International Energy Support Fund for Ukraine has been established to provide emergency financial aid to the Ukrainian energy sector
Upon request by the European Commission, the Energy Community has set up the Ukraine Energy Support Fund. The Energy Community is an international organization that brings together the EU and its neighbors to create an integrated pan-European energy market.
EU Commissioner for Energy Kadri Simson said: “Ukraine and its energy sector need our support, but no country or organization alone has the resources to ensure the country’s energy security.”
It is expected that the donors of the Fund will be mainly EU member states, as well as international companies and corporations. Meanwhile, the Energy Community Secretariat will act as a fiduciary of the Fund as well as an intermediary between the donors and the Ukrainian authorities.
According to the Energy Community Secretariat Director Artur Lorkowski, donations to the Fund will be used to purchase much-needed energy supplies, repair damaged energy infrastructure, and inject liquidity into the struggling energy sector.
The Ministry of Energy of Ukraine will coordinate the relevant requests of Ukrainian companies.