EU may deprive Egypt of financial aid amounting to €5 billion amid mass killings of demonstrators during the recent clashes.

The statement issued by President of European Commission Jose Manuel Barroso and European Council President Herman Van Rompuy said “the EU will urgently review in the coming days its relations with Egypt.”

“The EU has been at Egypt’s side in the last two years while it has moved towards democracy. We have met frequently and engaged actively Egypt’s leaders and the new political forces that have emerged. The calls for democracy and fundamental freedoms from the Egyptian population cannot be disregarded, much less washed away in blood,” EU officials said in a statement.

They said EU would remain “engaged in efforts to promote an end to violence, resumption of political dialogue and return to a democratic process.”