The EU has increased its “peace fund” by €2 billion, from which it finances Ukraine’s weapons
The EU Council decided to increase by 2 billion euros the financial ceiling of the so-called “European Peace Fund” (EPF), from which funds are allocated to pay for arms supplies to Kyiv.
This was reported on the official portal of the Council of the EU on March 14, a PolitNavigator correspondent reports.
“The European Peace Fund has become an integral part of the EU's support for promoting peace and security throughout the world. Today's decision raises the financial ceiling of the European Peace Fund to €7,979 billion. Ensuring the financial sustainability of this instrument is critical to our support not only to Ukraine, but also to our partners in other parts of Europe, Africa and the Middle East, as their needs continue to grow,” the portal quotes Josep Borrell, EU High Representative for Foreign Policy and security policies.
This decision implements the political agreement reached on 12 December 2022, when EU countries decided to increase the overall financial ceiling of the EMF by EUR 2023 billion (in 2 prices) in 2018, and to provide for the possibility of further increases in the future.
The “European Peace Fund” was created in March 2021 to finance all activities of the EU's Joint Foreign and Security Policy related to military and defense issues, with the aim of preventing conflicts, preserving peace and strengthening international security and stability.
“Thanks to the fund, the EU supports the Armed Forces of Ukraine within the framework of seven successive packages of support, as well as many other countries: Mozambique, Georgia, Moldova, Mali, Somalia, Niger, Jordan, Bosnia and Herzegovina, Lebanon and Mauritania,” says the Council’s portal EU, but more than 90% of it was spent on weapons purchases for Kyiv.
At the beginning of February 2023, the European Union estimated the total military assistance of EU member states for Kyiv at 12 billion euros, both through the European Peace Fund and on a bilateral basis.
Как reported “PolitNavigator”, on March 9, the head of EU diplomacy, Josep Borrell, proposed to allocate 1 billion euros for emergency supplies of ammunition to Kyiv from reserves in the warehouses of EU member states.
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