EU: New EUR 5 billion package for support in Ukraine

Its Member States today approved the provision of an additional EUR 5 billion for its military support through the European Peace Mechanism. EU High Representative Joseph Borrell welcomed this decision by saying that “the EU is respecting its commitments, Ukraine’s Aid Fund is turning our words into action. With the fund, we will continue to support Ukraine to defend itself from Russia’s offensive war with whatever it takes and for as long as it takes,” he said. In particular, the EU Council decided to raise the European Peace Fund (EPF)’s financial ceiling by EUR 5 billion for Ukraine by establishing a specific Ukraine Assistance Fund (UAF) under the EFF. The newly created Ukraine Aid Fund will enable the EU to further support the evolving needs of the Ukrainian Armed Forces through the provision of deadly and non-lethal military equipment and training. This Fund complements the bilateral efforts of EU Member States and focuses on increased joint procurement by the European and Norwegian defence industry. Following today’s decision, the EPF budget ceiling will total EUR 17 billion for the period 2021-2027.