$ 5.48 billion military aid to Ukraine is a part of the reformation of the European Peace Facility (EPF) fund
The European Union (E.U.) has announced to provide € 5 billion (U.S. $ 5.48 billion) military aid to Ukraine, as a part of the reformation of the European Peace Facility (EPF) fund
The decision was made during a meeting of Ambassadors from the E.U.’s 27 member countries in Brussels. It underscores a unified commitment to support Ukraine in its struggle. The revamped EPF fund will prioritise the European Defence Industry while allowing flexibility in cases where European sources cannot meet Ukrainian needs within the required timeframe.
The recent amendments also include measures to address the concerns of Hungary, which has previously blocked pay-outs from the EPF and said it does not want its contributions to finance arms for Ukraine. Now, Hungary’s contributions will be used to fund military aid to other countries.
Taking it to X, the High Representative of the E.U. for Foreign Affairs and Security Policy / Vice-President of the European Commission – Josep Borrell Fontelles, tweeted,
We made it: #Coreper agreed on the #UkraineAssistanceFund.
— Josep Borrell Fontelles (@JosepBorrellF) March 13, 2024
The Fund will allow us to step up our military support to #Ukraine with another €5 billion.
The message is clear: we will support #Ukraine with whatever it takes to prevail.#EuropeanPeaceFacility
The EPF is an off-budget instrument aimed at enhancing the E.U.’s ability to prevent conflicts, build peace and strengthen international security. It also enables the financing of operational actions that have military or defence implications under the Common Foreign and Security Policy (CFSP).
France, a strong promoter of European Defence Industries, had insisted on a strong “buy European” policy for arms eligible for refunds. Other countries argued that such a requirement would inhibit efforts to buy worldwide to get weapons to Ukraine quickly. Germany, by far Europe’s biggest bilateral donor of military aid to Ukraine, had demanded donations be taken into account in determining the size of countries’ financial contributions to the fund.
The revamped EPF will allow the fund to help finance a Czech initiative to buy hundreds of thousands of desperately needed artillery shells from countries outside Europe, according to diplomats. The EPF has already been used to allocate some € 6.1 billion (U.S. $ 6.7 billion) to military aid for Ukraine.
Last year, Borrell proposed creating a new cash pot – the Ukraine Assistance Fund, inside the EPF last year, with a budget of up to € 5 billion euros per year for the next 4 years.
The new funds will help Ukraine fight the renewed Russian offensive. A day before, the United States (U.S.) also announced a new U.S. $ 300 million military aid for Ukraine, but a further U.S. $ 60 billion in funding remains stalled by Republicans in Congress.
