Brussels: Deputy Minister for European Affairs of Cyprus, Marilena Raouna, announced on Tuesday that efforts to finalize a £90 billion financial package for Ukraine are ongoing, while acknowledging the existing challenges.
According to Cyprus News Agency, Raouna made this statement upon her arrival at the General Affairs Council of the European Union in Brussels. She remarked that the date marks a significant anniversary of the Russian invasion of Ukraine, highlighting the European Union's continued support for Ukraine's sovereignty and independence. Raouna emphasized Cyprus's commitment to supporting Ukraine, drawing parallels between Cyprus's own experiences with invasion and occupation.
Raouna outlined the current initiatives led by the Cyprus Presidency, emphasizing the priority of providing support to Ukraine. She highlighted the progress made on the 20th package of sanctions, describing it as comprehensive and innovative. Regarding financial aid, Raouna noted that work continues on the £90 billion package for 2026-2027, despite facing hurdles.
Addressing queries from the Cyprus News Agency about the obstacles hindering the package's approval and the potential reintroduction of a reparations loan from frozen Russian assets, Raouna reiterated that the Presidency is committed to implementing the European Council's decision from December. She noted that the decision was reached by consensus and that efforts are underway to build consensus among Member States.
Raouna also responded to questions about overcoming Hungary's blockade of the package, affirming the EU's steadfast support for Ukraine over the past four years. She stressed the importance of dialogue and engagement to overcome challenges and execute the European Council's decision.
In addition to Ukraine, Raouna mentioned that the Council will address topics such as the Middle East, defense and security, the new Multiannual Financial Framework, competitiveness, the single market, and migration. The discussions will focus on economic issues, aiming to enhance competitiveness, innovation, job creation, and social cohesion.
Raouna highlighted the forthcoming working lunch with Commissioner Michael McGrath, marking the launch of the European Centre on Democratic Resilience. She also mentioned ongoing discussions about the European Democracy Shield, an initiative aimed at complementarity and avoiding redundancy.
Finally, Raouna discussed the signing of agreements with Switzerland, which aim to boost European competitiveness and demonstrate the EU's reliability as a global partner. She noted that these agreements cover cooperation in areas like electricity and food safety, enhancing people-to-people contacts between students and researchers.
When asked about the potential inclusion of Switzerland in a 'buy European' approach, Raouna confirmed that the issue was discussed at a recent leaders' retreat. She indicated that proposals are expected, with an emphasis on evidence-based analysis to enhance European competitiveness.