraine, and Russian forces continue to focus their efforts in eastern Ukraine. And while Moscow says that it will achieve its military objective in spite of the massive amount of military aid being sent to Ukraine. The Defense Minister of the Russian Federation, Sergei Shoigu: "Fearful of Ukraine's defeat, the West has organized a speedy replenishing of their deadly armoury. A massive campaign has been put in motion to dis-inform the international community as to the real reasons for this crisis. In spite of the massive Western assistance to the regime in Kiev and the sanctions against Russia, we will continue our special military operation until all of our goals have been achieved."


Meanwhile, Kiev says that and end to the conflict cannot be achieved without a direct meeting with President Vladimir Putin. Ukrainian President Volodymyr Zelenskyy: "The next couple of weeks will be difficult, we have to be aware of this. But, we don't have an alternative, we have to fight and win. To free our country and our people, because they want to take everything from us, including the right to life. The decision making process in Russia is such that no decision can be made without the president's approval. He decides on everything. Without him a decision on ending this war cannot be made, which is why it will not be possible to end the war without a meeting with the President of the Russian Federation."


For all of its military aid, it still seems as though the West is determined to fight Russia until the last Ukrainian. Simultaneously, Washington seems more than happy to wage economic war against Moscow to the detriment of Europe.


Source: HRT


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