On Tuesday, March 14, the Council of the EU approved the increase of the European Peace Fund by 2 billion euros. This money will be used to purchase weapons for Ukraine.
This was stated by the head of EU diplomacy, Josep Borrell.
"The European Peace Fund has now become an integral part of the EU's support in promoting peace and security around the world. Today's decision increases the financial ceiling of the European Peace Fund to more than 7.9 billion euros," the statement said.
Borrell explained that ensuring the financial sustainability of this instrument is critical to support not only Ukraine, but also partners in other parts of Europe, Africa and the Middle East as needs continue to arise.
It is noted that this decision implements the political agreement reached on 12 December 2022, when the Council decided to increase the overall financial ceiling of the European Peace Fund by 2 billion euros in 2023 and take into account the possibility of a further increase at a later stage (up to 5.5 billion euros in 2018 prices year until 2027).
"The Council also decided to set a financial benchmark for the total expenditure on EU military crisis management exercises in 2023 at EUR 5 million and to ensure greater flexibility in the collection and use of financial contributions from member states," Borrell added.
Why is this step important for Ukraine?
The European Peace Fund was established in March 2021. It is through him that EU countries provide military aid to partners, including Ukraine. The fund reimburses governments for military supplies.
