On 3 February, the first EU-Ukraine Summit was held since Russia invaded Ukraine last February. The much-anticipated summit, which carries huge symbolic significance as the first anniversary of Russia’s invasion approaches, was organized to strengthen EU-Ukraine ties amidst the continuing war, demonstrate EU support to Kyiv and touch upon key issues, including Ukraine’s EU membership bid, further targeted sanctions against Moscow, as well as the country’s recovery and reconstruction.
While the EU has recognized the progress made by Kyiv in aligning itself with the European bloc and also agreed with Ukraine on bringing the country closer to the EU (and its Single Market), the summit fell short of Ukraine’s expectations for a fast-tracked EU membership accession process. However, Kyiv remains committed to start accession talks this year and becoming a full EU member by 2026.
Heading into 2023, the EU – along with the US, the G7 and international financial organizations – is also stepping up its efforts to support Ukraine’s recovery and reconstruction; a process the European bloc estimates will be worth at least €600 billion, with the International Monetary Fund also preparing to grant Ukraine much-needed financial support.
Below, we outline the main takeaways from the 24th EU-Ukraine Summit and its implications for international investors.