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The European Parliament passed a draft bill to increase European production of ammunition and missiles on June 1.
The Act in Support of Ammunition Production (ASAP) aims to accelerate the delivery of ammunition to Ukraine and help member states restock their arsenals.
"Today's decision marks a significant step forward for the security and defense of our Union, and particularly in our steadfast support of Ukraine in the face of the ongoing Russian aggression," MEP Cristian Busoi said.
500 million euros ($538 million) will be allocated to increase the EU’s production capacity to address the shortages of military material. The European Commission will monitor the potential availability of needed products on the market.
According to a statement by the Parliament, the evaluation of the measure will be conducted by mid-2024. Based on the results, an increased budget may be considered.
In the next step, the European Parliament will discuss the legislation with the Council of the European Union to reach an agreement, which will be voted on in July.
The European Union has pledged to provide Ukraine with 2 billion euros worth of ammunition, both by using their current arsenals and buying new hardware.