The majority of the funds, according to the plan of the head of European diplomacy, should go to the purchase of weapons for Ukraine.
On Tuesday, March 19, the Supreme European Union Representative for Foreign Affairs and Security Policy Josep Borrell said he would invite EU member states to use 90% of the proceeds from frozen Russian assets to purchase weapons and ammunition for Ukraine through the European Peace Fund (EPF).
Deutsche Welle writes about this.
The head of European diplomacy said he will present his position on Wednesday, ahead of the EU summit, which will take place on March 21-22.
According to Borrell, such a step will allow Ukraine to receive about 3 billion euros annually. According to the diplomat’s plan, it would be advisable to send another 10% to the EU budget, and then use them to increase the potential of the Ukrainian military-industrial complex.
The European Peace Fund was created even before the start of a full-scale war in Ukraine. Its initial volume for 2021-2027 was set at 5 billion euros. However, after Russia’s invasion of our country in 2022, the size of the fund was increased first to 12, and recently to 17 billion euros. Of these funds, 5.6 billion euros were allocated to help Ukraine.
Recall that Borrell said that the conflict in Ukraine has escalated into a production war. The head of European diplomacy believes that EU countries need to increase arms production in order to be prepared for possible threats and continue to provide military assistance to Ukraine.
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