The European Commission

The EU's executive on Wednesday proposed suspending import duties on all products from Ukraine in a bid to help the country's economy amid the war.

The European Commission indicated that "This far-reaching step is designed to help boost Ukraine's exports to the EU."

"It will help alleviate the difficult situation of Ukrainian producers and exporters in the face of Russia's military invasion," the Commission added.

EU Economy Commissioner Valdis Dombrovskis said the "unprecedented" move -- which needs to be approved by EU lawmakers and its 27 member states -- would help keep Ukraine's economy going.

"This is vital to win the war and recover post-war," he tweeted.

Dombrovskis said that "This shows the EU's unwavering commitment to helping Ukraine in its hour of need."

The proposal from Brussels comes a day after Britain announced it was dropping all tariffs on Ukrainian goods.

EU Chief Ursula von der Leyen said the step followed discussions with Ukraine's President Volodymyr Zelensky on how best to aid his country's economy.

The bloc says that its bilateral trade with Ukraine hit a record high of 52 billion euros ($55 billion) in 2021.

The International Monetary Fund warned last week that the war will cause Ukraine's economy to collapse by 35% this year.

Zelensky has said Ukraine needs $7 billion a month to keep its economy afloat amid the "economic losses" and slumping exports caused by the ongoing war.