MULTILATERAL SUPPORT VIA INTERNATIONAL ORGANIZATIONS TO STRENGTHEN THE ECONOMY OF UKRAINE IN ITS KINETIC RESISTANCE TO RUSSIA’S AGGRESSION

Danyila  Oliinyk

doi:10.53679/2616-9460.specialissue.2022.08

Danyila Oliinyk https://orcid.org/0000-0001-8144-6482

DOI: https://doi.org/10.53679/2616-9460.specialissue.2022.08

Keywords: economic instruments, kinetic war, packages of restrictive measures, sanctions, solidarity fund

Abstract

This article analyzes the foreign aid obligations and multilateral support commitments to Ukraine by the G7 countries and the EU in term of securing financial, military and humanitarian aid in the kinetic resistance to Russia’s aggression. The focus is on the instruments of financial support that are used to supply Ukraine with military equipment as well as the EU's support mechanisms for Ukraine, in particular those used by the European Peace Fund, EU macro-financial aid programs, the European Bank for Reconstruction and Development, and the European Investment Bank, among others. The author reports on her monitoring of assistance to Ukraine by international organizations through IMF programs within the framework of the Rapid Financing Instrument, the World Bank's emergency aid package, donor funds of the Solidarity Fund as well as financial support for refugees. Then the author highlights specific features of the large-scale restrictive economic, financial and budgetary measures targeting Russia in the defense, food and energy sectors, which Ukraine’s partners have already implemented, and offers recommendations for the further implementation of interconnected and systemic solutions. Further steps include a number of economic measures that can be applied because of the kinetic war of the Russian Federation against Ukraine. They ought to be coupled with an expanded toolkit for multilateral assistance to Ukrainian sectors and enterprises that suffered because of the large-scale military invasion of the Russian Federation in Ukraine. In conclusion, the author indicates essential features, key elements and points out the main directions of multilateral support of international organizations in strengthening the economy of Ukraine.

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