We have also expressed our readiness to support Ukraine to stabilise the economic and financial situation. I am pleased that the European Commission's presentation of an European Union aid package of a total amount of 11 billion Euros has been welcomed by all Heads of State and Government today. The Prime Minister of Ukraine has also expressed his gratitude for this very substantive package of support.
Now implementation is key. How can we do it as quickly and effective as possible?
This package of immediate short and medium term measures offers financial, economic, trade and technical assistance to Ukraine. I recall that three billion Euros of these funds will be drawn directly from the EU budget to support democratic reforms and the modernisation of the country’s economy.
It is crucial that the reforms which are linked to this assistance are fully owned by the Ukrainian authorities and part of a national reform programme for the country.
We can make a real difference for Ukraine with this package, which also includes support from European-based Financial Institutions, namely the EIB and the EBRD. And it is part of a wider European and international effort by Member States, but also by our international partners, including the IMF and the World Bank.
The Commission is also ready - and it received support today - to work fast to adopt proposals for unilateral trade measures already in the next weeks. This will save Ukraine hundreds of millions in import duties. This can help our friends in Ukraine a lot.
Another issue that we have discussed is energy security. Because energy security is essential for the stability and security of Ukraine. We will speed up work on reverse flows and on the modernisation of the transit system.
To conclude: This is the certainly the most serious situation we are facing in the European continent in many years in terms of stability and threats to peace. We need to show our citizens and the people of Ukraine that we are up to this task.
I believe that today's statement, unanimously approved by the Heads of State and Government, confirms this strong willingness on the part of the European Union. Today, the European Union is acting to support the democratic choices of the Ukrainian people and to help guarantee Europe’s peace and stability."