The European Union intends to help Ukraine with a financial aid package of 1.2 billion euros to mitigate the consequences of the conflict with Russia, European Commission President Ursula von der Leyen said, Reuters reported.

The Commission is proposing a new €1.2 billion macro-financial emergency package, Von der Leyen told reporters in Brussels, adding that the package would consist of both emergency loans and grants.

According to her, the EU financial assistance package is designed to help Ukraine now cope with the rapid growth of financial needs due to the conflict.

She noted that she expects the European Council, governments and EU legislators to approve emergency support as soon as possible in order to quickly disburse the first tranche of 600 million euros.

Von der Leyen urged international partners such as the International Monetary Fund (IMF) to follow the same approach and resume engagement with Ukraine.

According to her, the European Commission itself will almost double bilateral aid to Kiev in the form of grants this year, adding another 120 million euros to the already planned 160 million euros.