Thursday, June 1
The EU has talked about increasing the peace fund for Ukraine by €3.5B.
Wednesday, March 22, 2023
The defense ministers of the EU member states have proposed to increase the European peace fund, which is used for compensation for military equipment and ammunition transferred to Ukraine, by €3.5B, said the EU Foreign Affairs Minister, Josep Borrell.
He notes that the EU Council approved the plan to transfer one million rounds of artillery ammunition to Ukraine during this year. Therefore, as Borrell explained, it is about €2B in compensation, but it will cover only 55-60% of the cost. So, in practice, the costs are twice as high.
Because of this, the EU Council has agreed to consider further increasing the EPF’s total financial capacity by €3.5B. However, the decision has not yet been finalized.