The European Parliament has approved a €50 billion recovery fund for Ukraine.
The financial facility is made up of both loans and grants and will be provided from the start of 2024 to 2027.
Member states will have to approve the funding before it can be administered.
However it is hoped that this can be done soon, as there is currently no EU financial assistance allocated to Ukraine for next year.
One of the key demands of MEPs was that Russian assets be used to fund Ukraine's reconstruction.
The intention is to help Ukraine recover, rebuild and prepare for possible EU membership in the future.
Fine Gael MEP Deirdre Clune, a member of the European People's Party, the largest group in the parliament, has said that she will be supporting the financial package.
"This new instrument to finance Ukraine’s recovery and reconstruction sends a strong political signal that the EU will support Ukraine until its victory in this war against Russia," she said.
Some MEPs have criticised the fund.
Ireland-South MEP Mick Wallace told the Parliament yesterday that he was in favour of helping Ukraine, but that the financial facility would impose significant debt on the country.
He also cited corruption as a concern.
"There are simply not enough measures in the proposal to mitigate the threats posed by the rampant high level corruption in Ukraine," he said.
