Photo: Josep Borrell
Council of the European Union
The Council of the European Union will consider increasing the financing of the fund, from which it finances weapons for Ukraine, by 3.5 billion euros.
The defense ministers of the EU member states proposed to increase the European Peace Fund, which is used to compensate for military equipment and ammunition transferred to Ukraine, by 3.5 billion euros. This was stated by the head of diplomacy of the association, Josep Borrell, following the meeting of the EU Council on Monday, March 20.
He recalled that the Council of the European Union approved a plan to transfer one million artillery ammunition to Ukraine over the next year, which provides for the use of its own stocks, financing of the European Peace Fund and an order in the industry.
“In terms of financial volume, we are talking about two billion euros of reimbursement. But the reimbursement concerns approximately 55%, maximum 60% of the cost. Therefore, in practice, we are talking about expenses that are twice this number,” Borrell added.
He added that, knowing that there would be more needs not only in Ukraine, but also in other countries of the world, the Board also agreed to consider further increasing the overall financial capacity of the EMF by 3.5 billion euros.
Borrell specified that the Council agreed precisely to consider a further increase in the volume of the European Peace Fund, a decision has not yet been made.
As reported, EU member states approved the decision to supply Ukraine with 1 million shells over the next 12 months. Borrell called this decision “historic”.
Earlier, Borrell warned that if EU countries do not sign an agreement on the joint purchase of ammunition, they will “face difficulties with deliveries to Kyiv.”
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