EU foreign policy chief Josep Borrell announced Monday that the EU has agreed to provide another €500 million in financial support to Ukraine’s military, bringing the total amount given by the bloc to €2.5 billion.
In a statement reported by EU observer, the EU for Foreign Affairs and Security Policy high representative Josep Borrell said “the Ministers unanimously agreed on the need to continue to stand firmly with Ukraine and lend it all our support in its fight for freedom and independence.
“Ukraine needs more arms, we will provide them. That’s why I have proposed the next tranche of the European Peace Facility, allocating €500m more. There has been political agreement on this proposal today.” He said.
The money will be disbursed via an EU fund called the European Peace Facility (EPF), which reimburses members of the bloc that send arms to Ukraine to help in its fight against Russia’s invasion.
The EU agreed to put €500 million into the EPF in February and has topped it up several times since. This fifth tranche of money, which still needs to be approved by EU countries, will bring the total support to €2.5 billion.
European Council President Charles Michel said in a tweet that he “welcomed” the ministers’ agreement on the new funding, adding: “Europe continues delivering for peace and defence of our values.”
Borrell also said work on sanctions against Russia would continue, with more measures coming. “These sanctions work, the Russian economy is severely affected,” Borrell said, adding that the sanctions had not resulted in an increase in oil price.
Source: Politico Europe & EU Observer.
