EU plans to increase fund for arms purchase for Ukraine by 3.5 billion euros

This was stated by the EU's top diplomat Josep Borrell following the results of the EU Council meeting on Monday, European Pravda reports.

Borrell has reminded us that the EU Council has approved a plan to transfer artillery ammunition worth one million euros to Ukraine over the next year. The plan will involve the use of the EU's own stocks, financing from the European Peace Fund, and orders from the industry.

Borrell added that while the financial volume of the plan is about two billion euros in compensation, this only covers about 55% to 60% of the total cost. In practice, the expenses will exceed twice this amount.

"Considering the increasing needs not only in Ukraine but also in other countries across the world, the Council has agreed to explore the possibility of augmenting the overall financial capacity of the EPF by 3.5 billion euros," he stated. 

Borrell emphasized that the Council's decision was to contemplate a potential escalation in the size of the European Peace Fund and that no final determination has been made yet.

It is worth noting that the Council of the European Union approved an increase in the financial ceiling of the European Peace Fund last week. This fund provides funds for purchasing weapons for Ukraine, and the new financial ceiling is set at 7.979 billion euros, valid until 2027. This increase will allow for additional financial needs to be met.

As of early February 2023, the estimated total military aid provided to Ukraine by the EU member states is 12 billion euros. This amount includes aid from both the European Peace Fund and bilateral arrangements.

• On March 20, the majority of EU countries approved the plan to supply ammunition to Ukraine. However, there is no official announcement yet.

• Poland and several other countries did not sign up to the EU plan to supply ammunition to Ukraine because they did not have time to complete the "internal procedures".