Standing with Ukraine: Commission welcomes Joint Statement to provide affordable, accessible and transparent remittance services to Ukraine
The European Commission has welcomed a Joint Statement by EU and Ukrainian financial institutions to provide access to affordable, accessible and transparent remittance services to Ukraine.
Yesterday, remittances from Ukrainians in the EU are a vital way of providing means of subsistence to their families and relatives at home. In the face of the growing humanitarian crisis triggered by Russian's unprovoked aggression against Ukraine, lowering the costs of remittances could result in big savings for Ukrainians and their families. It could also help to scale up aid to the people of Ukraine.
With yesterday's Joint Statement, signatories commit to:
- Affordable remittances: voluntarily lowering total fees and converging towards the 3% target in the Sustainable Development Goals and G20 Roadmap on cross border payments;
- Transparent remittances: disclosing total fees, including transfer fees and foreign exchange margin;
- Accessible remittances: seeking to maintain the accessibility of remittance services through a network of agents and the development of digital services.
Mairead McGuinness, Commissioner for Financial Stability, Financial Services and the Capital Markets Union, yesterday said:
“Since Russian's illegal invasion, the European Union has been and remains steadfast in its support of Ukraine and its people. As the war continues, so too does our support for Ukraine. The people of Ukraine are suffering the horrible consequences of war. As President von der Leyen said in her State of the Union address, Europe's solidarity with Ukraine will remain unshakeable. Finding practical solutions to help Ukrainians living abroad, many forced to flee as a consequence of the war, to send remittances to their loved ones at home is a very concrete example of our solidarity. I welcome that EU and Ukrainian companies active in remittances have come together to achieve this objective. We are open to, and in fact would welcome, more providers joining the statement for affordable, accessible and transparent remittance services to Ukraine.”
Yesterday's Joint Statement follows a roundtable meeting facilitated by the Commission and the National Bank of Ukraine with EU and Ukrainian remittance service providers, with participation of the World Bank. This initiative follows previous efforts to support Ukrainian refugees, amongst which a coordinated approach on the conversion of hryvnia banknotes by people fleeing Ukraine.
All roundtable participants have agreed to the Joint Statement. This initiative remains open: other financial sector institutions active in the provision of remittance services in the EU and Ukraine are encouraged to join the initiative and endorse the Statement.
Latest News from
Make it easier for 11 million EU citizens to participate in European elections02/12/2022 14:33:00
MEPs adopted a series of proposals to reinforce the right of mobile EU citizens to vote and stand in European elections in the EU country in which they reside.
State aid: Commission opens in-depth investigation into Lithuanian measure to compensate Litgas for operation of LNG terminal02/12/2022 13:25:00
The European Commission has opened an in-depth investigation to assess whether the compensation granted by Lithuania to Litgas UAB (‘Litgas') for supplying a mandatory quantity of liquefied natural gas (‘LNG') to the LNG terminal in Klaipėda between 2016 and 2018 is in line with EU State aid rules.
Waste shipments: stricter rules to protect the environment and human health02/12/2022 12:38:00
The Environment Committee yesterday adopted its position on revised rules governing shipments of waste to boost the EU circular economy, resource efficiency and zero pollution goals.
State aid: Commission approves €1 billion French scheme to support companies in the context of Russia's war against Ukraine02/12/2022 11:33:00
The European Commission has approved a €1 billion French scheme to support companies in the context of Russia's war against Ukraine.
Energy saving: EU action to reduce energy consumption02/12/2022 10:38:00
Saving energy is key to fighting climate change and reducing the EU's energy dependency. Find out what MEPs are doing to reduce consumption.
Investment Plan for Europe: €35 million EIB loan for Spanish company GAM to support electric rental fleets and sustainable last-mile delivery02/12/2022 09:33:00
The European Investment Bank (EIB) will lend €35 million to the Spanish multinational GAM (BME ticker: GALQ), which specialises in turnkey machinery solutions for industry, to make its rental fleet electric and develop more sustainable last-mile solutions for its subsidiary Inquieto.
MEPs adopt EU budget 2023: focus on Ukraine, energy and recovery30/11/2022 10:33:00
For next year’s EU budget, MEPs secured better and more effective support for addressing the consequences of the war in Ukraine and the pandemic recovery process.
Youth Action Plan: Council involves young people in policy-making30/11/2022 09:25:00
The Council recently (28 November 2022) approved conclusions on the Youth Action Plan for engaging young people in EU external action.
World Cup in Qatar: FIFA should help compensate families of dead migrant workers29/11/2022 16:33:00
With the 2022 FIFA World Cup having kicked off in Qatar, Parliament deplores the deaths of thousands of migrant workers ahead of the tournament.
State aid: Commission approves €557 million German support to compensate Deutsche Bahn for damages suffered by its subsidiary DB Fernverkehr due to the coronavirus pandemic29/11/2022 15:25:00
The European Commission has found a €557 million German support measure in favour of Deutsche Bahn to be in line with EU State aid rules.