The Council of the European Union decided on March 14 to increase the financial ceiling of the European Peace Fund (EPF), from which funds are allocated for the purchase of weapons for Ukraine, to 7.9 billion euros ($8.4 billion) by 2027.
This will ensure the possibility of covering additional financial needs, stated the press release of the Сouncil.
The European Peace Fund was established in March 2021 to finance all actions of the Common Foreign and Security Policy related to military and defense matters, with the aim of preventing conflicts, preserving peace and strengthening international security and stability.
In particular, the fund allows the EU to finance measures aimed at strengthening the potential of non-EU countries, as well as regional and international organizations in military and defense matters.
“The European Peace Fund has become an integral part of the EU's support for strengthening peace and security around the world," said Josep Borrell, EU High Representative for Foreign Affairs and Security Policy.
"Ensuring the financial sustainability of this instrument is crucial for our support not only of Ukraine, but also our partners in other parts of Europe, Africa and the Middle East, as their needs continue to grow.”
This decision implements a political agreement reached on 12 December 2022, when EU member states voted to increase the total financial ceiling of the EMF by 2 billion euros ($2.1 billion) in 2023 and provide for the possibility of further increases at a later stage.
In the beginning of February, the Council of the EU approved the seventh tranche of military aid for Ukraine with funds from the European Peace Facility, as well as the allocation of funds for the work of the EU training mission for Ukrainian military personnel.
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