The European Union signed a Memorandum of Understanding to provide additional financial assistance to Ukraine in the amount of 5 billion euros.

European Commission Vice-President Vladis Dombrovskis said that “EU funds will be used to meet urgent liquidity needs, as well as to pay salaries and pensions”, noting that “the first part of the assistance will be provided in mid-October and two tranches will be provided later this year.”

For his part, Ukrainian Prime Minister Denys Shmyal said: “This is another sign of the European Union’s determination to support his country in order to win the Russian military operation in Ukraine, recover and seek a European future.”

In September last year, the European Union agreed to provide Ukraine with additional financial assistance of 5 billion euros to deal with the crisis in relations with Russia.

The aid is part of another €9 billion bailout package for Ukraine announced by the European Commission last May.

Since the beginning of August, Ukraine has received a total of 1 billion euros in financial assistance from the European Union, with the Kyiv authorities, the European Commission and the World Bank estimating that the cost of rebuilding Ukraine and reviving its economy will be around $350 billion.