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Brussels: The ‘Ukraine Support Fund’ was set up with funds of EUR 5 billion - Athens Times

Athens Times

Brussels: The ‘Ukraine Support Fund’ was set up with funds of EUR 5 billion

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The European Council has today decided to increase the ceiling on the European Facility for Peace (EU) by EUR 5 billion at current prices and to commit this amount to it , creating a special Fund for Assistance for Ukraine (UAF) under the European Facility for Peace. “The EU meets its commitments. The Ukraine Aid Fund (UAF) is turning our words into practice. With this fund, we will continue to support Ukraine to defend itself from Russia’s aggressive war with whatever it takes and for as long as it takes,” said Joseph Borrell, High Representative for Foreign Affairs and Security Policy The newly created UAF will enable the EU to further support the evolving needs of Ukrainian armed forces through the provision of both deadly and non-lethal military equipment and training, according to a Brussels communication. The UAF will seek to maximise the added value of the EU in providing more and better operational support to Ukraine, complementing bilateral efforts by EU Member States and focusing on increased joint procurement by the European and Norwegian defence industry. At the same time, the Council has decided today to improve the rules of governance of the facility to make them more sustainable and adapt them to the new international treaties. The improved governance rules will be based on well-functioning national procurement structures, as well as existing framework contracts, using both the head state approach and the European Defence Agency (EEA), and including the joint supply of the required defence equipment by the European defence industry and Norway – including small and medium-sized enterprises – while allowing flexibility in supply chains that may include entities established or with production facilities outside the EU or Norway. The reimbursement of Member States’ donations (i.e. from stocks, unilateral and common market purchases of equipment available on the market and unilateral supplies) will be limited after a transitional period. Following today’s decision, the EGF’s financial ceiling will reach over EUR 17 billion for the period 2021-2027.