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We can now open the floor for questions. Yes. Mr News Agency.

There has been strong political attention on a possible buy European requirement.

Will the loan apply the same eligibility rules on the geographical origin of defense procurement as the safe regulation,

and could you clarify how a possible derogation would work in practice to ensure That urgent deliveries are not late,

and then, if possible, I have a more technical question on the cost of servicing the debt.

Does the Commission proposal specify how interest payments will be covered within the Mr President, the current EU budget, and if not,

should we understand that the long term solution is effectively being deferred to the MFF,

with the options either either a national contribution or reallocation from existing programs?

Let me remind you also that we will have a technical briefing after this press conference, but President.

I'll divide the answer between Valdis and me.

The first part of your first question,

I think it is an important step forward that we have integrated in this loan the same principles like in safe.

That we say first of all and first and foremost, if possible, that procurement should take place in Ukraine,

in the European Union and in the EEA EFTA countries, because for us it is a lot of money.

These are billions and billions that are being invested, and these investments should have a return on investment in creating jobs,

in creating research and development that is necessary for us.

We have, in parallel to boost our defense industrial.

For the sake of not only the loan but also for our own security.

So there's a strong interest to give a strong incentive first and foremost to procure in the described region.

But of course Ukraine is at war with Russia and needs support timely.

So if the capability is not available in the European Union or in the EEA EFTA countries or in Ukraine.

And not in due time, then it is possible to go outside of this region,

and I think this is a very successful change that we have now introduced in the procurement rules.

Commissioner, on the second question, but we can go into details in the technical background.

Yeah, on the second, question, so, indeed our proposal also foresees, interest loan,

subsidy for Ukraine, and this, interest loan, subsidy for Ukraine will be covered by.

Contributions to the EU budget of the participating 24 EU member states as regards this financing period and indeed in the context of the next MFF,

a dedicated instrument to cover interest rates can be considered,

but that will be part of the discussions concerning the next MFF.

We take a question from a Ukrainian media Vitaly.

My question, I think for Commissioner Dombrovskis,

Ukraine said that they need this money already in April at the start of the 2nd quarter.

How do you expect to finalize all this process quickly to ensure that this is possible to send the first money in April conditionality. Thank you. Well, indeed we are aware of Ukraine's. Sizable and urgent financing needs.

That's why we are aiming indeed to start disbursing in April.

On one hand, we will be engaging with EU co-legislators to ensure the swift legislative process,

hopefully to be.

Concluded by early March,

which would allow disbursements in April and also in parallel we will be working with Ukrainian authority on preparation of financial strategy for this year so that all the necessary documents and steps can be taken in due time and I would say also in previous years we have been working under very tight timelines.

Ukrainian authorities and have been able to deliver and in parallel,

we are also working with other international partners which are providing financial support to Ukraine with the aim for them to front load their financial contributions to the first quarter of this year.

So that to cover this funding gap which Ukraine is facing already in the 1st quarter,

and I would say this work is advancing quite successfully. Thank you. Thomas, please.

Hello, thank you very much, Thomas Danielsen, that you're active.

I have two questions, so one for Commissioner Dombrovskis.

Could you just give us a bit more detail about the state of play of G7 support for Ukraine because obviously the Commission has estimated that Ukraine needs 135 billion over the next two years.

So are you, how confident are you that this additional 45 billion will be covered by, by G7 partners?

And then another question for, President von der Leyen, about a slightly different topic about Greenland.

So, we've heard recently that, Defense Commissioner,

Kamilius has said that Article 42.7 would apply this mutual assistance clause.

Greenland obviously is not part of the EU, but there are tens of thousands of European citizens, EU citizens living in Greenland, so in your view,

would member states have an obligation to intervene to support Greenland,

including providing military support to Greenland if the United States were to, make military moves on Greenland. Thank you very much.

We're focusing on the topic of the press conference, and if we have time,

we come back to your question at the very end, but we start. Yeah, thank you for this question.

Indeed, from the EU side, we are, I would say, taking care of the bulk of the financing needs for Ukraine for the next 2 years,

but we also expect other international partners to play their part.

That's why we continue this engagement with the G7 and other partners.

So first of all,

next year delivery of ERA loans initiative will continue and we expect some €9.7 billion to be dispersed through the Euro loans initiative next year by other partners because from the EU side we fully disbursed our contribution last year.

We are working not only with G7 partners but also with other countries.

For example, Norway is committed to come with a sizeable financial contribution.

Also,

EU member states will continue to provide both financial and in-kind military support and obviously also international financial institutions currently.

International Monetary Fund is preparing its next program of the size of $8.1 billion. Actually, on Monday.

I had a meeting with IMF Managing Director Kristalina Georgieva to discuss exactly those topics, and this work appears to be broadly on track because also for IMF,

one of the conditions for the IMF program to go forward is that the financing gap of Ukraine is being covered.

So there are many speculations out there about what should be done, what could be done, what may be done.

I want to put all this aside and address the general principle of Greenland that we look at what are the different debates.

So first of all, Greenland belongs to its people,

so it's up to Denmark and Greenland and only to them to decide on matters that are concerning Denmark and Greenland.

That's point number 1 and that's very important.

We are in constant contact with the Danish Government also to listen to what the needs are,

what the needs of the Greenlanders are in very close contact.

Second, Greenland is part of NATO, and when we are speaking about Arctic security, this is one of the core topics of NATO,

and we know that the glue between the allies is the fact that there's always the clear motto one for all, all for one.

NATO is one forum to integrate the different interests that are out there,

but of course the Arctic and Arctic security is also a matter for the European Union without any question,

and we've invested for years in our relationship with Greenland.

I was there last year, before all this happened.

To open the office in Nuuk so that we have a constant channel of communication with the Greenlanders. We have an investment program.

We've stepped up our engagement since last year.

We have accelerated our work so there's a strong and good and Existing relationship between the European Union and the Greenlanders, and for me it's important that the Greenlanders know,

and they know this by the deeds, not only by the words,

that we respect the wishes of the Greenlanders and their interests and that they can count on us.

And we come back to the topic of the press conference. Yes, please.

Just one short follow up on this topic as we are still wondering, is Article 42.7 applicable to Greenland?

I think it is quite important for Greenland to know.

The question that is applicable right now, it does not ask itself.

The President was very clear in her response.

Let me take one question online, because I know that many journalists are already in Cyprus. Jorge. Jorge Valero Jorge, are you there? I see your hand.

Now we need to see you on the screen.

We see half of you on the screen. Are you the one? Now it's OK, good, go ahead. The sound is very bad, Jorge. I Can you hear me now? Now it's better.

Now it's better, but we also need to see you.

OK, I, I'm speaking close to the, to the mobile, sorry. So a question for, for the president.

First, as far as I've seen, we've seen in the, in the draft documents, there is no date included to pay the principal,

that we will borrow in the markets, which is quite unprecedented if we compare,

for example, with the next generation EU, borrowing.

So would you consider that this proposal is a significant step forward towards, a fiscal union?

A debt union, for, Commissioner Dombrovskis,

if you can just confirm that the proposal meets the necessary assurances requested by the IMF in order to approve the program. Thank you.

So in an extraordinary situation, for example, Next Generation EU, we have already done the EU borrowing for a very specific purpose.

We do it here for the support of Ukraine, a very clear political priority.

That we have and the fact that we have an enhanced cooperation here shows that there's a vast majority of member states that support this common engagement in EU borrowing to then have the means to support Ukraine.

Yes, maybe to compliment, well, first, on the, on this reparation loan we are now providing in a sense there is no fixed term of this loan,

this loan is going to be rolled over and as I was mentioning before,

the condition for Ukraine to repay the loan is.

Once Russia pays reparations for the destruction it's causing in Ukraine, and that's why it's important that a part of this proposal is also, as I was mentioning that the EU reserves the right to use cash balances from immobilized Russian assets to repay this Ukraine support loan,

so that's Important element and also that we have now put this immobilization on Russian assets on a more stable footing until further discussions so without the need to roll it over every 6 months.

Then on assurances, in a sense there are two types of assurances which IMF needs.

One is Funding gap for Ukraine is being covered and that work, as I was mentioning before,

is broadly on track and that was also indications I received from the IMF Managing director two days ago.

And another topic is the question of capacity to repay assurances for the IMF program itself,

where there is a question on.

US participation in this capacity to repair assurances and so far the indications are that it's unlikely even though the final decision by the US is not taken and will be taken by the end of the month.

But again there are indications from the IMF that also in this scenario other official creditors,

including EU and non-EU.

Partners are ready to compensate for potential non-EU participation,

so also those capacity to repay assurances are going to be provided. We take a final question, please. Thank you.

This is Fabio Napoli for the Italian news agency Public Policy.

I have a question for President von der Leyen.

Do you believe that enhancing cooperation to issue EU bonds,

can be used also in other fields like to raise money for common projects as mentioned in the Draghi's report? Thank you.

So it should certainly not be a standard procedure.

The standard procedure is the budget and the 27 together, but I think this also has shown how important it is that the political will of the vast majority of our member states is executed,

so the enhanced cooperation is a vehicle that if necessary to implement the political will of the vast majority if this is needed.

And therefore I think it is a good solution that we have found.

I think one other element in this European Council that has been, in my view, underreported is the fact that in the course of the discussion about the reparations loan,

the second option that we then did not take, there was a very important move forward Valdis just referred to it,

that is the change in the way the Russian assets are immobilized. As you know, before December.

We were every 6 months at the mercy of a spoiler.

We had to reaffirm the sanctions, to roll over the sanctions, and if this would not have happened,

every 6 months, the assets would have gone immediately back to Russia.

Now we have changed that dramatically in a way that now the assets are permanently immobilized, so a very strong signal also that Russia has to come up for the damages it did,

and this can only be changed by a qualified majority voting,

so very strong safeguards where the Russian immobilized assets are concerned. Mr.

President and Commissioners, thank you for your participation.

As said,

there will be an occasion to ask you more technical questions at the technical briefing that will follow in 5 minutes.

Thank you very much and wish you a very good day.