On Wednesday, February 16, the European Parliament formally approved a 1.2 billion euro macrofinancial assistance package for Ukraine. The new package was allocated amid fears of a potential Russian invasion that could threaten the country's economy. This is reported by the press service of the European Parliament.

The aid package was voted for by 598 MEPs, 55 were against and another 41 abstained.

The funding will be allocated in two tranches within 12 months. It is expected that the first tranche will be allocated in March.

The funds will be provided in addition to the 5.6 billion euros that the country has already received from the EU under past programs.