Latest news with #Marchenko
Yahoo
22-05-2025
- Business
- Yahoo
Kyiv proposes EU partners help directly fund Ukrainian military under new model
Ukraine is requesting the EU begin financially supporting its armed forces starting in 2026, pitching the idea as a practical way to strengthen Europe's collective defense and share the cost of containing Russian aggression, Ukrainian Finance Minister Serhii Marchenko said on May 22. The EU hasn't so far directly funded Ukraine's military, but member states provide weapons and other assistance through national programs and broader EU support packages. Marchenko said Kyiv is proposing a new model: European partners would help fund the Ukrainian military, and in return, Ukraine would be further integrated into the continent's defense system. "I am convinced that this decision has a number of strategic advantages for Ukraine, including maintaining financial stability in 2026 and beyond," Marchenko said in a statement following meetings with G7 finance leaders in Canada. "And for the EU — protection from potential Russian aggression. After all, the Ukrainian army has all the experience necessary for this." Under the proposal, the cost of supporting Ukraine's military would represent only a small fraction of the EU's combined GDP, Marchenko said, and could be shared among countries willing to participate. These contributions could count toward NATO defense spending targets. "Over the past three years, Ukraine has received more than $133 billion in international financial aid," he said. "This support enabled the government to preserve macro-financial stability during full-scale war, ensure salary payments to teachers, doctors, and public servants, and continue pensions and social support for the most vulnerable." "The financial system still faces challenges, which makes continued external support absolutely critical," the minister said. With war still raging and Russia showing no signs of backing down, Marchenko argued that relying solely on building up national armies across Europe could take years and require enormous resources. U.S. President Donald Trump proposed a full ceasefire in March. Ukraine immediately agreed, and the plan was supported by European leaders. Russia has consistently refused, culminating in a phone call on May 19 between Trump and President Vladimir Putin, during which Putin once again rejected the proposal and instead demanded a "memorandum regarding a potential future peace treaty." On May 16, Russia initiated peace talks in Istanbul but sent only a low-level delegation led by Putin aide Vladimir Medinsky and reiterated demands that Kyiv cede Crimea and four eastern regions. President Putin and Lavrov were both absent. Recently, Russian Foreign Minister Sergey Lavrov virtually confirmed Moscow has no interest in negotiations or a ceasefire, saying on May 21 that "we don't want this anymore." Read also: Why Washington failed to end the Russo-Ukrainian War We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
Yahoo
22-05-2025
- Business
- Yahoo
Ukraine proposes to EU to co-finance its armed forces: finance minister explains
Ukraine has proposed that its Western partners contribute to funding the Ukrainian Armed Forces and integrate them into Europe's collective defence system. Source: Ukraine's Finance Minister Serhii Marchenko, following his trip to Canada for a meeting of the G7 finance ministers Details: Marchenko stated that the key topic raised with partners was how to cover Ukraine's financial needs in 2026. He confirmed that Ukraine is currently in talks about integrating its military capabilities into Europe's defence system. He said such a move would have several strategic benefits for Ukraine, particularly helping maintain financial stability in 2026 and beyond, and for the EU – protecting it from potential Russian aggression, since Ukraine's military has extensive relevant experience. Quote: "The cost of supporting Ukraine's Armed Forces for Europe's security would amount to a small share of the EU's GDP," Marchenko noted. More details: The minister added that this share of GDP could be distributed among countries willing to join the initiative and counted towards their defence spending obligations under NATO. Quote: "Given the military risks, Europe is already exploring ways to strengthen its defence, including by increasing the number of military personnel. But building such capacity would take years and considerable resources. Integrating Ukraine's Armed Forces is an effective solution with economic advantages for partner countries." Support Ukrainska Pravda on Patreon!
Edmonton Journal
21-05-2025
- Business
- Edmonton Journal
In peaceful Banff Rockies, Canada vows to help rebuild war-battered Ukraine
Article content Those new measures follow numerous rounds of sanctions imposed on Russia since February 2022 that have impacted the country's economy but not halted its military offensive. U.S. President Donald Trump has said he will not impose new sanctions on Russia, calling them counterproductive. Earlier this month, European countries that have already significantly lessened their dependence on Russian natural gas said they will completely ban those imports within two years. Further sanctions on Russia to be discussed G7 summiters are to discuss further sanctions on Russia, imposing a lower price cap on Russian oil to pressure Moscow's economy and action against its shadow fleet. On Tuesday, Marchenko said progress at the G7 towards tougher sanctions on Russia, along with a lower oil price cap, would be welcome. And he was asked if ministers at the G7 should pressure U.S. Treasury Secretary Scott Bessent to reimpose sanctions on Russia. 'During these meetings, we'll find a chance to reiterate our position for stronger sanctions on Russia because it's the only possible way to make necessary agreements (with Russia),' he said. 'It's a good time to make the Russian economy suffer.' On Monday, Carney issued a tough statement against Israel's stepped-up onslaught on Gaza and Champagne was asked if taking further measures would be a topic at the Banff G7. But he said that was a matter for the national leaders, who meet in June at Kananaskis, and not part of the Banff summit agenda.
National Post
21-05-2025
- Business
- National Post
In peaceful Banff Rockies, Canada vows to help rebuild war-battered Ukraine
Article content Facing reporters on a grassy terrace overlooking Mt. Rundle, the two ministers were pelted by recurring, chilly bouts of rain and sleet. Article content 'Welcome to summer in Canada,' Champagne said to Marchenko. Article content Article content In Ukraine, fighting continues along a 1,000-kilometre front which has budged little in recent weeks, though Russian forces remain on the attack. Article content Maintaining a small foothold in Russian territory in the Kursk region are Ukrainian forces, who also continue to defend against relentless air assaults on their cities. Article content Canada has provided about $20 billion in military, humanitarian and financial assistance to Ukraine since the February 2022 full-scale Russian invasion, while mostly Western countries have furnished about $380 billion in aid as of March 2025. Article content But on Tuesday, Champagne said it was too early to say if Canada would increase assistance to Ukraine before his government tables a budget in the fall. Article content Fears of escalation with a nuclear-armed Russia have constrained Ukraine's allies from providing some heavy and sophisticated armaments, while some of those countries, particularly the U.S., have placed limits on how longer-range weaponry can be used. Article content Around 300,000 Ukrainians who have fled the fighting have arrived in Canada during that time, with more than 962,000 in total being approved for emergency settlement. Article content This week, the European Union and the U.K. announced they're expanding sanctions on Russia, targeting individuals, Moscow's so-called shadow fleet of oil tankers enabling them to end-run sanctions, as well as on third countries supplying the Kremlin with war material. Article content Those new measures follow numerous rounds of sanctions imposed on Russia since February 2022 that have impacted the country's economy but not halted its military offensive. Article content U.S. President Donald Trump has said he will not impose new sanctions on Russia, calling them counterproductive. Article content Earlier this month, European countries that have already significantly lessened their dependence on Russian natural gas said they will completely ban those imports within two years. Article content Article content Article content G7 summiters are to discuss further sanctions on Russia, imposing a lower price cap on Russian oil to pressure Moscow's economy and action against its shadow fleet. Article content On Tuesday, Marchenko said progress at the G7 towards tougher sanctions on Russia, along with a lower oil price cap, would be welcome. Article content And he was asked if ministers at the G7 should pressure U.S. Treasury Secretary Scott Bessent to reimpose sanctions on Russia. Article content 'During these meetings, we'll find a chance to reiterate our position for stronger sanctions on Russia because it's the only possible way to make necessary agreements (with Russia),' he said. Article content 'It's a good time to make the Russian economy suffer.' Article content
RTÉ News
21-05-2025
- Business
- RTÉ News
Canada seeks to send 'strong message' at G7 finance talks
Canada sought to send a firm message with a Ukrainian minister's presence at the start of a G7 finance leaders gathering, where war in Ukraine and economic turmoil from US President Donald Trump's tariffs remain top of mind. In meetings lasting until tomorrow, leaders will discuss global economic conditions and seek a common position on Ukraine. Ukrainian Finance Minister Sergii Marchenko's presence "sends a strong message to the world" that members are recommitting to support the country against Russia's invasion, Canadian Finance Minister Francois-Philippe Champagne told reporters. "We are also going to talk about what we are going to be doing in terms of reconstruction," he said in a joint press conference with Mr Marchenko. The talks in Canada's western province of Alberta come amid an uncertain approach among the G7 democracies towards Ukraine following Mr Trump's return to power. Once broadly unified, the G7 - Britain, Canada, France, Germany, Italy, Japan and the United States - has been rattled by Mr Trump, who reached out to Russia and slapped tariffs on both allies and competitors. But Mr Champagne told AFP in an interview that he was cautiously optimistic ahead of meetings despite trade turmoil. He stressed that "everyone wins" when trade rules are "fair and predictable," adding that Canada can serve as a bridge among members in a turbulent time. Mr Marchenko said he would seek during the meetings to reiterate Ukraine's position on the need for more pressure on Russia. 'Constructive' spirit While Mr Trump's levies are not formally on the agenda, a Canadian official told reporters that "trade and tariffs will be embedded in the discussion on the global economy." Economists warn tariffs could fuel inflation and weigh on growth, and the effects of US trade policy loom over Treasury Secretary Scott Bessent's engagements. Asked about talks with Mr Bessent, Mr Champagne said yesterday that despite tension around tariffs, both sides are looking to coordinate actions and tackle concerns including excess industrial capacity, non-market practices and financial crimes. "The spirit around the table is constructive," he said. A source briefed on US participation expects China's excess industrial capacity to be discussed, with members sharing concerns on the issue. A Japanese official told AFP its finance minister plans for a meeting with Mr Bessent, seeking to address topics like foreign exchange. While the grouping discusses policies and solutions to issues like trade, security and climate change, analysts warned of unpredictability this time amid internal tensions. 'A test' The gathering in picturesque Banff will be "a test or signal" of the G7's ability to agree on a final statement, a French finance ministry official told reporters. Although Canada's presidency hopes to issue a communique, this outcome must reflect "a shared understanding of the global economic situation and common goals in addressing the challenges," the official said. "We will not be able to accept language that is completely watered down," the official added. The source briefed on US participation said the United States is not inclined to "do a communique just for the sake of doing a communique," noting a consensus should align with Trump administration priorities too. German Finance Minister Lars Klingbeil warned that trade disputes with the United States should be resolved as soon as possible. In comments before meeting his counterparts, Mr Klingbeil said tariffs and uncertainties are a burden on the economy and job security. Mr Trump has slapped a blanket 10% tariff on most US trading partners, threatening higher rates on economies including the European Union and sending jitters through the world economy. Officials told AFP they are not expecting trade agreements this week, but said the gathering is another chance to find common ground. But the issue of sanctions on Russia remains uncertain. Mr Trump said Russia and Ukraine would start peace talks after he spoke Monday with Russian President Vladimir Putin, while the EU formally adopted a new round of Russia sanctions yesterday.
