The European Union leaders explain the necessity to provide Ukraine with financial support of EUR 50 billion by its recovery efforts and reforms on the path towards the EU membership.

This follows from the conclusions adopted on the results of an extraordinary meeting of the European Council in Brussels on Thursday.

"The European Council underlines the need to ensure, together with partners, stable, predictable and sustainable financial support for Ukraine for the period 2024-2027. To contribute to the recovery, reconstruction and modernisation of the country, foster social cohesion and progressive integration into the Union, with a view to possible future Union membership, a Ukraine Facility for the period 2024-2027 will be set up," it is said in the document.

The European Council specified that the amount will not exceed EUR 50 billion, including EUR 33 billion in the form of loans and EUR 17 billion in the form of non-repayable support under a new thematic instrument the Ukraine Reserve.

"Potential revenues could be generated under the relevant Union legal acts, concerning the use of extraordinary revenues held by private entities stemming directly from the immobilised Central Bank of Russia assets. In order to optimise the use of the available amounts, unused commitment and payment appropriations under this instrument will be automatically carried over to the following year. The portion of the annual amount stemming from the previous year will be drawn on first," the document says.

In addition, the European Council "stresses the need to foster Ukraine's ownership of its recovery and reconstruction efforts by means of a Plan to be prepared by the Ukrainian Government that will set out the reform and investment agenda of Ukraine on its path towards EU accession."

The EU leaders will also strongly encourage "the widest possible participation in the overall Ukraine recovery and reconstruction effort from donors outside the European Union will be strongly encouraged even before the adoption of the Plan."

"A precondition for the support for Ukraine under the Facility shall be that Ukraine continues to uphold and respect effective democratic mechanisms, including a multi-party parliamentary system, and the rule of law, and to guarantee respect for human rights, including the rights of persons belonging to minorities. In implementing the Facility, the Commission and Ukraine shall take all the appropriate measures to protect the financial interests of the Union, in particular regarding the prevention, detection and correction of fraud, corruption, conflicts of interests and irregularities," the document says.

According to the conclusions, the Council will play "a key role in the governance of the Ukraine Facility."

"In this sense, a Council Implementing Decision shall be adopted by qualified majority for the adoption and amendments of the Ukraine Plan and for the approval and the suspension of payments based on the relevant assessments and proposals by the Commission. On the basis of the Commission annual report on the implementation of the Ukraine Facility, the European Council will hold a debate each year on the implementation of the Facility with a view to providing guidance. If needed, in two years the European Council will invite the Commission to make a proposal for review in the context of the new MFF," it says.