Energy Community Secretariat to act as fiduciary of the Ukraine Energy Support Fund
Upon request by the European Commission and in agreement with the Ministry of Energy of Ukraine, the Energy Community Secretariat set up the legal framework for the Ukraine Energy Support Fund to counteract the impact of the Russian invasion. The Fund will enable governments and international financial institutions to provide emergency financial support to the Ukrainian energy sector. The Secretariat will act as fiduciary of the Fund as well as an intermediary between the donors and the Ukrainian authorities.
EU Commissioner for Energy Kadri Simson said: “Ukraine and its energy sector need our support, but no country or organisation alone has the resources to ensure the country’s energy security. This new Fund will make helping Ukraine easier and better coordinated. It is an especially good option for those who want to contribute, but lack the practical or logistical ability to do so – like countries on the other side of Europe or the globe. I am grateful for the Energy Community for creating this opportunity and I call on all our partners to donate to the fund.”
Director Lorkowski said: “Already today, there are close to two million people without electricity and heating. Donations to the Fund will be used to purchase much needed energy supplies, repair damaged energy infrastructure and inject liquidity in the struggling energy sector. This will help ease the hardship of the Ukrainian people.”
The Energy Community Secretariat acts as the fiduciary of the Fund which was set up to enable receiving donations primarily from EU Member States, third country governments and International Financial Organizations. Donations to the Fund will be disbursed under the control of the Ukrainian Ministry of Energy to finance the purchase of fuels, equipment, services and capital needed to keep the energy industry and infrastructure operational during the war.
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