URC24: Luxembourg Stresses Continued Support for Ukraine Amidst Russian Aggression

Luxembourg’s Minister of Finance attended the "Ukraine Recovery Conference 2024" (URC24) on Tuesday 11 and Wednesday 12 June 2024 in Berlin.

Luxembourg’s Ministry of Finance noted that, at the conference, Minister Roth commended the “swift and decisive” action of Europe and its international partners to ensure that Russian aggression against Ukraine does not go unanswered, including through the implementation of extensive sanctions. He emphasised that these efforts will be maintained and expressed the commitment of Europe and Luxembourg to helping Ukraine rebuild the country and revive the economy.

"Luxembourg has experienced the importance of international support in times of war. We will always remain grateful for it. So I want to say to our Ukrainian friends: we understand. We understand and we will stand by you," said Minister Roth.

URC24 aims to mobilise international support for Ukraine's reconstruction, economic recovery and modernisation. The conference, co-hosted by Germany and Ukraine, brought together over a thousand representatives from the public and private sectors. It is a continuation of a series of annual conferences since the start of Moscow's war of aggression against Kyiv, the ministry added.

According to the ministry, the meeting provided an opportunity to review Ukraine's immediate humanitarian, economic and financial needs to address the direct consequences of Russian aggression. Participants also took stock of the country's long-term recovery to create “attractive conditions” for business and unlock crucial private sector investment in Ukraine. In keeping with the spirit of the Ukraine Reform Conferences that have been taking place until 2022, URC2024 also provided an opportunity to take stock of Ukraine's progress and needs in its EU accession process.

Minister Roth reaffirmed Luxembourg's commitment to Ukraine within the international organisations of which it is a member, in particular NATO and the EU. Concerning NATO, the Minister also recalled the government's decision to accelerate progress towards the goal of increasing defence spending to 2% of Gross National Income (GNI). The minister also highlighted the European Union's commitment to support Ukraine with €50 billion under the Ukraine Facility. At the same time, Luxembourg, together with its European partners, will continue to contribute to multilateral efforts, particularly those of the International Monetary Fund (IMF), the World Bank and the European Investment Bank (EIB). The minister concluded his statement by recalling that beyond public funds, the commitment of the private sector will be essential to mobilise the funds needed for the recovery and reconstruction of Ukraine. The expertise provided by the private sector will also be a vital element, he stressed.