Bulgaria Urges EU Action on Frozen Russian Assets for Ukraine

Finance | January 17, 2024, Wednesday // 10:15|  views

Asen Vassilev

Bulgaria's Finance Minister, Asen Vassilev, actively participated in the first regular meeting of the Economic and Financial Affairs Council (ECOFIN) for 2024 in Brussels. The meeting, chaired by the Belgian presidency of the Council of the EU, outlined its financial and economic priorities for the initial six months of the year.

During the session, the Council endorsed critical reports, including the Alert Mechanism Report 2024, the Annual Sustainable Growth Survey 2024, and the 2024 euro area recommendation. The European Commission provided an update on Ukraine's economic and budgetary situation, leading to discussions on the EU's financial support to Ukraine and the progress made in utilizing frozen Russian assets.

Minister Vassilev underscored the increasingly critical situation in Ukraine, emphasizing the need for swift EU action. Expressing disappointment over the lack of consensus in December on a new EU mechanism supporting Ukraine's rehabilitation, reconstruction, and modernization, he expressed optimism about reaching an agreement in early February.

Vassilev argued that the EU's support for Ukraine should not be contingent on internal union matters. Highlighting Bulgaria's unwavering support for Ukraine, he called for an expedited process to leverage revenues from frozen and immobilized Russian assets. Importantly, Vassilev stressed that all decisions related to these assets must strictly adhere to international law.

The Finance Minister's proactive stance reflects Bulgaria's commitment to the urgent needs of Ukraine and emphasizes the necessity of swift, decisive actions within the EU framework.

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Tags: Bulgaria, finance, Ecofin, EU


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