The head of EU diplomacy suggests contributing these funds to the European Peace Fund (EPF), which is used to finance military aid to Ukraine, reported Euractiv.
It has been reported that Borrell has appealed to the governments of the EU countries with a request to increase the EPF’s financial ceiling, from which about €4.6 billion has already been allocated for Ukrainian military aid. Borrell’s proposal needs approval from the EU’s national governments. In December last year, they agreed that, if necessary, such an increase is possible.
Because of the war, the EPF spent the allocated funds much faster than planned. Initially, its budget was €5 billion until 2027. But this ceiling was already raised by €2 billion in December 2022.
The fund allows EU countries that supply arms and ammunition to Ukraine to claim part of their cost. EU countries contribute to the fund, according to the size of their economy.