The EU has increased the upper weapon financing limit for Ukraine. 

The Council of the EU passed a decision to increase by €3.5B the upper limit of financing for the European Peace Fund, from which compensation is paid to countries for weapons transferred to Ukraine, announced the EU Council.

Based on the earlier agreement of March 20, 2023, the European Peace Fund’s upper financing limit was increased by €3.5B to more than €12B. The decision was made for the instrument’s financial stability, greater long-term predictability, and to maintain the EU’s ability to respond to situations that may arise quickly.

Chief diplomat Josep Borrell noted that this is the second increase in funding for the European Peace Fund since its establishment in 2021.