UK and EU reach agreement on amount of financial obligations under Brexit

Baku. 29 November. REPORT.AZ/ The United Kingdom (UK) and the European Union reached an agreement in principle on the volume of London's financial obligations to Brussels at 60 billion euros, Report informs citing the Interfax.

The said amount is an approximate calculation, as final compensation will depend on how the parties will be calculated on financial obligations to each other. As a result, London can pay Brussels 45-55 billion euros, local media writes.

According to calculations of the European Commission, the UK must pay the funds until 2020, since, being part of the EU, it committed to participate in the financing of European programs designed for 2014-2020.

Financial obligations of the UK to the EU are one of the key issues, without response to which the EU refuses to proceed to the second phase of negotiations on Brexit. In addition, Brussels wants to get clarity from London on issues such as the rights of citizens of each side after the completion of the Brexit process and the arrangement of the border between Northern Ireland and the EU member Ireland.

British prime minister Theresa May plans to meet with the head of the European Commission Jean-Claude Juncker, December 4. This date in Brussels called as the "deadline" for clarifying London's positions on controversial issues around Brexit.