Ukraine: EIB and Ukraine’s State Bureau of Investigation strengthen efforts to safeguard EU bank investments and fight fraud and corruption

December 16, 2024 by European Investment Bank Leave a Comment

This article is published in association with European Investment Bank.

The EIB is stepping up cooperation with Ukrainian law enforcement agencies to safeguard EU financial interests in Ukraine from fraud, corruption and other irregular practices.
A memorandum of understanding signed with Ukraine’s State Bureau of Investigation introduces enhanced measures to combat financial misconduct effectively.
This strengthened partnership demonstrates a shared commitment to transparency and the protection of EIB investments supporting Ukraine’s recovery.

The European Investment Bank (EIB) and Ukraine’s State Bureau of Investigation (SBI) have signed a memorandum of understanding to enhance cooperation in combating potential fraud and corruption involving European Union-backed investments in Ukraine. Signed by EIB Inspector General Monique Koning, General Counsel José Maria Fernández Martin and Deputy Director of the SBI Oleksandr Sokolov during a visit by an SBI delegation to EIB headquarters in Luxembourg, this partnership marks a significant step forward in enhancing preventive measures to safeguard EIB-funded financial support for Ukraine.

The memorandum of understanding establishes a framework for cooperation, focusing on promoting transparency, accountability and ethical practices while ensuring that European Union-backed investments contribute directly to Ukraine’s recovery and development. By fostering closer cooperation through information sharing and joint investigations, this partnership underscores the shared commitment of both institutions to maintaining the highest standards of integrity and trust in managing international financial support.

“Since Russia’s invasion of Ukraine in February 2022, the EIB has provided more than €2 billion to support Ukraine’s urgent needs. Over the coming years, the EU bank plans to provide at least €2 billion more through the Ukraine Facility for critical public- and private-sector projects. Ensuring this financial support directly benefits the people of Ukraine and is safeguarded against fraud and corruption is crucial. Our partnership with Ukraine’s State Bureau of Investigation and other law enforcement agencies strengthens our commitment to transparency, accountability, and the effective use of EU resources,” said EIB Vice-President Teresa Czerwińska, who is responsible for the Bank’s operations in Ukraine.

“Signing this agreement during the same week we mark International Anti-Corruption Day highlights our shared commitment to integrity, transparency, and accountability. Through our partnership with the State Bureau of Investigation, we are enhancing efforts to combat fraud and corruption, ensuring that any potential risks are swiftly identified and effectively mitigated. Building on our long-standing cooperation with Ukrainian law enforcement, this cooperation with the SBI further reinforces safeguards to ensure that EU bank funds are used effectively to rebuild critical infrastructure and support Ukrainian communities in their recovery and development,” added EIB Inspector General Monique Koning.

Deputy Director of the State Bureau of Investigation Oleksandr Sokolov said: “The signing of the Memorandum of Understanding with the European Investment Bank marks an important step in ensuring a favorable investment climate in Ukraine, protecting investors’ rights, and preventing corruption. The funds provided by the European Investment Bank play a significant role in maintaining and restoring our country’s infrastructure under martial law, as well as in fostering the development of the Ukrainian economy. As a state law enforcement agency, the State Bureau of Investigation is committed to taking the necessary measures to prevent any potential misuse of the EIB funds for financing projects in Ukraine.”

Zero-tolerance policy on fraud and corruption

The EIB has a zero-tolerance policy towards fraud and corruption. The Investigations Division of the EIB’s Inspectorate General handles allegations of fraud and misconduct affecting EIB Group operations, actively cooperating with national authorities in the countries where the EIB operates, as well as with international organisations and financial institutions, to exchange information and strengthen safeguards.

In Ukraine, the EIB has a long-standing partnership with law enforcement agencies – including the National Anti-Corruption Bureau of Ukraine (NABU), the Economic Security Bureau of Ukraine (ESBU) and the Prosecutor General’s Office – to strengthen transparency and prevent misconduct. This memorandum of understanding adds the State Bureau of Investigation (SBI) to this network of trusted partners, further enhancing the EIB’s efforts to safeguard EU financial support in Ukraine.

The EIB encourages anyone with information about potential breaches related to its European Union-funded projects in Ukraine to report them through a dedicated reporting platform.

Background information

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives.

EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance, and a key partner of the Global Gateway. We aim to support €100 billion of investment by the end of 2027, around one-third of the overall target of this EU initiative. With Team Europe, EIB Global fosters strong, focused partnerships, alongside fellow development finance institutions and civil society. EIB Global brings the Group closer to people, companies and institutions through our offices around the world.

The State Bureau of Investigation is a Ukrainian state law enforcement agency tasked with preventing, detecting, halting, investigating and solving crimes under its jurisdiction, in particular criminal corruption offences and other offences related to misuse of funds allocated by international institutions for the implementation of projects in Ukraine.

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