The EC has Announced Plan to Help Ukraine

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The EC has Announced Plan to Help Ukraine
Pedro Garcia

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Pedro Garcia

Mar 7, 2014

The European Commission (EC) has presented package of assistance of at least 11 billion Euros for Ukraine, but Brussels also plans to freeze property of 18 Ukrainian officials involved in the violence in Kiev.

"The European Commission has established a program to help Ukraine. Package could reach at least 11 billion Euros over the next two years," said Commission President Jose Manuel Barroso.

From that money, $ 1.6 billion is in the form of loans, $ 1.4 billion in donations, of which 600 million during the next two years and three billion Euros are from the European Investment Bank.

The Commission hopes that through the European Bank for Reconstruction and Development (EBRD) will get five billion Euros and that will provide 250 million Euros from the funds for the Neighborhood Policy.

However, the EU also plans to freeze property of 18 Ukrainian officials. EU thus concretize the decision of foreign ministers from the 20th February of "smart sanctions" to "those responsible for human rights violations, violence and the excessive use of force" at a demonstration in Kiev when more than 80 people died. Sanctions will primarily include the freezing of assets, but not the ban on the issuance of visas for the EU as it was originally intended.

Switzerland has, on 28th February, decided to freeze the assets for Yanukovych and the group of 19 former officials, including former ministers and the president's son, Alexander Yanukovich, whose wealth is estimated at $ 500 million.

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