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July 06
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 The leaders of the European Union will agree on May 30 to create a fund for the post-war reconstruction of Ukraine, but will not indicate exactly how it will be funded, Reuters reports, citing a draft document.

Earlier, the European Commission proposed the creation of an indeterminate grant-and-loan facility modeled on the existing EU recovery fund for which the bloc jointly borrowed from the market.

There is a need to create a platform for the recovery of Ukraine, bringing together the government of Ukraine, EU member states, as well as partners, financial institutions and organizations, the leaders said in the conclusions.

The platform will be supported by a new EU solidarity instrument pooling contributions from the EU and Member States, the draft says, but did not specify whether the new EU solidarity instrument should include new EU co-borrowing.

Germany has said it opposes an increase in EU joint debt.

Economists' estimates of the cost of rebuilding Ukraine range widely from €500 billion to €2 trillion, depending on assumptions about the duration of the conflict and the extent of the destruction.

With such amounts, the EU is also considering the possibility of withdrawing frozen Russian assets in the EU as sources of financing.

The European Council welcomes the efforts made to secure appropriate confiscation measures, including exploring options to use frozen Russian assets to support Ukraine's recovery.

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