This report analyses the European Union (EU) – Ukraine relationship by looking at the impact of EU conditionality regarding the anti-corruption framework on the use and distribution of EU funding between 2007 and 2014. It shows that, historically, the EU concern with good governance in Ukraine has been materialised in the form of numerous anti-corruption conditions attached to transnational aid flows. Despite important improvements at institutional levels – particularly the set-up of the National Anticorruption Bureau, the Ukrainian practices and everyday routines have not changed fundamentally. Assessing the impact of EU funding in such a context marked on the one hand by pervasive corruption and on the other hand by a profound desire for change, can be a challenging task, especially due to the fact that a large share of international aid received has been directed to budget support, thus making it impossible to asses if it has been affected by corruption. Using secondary data analysis and interviews with key stakeholders, the report shows that the efficiency of EU assistance could be improved by increasing the levels of control, enhancing transparency and establishing a closer relationship with international partners who are more experienced in tackling EU funding fraud and grand corruption.