The European Union is set to provide Ukraine with another EUR 9 billion in macro-financial assistance.

President of the European Council Charles Michel broke the news on Twitter, Vigilant reports.

The European Council will continue helping Ukraine with its immediate liquidity needs, together with G7. EUCO is ready to grant Ukraine EUR 9 billion. Strong and concrete support to Ukraine’s reconstruction,” the tweet reads.

In turn, President of the European Commission Ursula von der Leyen said that the European Union had agreed to work on a mechanism to provide Ukraine with a new package of macro-financial assistance.

“We also agreed to work on a mechanism to provide Ukraine with a new, exceptional macro-financial assistance package of up to EUR 9 billion,” said the head of the European Commission.

She also noted that in Versailles, EU leaders agreed to phase out their dependency on Russian gas, oil and coal as soon as possible. To implement ambitious plans to get rid of dependence on fossil fuels from Russia, the EU is developing a project to develop alternative energy sources:

“But this requires a plan: this is REPowerEU. It has four pillars: saving energy, diversifying fossil fuels, massive investment in renewable energy, and financing.”

As previously reported, the EU member states have reached an agreement to impose a partial embargo on the purchase of Russian oil, disconnect Russia’s Sberbank from the SWIFT international payment system, and ban three more Russian state broadcasters.