Leyen: These sanctions are severely depleting the Russian economy and destroying Putin's war chest!

I want to begin with many thanks to our hosts, Magdalena and Mateusz, for this outstanding pledging event. And it is a wonderful opportunity and pleasure to see you again, Denys Shmyhal, Prime Minister of Ukraine. Thank you very much, all of you, for making this possible.

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Today, we came together with a very clear purpose: to support the brave people of Ukraine. The Ukrainians who are fighting the aggressor. They stand up for their freedom. And we stand up for them. We are now in the tenth week of Russia's brutal invasion. Ten weeks during which Putin's soldiers committed atrocities that the world cannot and will not forget. And ten weeks during which the European Union stood firmly with Ukraine. Of course, we know that we cannot match the bravery and the sacrifices of the people defending their country. In this fight, Ukrainians pay with their lives, every day. But from day one on, the European Union has stood with Ukraine.

Indeed, we have together mobilised our economic power against Russia. We introduced five waves of sanctions that already have a devastating impact on Russia's economy. And we proposed yesterday a sixth package of sanctions, including a ban on Russian oil. These sanctions are severely depleting the Russian economy and destroying Putin's war chest. Putin has started this war and he has to pay for it. On the other hand, we rallied support for our friends in Ukraine. In the last ten weeks, since the beginning of the invasion, we have mobilised around EUR 4 billion from the EU level to support Ukraine, be it macro-financial assistance or humanitarian aid, or budget support.

I want to thank, from the bottom of my heart, all the people, the Europeans, who have opened their minds and their hearts, and their doors to Ukrainian refugees from day one on. And here especially, I want to pay tribute to the Polish people who, in an amazing way, have done that. The solidarity is unbelievable. This is solidarity at its best that we experience on a daily basis. We support these efforts with EUR 3.5 billion that we have mobilised, frontloaded for the refugees in the European Union. And last month, there was a pledging event, here in Warsaw, also with EUR 1.8 billion for refugees within Ukraine that are in need. Now, today, we add another outstanding chapter. And this is this pledging conference here. Congratulations for the result. This is outstanding. And I really commend you for that.

We know that the next step now will have to be relief and reconstruction of Ukraine – I am looking to you, Denys Shmyhal. Relief, because we are aware of the fact that the Ukrainian government needs EUR 5 billion per month to keep things moving: paying salaries, paying pensions and caring for the basic services. Here, together with our international friends, we are working to support you. But of course, the big topic is the reconstruction of Ukraine: hundreds of billions of euros. And here too, with the lead of Ukraine, we are willing to give the utmost and to work as closely together with you. Our dream is that we start as soon as possible with investment and reform so that this work will pave the way for Ukraine into the European Union.

Many thanks.