EU Establishes Audit Committee for €50 Billion Ukraine Aid

The European Commission has established an Audit Committee within the framework of the Ukraine Assistance Fund.

The committee's purpose is to assist Ukrainian authorities in overseeing the use of assistance provided to Kyiv and to prevent fraud and conflicts of interest. The relevant decision of the European Commission, dated June 12, was published in the Official Journal of the EU on Monday, June 17.

The document states that the new body, accountable to the European Commission, is composed of three members and will function until June 30, 2028. It will operate from Brussels, with a separate secretariat based in Kyiv.

The European Commission's decision stipulates that at least six meetings of the Audit Committee must be held annually in Brussels. In exceptional cases, these meetings may be held elsewhere or in an online format. Additionally, auditors are expected to visit Kyiv six times a year, "if circumstances permit."

On February 28, the European Council established the Ukraine Facility, a €50 billion instrument to support Ukraine's recovery and reconstruction. In May, the Council adopted the Ukraine Plan, paving the way for the commencement of quarterly disbursements of assistance to Kyiv under the Ukraine Facility program in 2024-2027.