President of the European Commission Ursula von der Leyen says that the European Commission proposes to reserve EUR 50 billion for Ukraine for the next four years in the budget of the European Union.

"On Ukraine, we propose a financial reserve for the next four years of EUR 50 billion. This includes both loans and grants. This reserve will provide perspectives for our partners in Ukraine, predictability, and should also incentivize other donors," von der Leyen said in Brussels on Tuesday.

According to her, this financial reserve will allow the EU "to calibrate our financial support according to the evolution of the situation on the ground, because we all know that war requires utmost flexibility from us."

The European Commission President also recalled that as of today, the total financial assistance to Ukraine from the EU has already amounted to EUR 30 billion, which was not previously provided for by the EU budget.