Ukraine accuses EU countries, including Germany, of blocking funds

Kiev, Aug 2 Ukraine on Tuesday accused Germany and other member states of the European Union of blocking the release of funds approved earlier by the bloc as the country faces a financial crisis caused by its ongoing war with Russia.

"We are expecting 8 billion euro ($8.2 billion), but unfortunately certain EU states, including Germany, are blocking verification of this issue," Ihor Zhovka, deputy chief of staff in the presidential office, told local media, dpa news agency reported.

President Volodomyr Zelensky is conducting "active talks" on the matter, Zhovka said.

Kiev had received 1 billion euro of the 9 billion euro in financial aid pledged by the EU in May, Zhovka said.

Guarantees from member states may be needed for the remaining funds, according to the European Commission, as securing them through the EU budget is not possible on account of a lack of resources.

Several international ratings agencies downgraded Ukraine's credit rating in July. And the largest state-owned company, Naftogaz, failed to service outstanding foreign debts a week ago, in accordance with to a government directive.

Ukraine's need for additional financing has been estimated by the presidential office at almost 50 billion euro for 2023.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor