March 14, 2024
1 min read

EU agrees €5 bn package to fund arms for Ukraine

The fund operates as a giant cash-back scheme, giving EU members refunds for sending munitions to other countries…reports Asian Lite News

European Union countries have agreed to provide five billion euros ($5.48bn) for military aid to Ukraine as part of a revamp of an EU-run assistance fund, handing Kyiv a timely boost as its forces struggle against Russia’s invasion.

Ambassadors from the EU’s 27 member countries agreed to the overhaul of the European Peace Facility (EPF) fund at a meeting in Brussels on Wednesday after months of wrangling, with EU heavyweights France and Germany at the centre of much of the debate.

“The message is clear: we will support Ukraine with whatever it takes to prevail,” EU foreign policy chief Josep Borrell posted on social media platform X after the decision.

The fund operates as a giant cash-back scheme, giving EU members refunds for sending munitions to other countries.

France, a strong promoter of European defence industries, had insisted on a strong “buy European” policy for arms eligible for refunds. Other countries argued that such a requirement would inhibit efforts to buy worldwide to get weapons to Ukraine quickly.

Germany, by far Europe’s biggest bilateral donor of military aid to Ukraine, had demanded donations be taken into account in determining the size of countries’ financial contributions to the fund.

Diplomats said compromise was eventually reached allowing flexibility on the “buy European” rules and taking into account part of the value of bilateral aid when calculating members’ financial contributions.

“This is yet another powerful and timely demonstration of European unity and determination in achieving our common victory,” said Ukrainian Foreign Minister Dmytro Kuleba.

“We look forward to the final decision being approved at the next EU Foreign Affairs Council meeting.”

ALSO READ-Iran, EU To Continue Talks On Sanctions Removal

Previous Story

Report: India Surpasses China as Top Target for Middle East Investment

Next Story

EU lawmakers approve law to limit use of AI

Latest from -Top News

ASEAN lauds India’s firm stance on terrorism

The ASEAN Secretary-General reaffirmed the bloc’s resolve to deepen collaboration with India—a comprehensive strategic partner—in security and counter-terrorism efforts. The Indian all-party Parliamentary delegation, led by Janata Dal (United) MP Sanjay Jha,

Ex-SEBI chief cleared by Lokpal

The anti-corruption ombudsman ruled that the complaints lacked credible evidence and were based largely on assumptions, speculation, and unverifiable claims. The Lokpal of India has dismissed all complaints against former Securities and

Iran pressed over 3 missing Indians

The embassy stated that it is maintaining close contact with the families and keeping them regularly updated about the steps being taken….reports Asian Lite News The Indian government has urged Iranian authorities

India-US eye June trade deal

The trade discussions come at a crucial time, with the United States’ 26 per cent reciprocal tariff on Indian goods—imposed on April 2—currently suspended until July 9….reports Asian Lite News India and
Go toTop

Don't Miss

Pentagon slams Poland’s F-16 offer to Ukraine

“We will continue to consult with Poland and our other

EU extends Covid vaccine export controls

Meanwhile, the first aircraft carrying UNICEF lifesaving medical supplies arrived