Ukraine's Central Bank Holds Brussels Talks on €100 Billion EU Funding and Russian Assets

High-Level Meetings in Brussels

According to НБУ: Andriy Pyshnyi, Governor of the National Bank of Ukraine (NBU), and his First Deputy, Sergiy Nikolaychuk, conducted a working visit to Brussels on February 12-13, 2024. Their agenda included participation in a high-level conference for central bank governors from the IMF's Regional Group of member countries, which focused on the theme '2025: The End of an Era? What's Next?'. Governor Pyshnyi contributed to a session examining 'Innovations in the Economy of a New (Cold) War'.

The visit featured a series of meetings with officials from the European Commission, the International Monetary Fund (IMF), and other central banks. A key meeting on Thursday was with European Commissioner Piotr Serafin and Marten Ferveye, Director-General of DG ECFIN. Discussions centered on financing for Ukraine, including up to €90 billion for the 2026-2027 period, as well as the EU's medium-term budget for 2028-2034, which includes a proposed €100 billion allocation for Ukraine.

Key Discussion Points

The NBU delegation presented data from its January macroeconomic forecast for 2026-2028. They also met with IMF Executive Director Jeroen Krijgsman. The range of topics covered in these meetings was comprehensive, addressing:

• Ukraine's macro-financial stability amid the ongoing full-scale war;
• Adapting Ukraine's financial sector to align with EU standards (the acquis);
• The structural design of the Ukraine Support Loan instrument;
• Issues related to a reparations loan based on immobilized Russian sovereign assets.

Additional working meetings were held with the governors of other central banks, including Pierre Wunsch (National Bank of Belgium), Boris Vujčić (Croatian National Bank), and Amir Yaron (Bank of Israel). This visit underscores the critical role of international cooperation in maintaining Ukraine's financial stability during the current conflict. Securing this international support is vital for Ukraine's economic resilience and future reconstruction efforts.

'This visit is an important step in strengthening financial ties between Ukraine and international financial institutions.' - author unknown

Given the severe economic pressures of the war, attracting international financing is crucial for economic recovery and stabilizing Ukraine's financial system. The outcomes of these high-level talks are likely to shape future investment and support from the EU and IMF, which in turn can bolster Ukraine's international standing.