Putin Must Fail in Ukraine War, EU's Von Der Leyen Says
Published Date: 5/24/2022
Source: Bloomberg Quicktake: Now
The European Commission's president said Russia's war in Ukraine should end with a "strategic failure" for the invading country as she pledged Tuesday that the bloc would continue to invest massively in support of the war-torn nation. In addition to the economic sanctions imposed on Russia and the military aid provided to Ukraine, Ursula von der Leyen said the 27-nation EU has proposed over 10 billion euros ($10.7 billion) in macro-financial assistance, the largest package ever offered to a third country. "We are mobilising our full economic power," she said at the at the World Economic Forum's annual gathering in Davos. Von der Leyen added that reconstruction's efforts should also aim at modernising Ukraine's administration. It will be required if the country wants to join the 27-nation bloc in the future. The reforms, she said, should "firmly establish the rule of law and the independence of (Ukraine's) judiciary" and help tackle corruption. But von der Leyen also said that Russia can be reintegrated into the concert of European nations if it finds its way back to "democracy, the rule of law, the respect for the international rules-based order". Insisting on the historical and cultural links between Europe and Russia, the head of the EU's executive arm said reconciliation is "certainly a distant dream and hope." The European Union's top official also warned that the 27-nation bloc should avoid becoming dependent to untrustworthy countries, like it did with fossil fuels from Russia, as it moves toward a greener economy with the need to access crucial raw materials. Subscribe to our YouTube channel: https://bit.ly/2TwO8Gm Subscribe to our newest channel Quicktake Explained: https://bit.ly/3iERrup Bloomberg Quicktake brings you live global news and original shows spanning business, technology, politics and culture. Make sense of the stories changing your business and your world. To watch complete coverage on Bloomberg Quicktake 24/7, visit http://www.bloomberg.com/qt/live, or watch on Apple TV, Roku, Samsung Smart TV, Fire TV and Android TV on the Bloomberg app. Have a story to tell? Fill out this survey for a chance to have it featured on Bloomberg Quicktake: https://cor.us/surveys/27AF30 Connect with us on… YouTube: https://www.youtube.com/user/Bloomberg Breaking News on YouTube: https://www.youtube.com/c/BloombergQuickTakeNews Twitter: https://twitter.com/quicktake Facebook: https://www.facebook.com/quicktake Instagram: https://www.instagram.com/quicktake