The Council of the European Union approved on Friday the decision of the European Commission to provide additional macro-financial assistance worth EUR 1.2 billion to Ukraine.
“The current geopolitical tensions are having a severe economic impact on Ukraine. Member states are ready to provide EUR 1.2 billion macro-financial assistance. We decided to support the Commission’s proposal today, so that the financial help can reach Ukraine without delay,” President of the EU Council, French Minister for Economic Affairs, Finance and Recovery Bruno Le Maire said.
The decision will come into force after approval by the European Parliament, which should happen in the near future. The emergency macro-financial assistance is set to have a duration of 12 months and it would consist of two disbursements. The disbursement of the second tranche would be linked to the continuous satisfactory implementation of both an IMF programme and the policy measures agreed in the Memorandum of Understanding.
“Persistent security threats have triggered a substantial outflow of capital. Against the backdrop of the loss of access to international capital markets due to the heightened geopolitical uncertainty and its impact on the economic situation in Ukraine,” the EU Council press service said, justifying the urgency of providing additional assistance.
The EU-Ukraine Association Agreement, which entered into force on September 1, 2017, brings the Ukraine and the EU closer together. In addition to promoting deeper political ties, stronger economic links and the respect for common values, the agreement has provided a framework for pursuing an ambitious reform agenda, focused on the fight against corruption, an independent judicial system, the rule of law, and a better business climate.
Among other support instruments, between 2014 and 2021 the EU supported Ukraine through five consecutive Macro-Financial Assistance (MFA) operations that totalled EUR 5 billion of loans.
On February 1, 2022, the Commission submitted a proposal for an additional 1.2 billion macro-financial assistance to Ukraine in the form of loans to strengthen stability.
The same amount of assistance, but from France, was announced by President Emmanuel Macron during a recent visit to Kyiv. He called it “state guarantees for financing Ukrainian projects of French companies” within the agreement reached back in May.
The White House calls on the Americans in Ukraine to leave the country within the next 24-48 hours, U.S. National Security Adviser Jake Sullivan said at a briefing on Friday.
“We are continuing to reduce the size of our embassy footprint in Kyiv. And I want to take a moment to echo what both President Biden and Secretary Blinken have already said: We encourage all American citizens who remain in Ukraine to depart immediately,” he said at a briefing at the White House.
“Any American in Ukraine should leave as soon as possible, and in any event, in the next 24 to 48 hours,” Sullivan said.
He added that Washington would not send troops to Ukraine to evacuate citizens.
“If you stay, you are assuming risk with no guarantee that there will be any other opportunity to leave and no prospect of a U.S. military evacuation in the event of a Russian invasion,” Sullivan said.
Earlier this week, a White House official said that the United States was not planning a mass evacuation of American citizens from Ukraine with the help of the military, and Pentagon spokesman John Kirby confirmed that the U.S. military deployed to Europe, if necessary, could help in the evacuation of American citizens without appearing on Ukrainian territory.
Mining company Ferrexpo with assets in Ukraine has reshuffled its board of directors, changing the scope of responsibility and status of some of its members, the company said in a press release on Friday.
In respect of the role of Senior Independent Director, the Board has elected to appoint Independent Non-executive Director Fiona MacAulay into this role in place of Vitalii Lisovenko, who has completed two and half years in this position.
In turn, Lisovenko will remain as an Independent Nonexecutive Director of the Group, and maintains a strong presence in Ukraine for the Board.
In addition, Independent Non-executive Director Ann-Christin Andersen has been appointed as Chair of the Group’s Health, Safety, Environment and Community (HSEC) Committee, with this change effective as of today.
According to the press release, the Board announced the appointment of Natalie Polischuk as an additional Independent Non-executive Director, increasing the Group’s Independent Non-executive Directors to five. As part of the changes announced Friday, Polischuk has been appointed as a member of both the Audit Committee and HSEC Committee.
Chairman of the Board of Directors Lucio Genovese welcomed McAulay’s appointment as Ferrexpo’s Senior Independent Director amid an uncertain backdrop of the global Covid-19 pandemic.
“As part of the rotation of roles announced today, Ann-Christin Andersen is appointed to the role of Chair of HSEC Committee, which we feel is an excellent fit given Ann-Christin’s background in renewable energy, circular economy sectors and industrial digitalisation. Finally, we are pleased to confirm the appointment of Natalie Polischuk to the Audit and HSEC Committees, who brings a wealth of experience of the Ukrainian business environment,” Genovese said, quoted in the press release.
Ferrexpo is an iron ore company with assets in Ukraine.
Ferrexpo owns 100% of the shares of Poltava Mining, 100% of Yeristovo Mining and 99.9% of Belanovo Mining.
U.S. Bechtel Overseas Corporation with a price offer of UAH 5.3 billion won the competitive selection of the contractor for the construction of the first section of the Kyiv bypass road.
As reported by the State Road Agency of Ukraine (Ukravtodor) on its Facebook page on Friday, in particular, it is about the first 18-kilometer section of the upcoming bypass road from the M-07 Kyiv-Kovel-Yahodyn highway to M-06 Kyiv – Chop.
It will be a new category I-a bypass road with bridges, overpasses, green bridges for animals and a flyover. In addition, open parking lots will be built, weighing platforms in motion, noise screens and modern lighting will be installed. The construction of a modern autobahn will start after the conclusion of the contract.
Bechtel Overseas Corporation is a world leader in engineering, procurement and construction. The company was founded in 1898 and is the largest construction company in the United States with projects in 160 countries on seven continents. Bechtel has built more than 24,000 km of roads in its history.
As reported, the first stage of selecting a work contractor for the construction of the first section of the Kyiv bypass road was held among three companies: Avtomagistral-Yug LLC, U.S. Bechtel Overseas Corporation and Turkey’s Onur.
Ukraine is preparing decisions in response to the rise in world prices for oil and, accordingly, for petroleum products, First Deputy Prime Minister Yulia Svyrydenko stated.
“Now we see that oil prices are rising at a fast pace, followed by rising prices for petrol and diesel fuel in Ukraine. The government will make the necessary decisions, we are now developing a comprehensive plan to stabilize the situation,” she said during a meeting of the Congress of Local and Regional Authorities in Kharkiv.
Germany is stepping up measures to ensure the safety of its employees in Ukraine, Foreign Minister Annalena Baerbock said on Saturday, February 12. “I have decided to strengthen the measures already taken to prevent the crisis. At the moment, the Ministry of Foreign Affairs is holding a meeting with the relevant departments and security agencies to implement these decisions,” the press service of the German Foreign Ministry cited Baerbock’s words on Twitter.
