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Russia Today
7 days ago
- Business
- Russia Today
EU could hand another €100bn to Ukraine
European Union officials are weighing a proposal to provide Ukraine with another €100 billion ($117 billion) in grants and low-interest loans, Bloomberg reported on Tuesday, citing sources familiar with the matter. The plan involves establishing a dedicated fund within the bloc's upcoming seven-year budget framework, the unnamed insiders told the outlet. Disbursement would begin in 2028 if the proposal is approved. The move would further shift the financial burden onto Western European taxpayers of what Moscow has condemned as a US-triggered NATO proxy war. Russian Foreign Minister Sergey Lavrov said in April that officials in Brussels 'view possible suspension of Ukraine assistance as confirmation of the EU's strategic inviability' and are pushing for continued funding to protect their reputation. Ukraine's military and defense institutions have faced a string of corruption scandals during the conflict with Russia, including overpayments for rations and shady arms procurement contracts. This week, Ukrainian outlets reported that anti-corruption investigators searched a property belonging to former Defense Minister Aleksey Reznikov. Reznikov resigned in 2023 following allegations of financial misconduct in his department. The proposed fund is reportedly one of several avenues under consideration, with a final decision expected by July 16 or possibly later, according to Bloomberg. The report added that last month, the European Commission briefed EU finance ministers on Kiev's intention to increase this year's defense spending by $8.4 billion using domestic sources. Ukrainian Prime Minister Denis Shmigal said in June that defense expenditures had risen 34% year-on-year during the first five months of 2025. Meanwhile, Finance Minister Sergey Marchenko warned in May that Kiev's national debt is nearing $171 billion, approximately equivalent to the country's gross domestic product. Ukraine continues to rely heavily on external financial aid to sustain its national budget. Earlier this year, the government failed to restructure a portion of its sovereign debt issued in 2015 and declined to honor a $665 million repayment to private investors in early June. The country's economy is also feeling the strain of a labor shortage, as millions have fled to Western nations offering them protection and social benefits. Many men of military age who remain in Ukraine have evaded conscription, which usually means avoiding formal employment and by extension, income taxes.
Russia Today
04-07-2025
- Politics
- Russia Today
Ex-Ukrainian defense minister's home raided in corruption probe
Ukrainian anti-corruption authorities have reportedly raided the home of former defense minister Aleksey Reznikov, according to several Ukrainian media outlets citing sources familiar with the matter. Officers from the National Anti-Corruption Bureau (NABU) seized an 'undeclared' smartphone and certain documents from Reznikov's apartment, according to reports by and ZN. The outlets did not specify whether the former minister was detained or questioned during the operation. NABU has yet to issue an official statement. Sources close to Reznikov confirmed that a raid had taken place but denied that any items were seized. The investigation is said to be connected to a major embezzlement case dating back to Reznikov's time as defense minister. In early April, NABU announced that it was investigating the misappropriation of more than 733 million hryvnas (approximately $17.6 million) earmarked for military food procurement. The suspects also allegedly attempted to embezzle an additional 788 million hryvnas (about $18.9 million) under the same scheme. Reznikov was not listed as a suspect at the time, NABU noted. However, media reports suggested that his potential involvement in the scheme remained under scrutiny. During Reznikov's tenure, the Defense Ministry was entangled in several corruption scandals. One involved the purchase of jackets that reportedly tripled in price between shipment and delivery. At various points, senior ministry officials were accused of buying food for troops at inflated prices and making payments to questionable firms for substandard goods or supplies that never arrived. A wave of media investigations in early 2023 exposed the alleged abuses, prompting a public outcry and ultimately leading to Reznikov's resignation in September of that year. Four months later, his successor, Rustem Umerov, stated that an internal ministry audit had uncovered approximately $262 million in losses related to theft. Umerov himself is also reportedly under investigation by anti-corruption authorities for alleged abuse of power in connection with defense procurement.
