The European Union is set to provide 2 billion euros ($2.1 billion) to a fund designated for equipping Ukraine, as expenditures for weapon deliveries have significantly drained the fund, according to European diplomats on Friday.
As per diplomats, the 27-member EU has reached a preliminary consensus to enhance the European Peace Facility, which has already pledged over 3 billion euros to cover the expenses of armaments for Kyiv.
Foreign ministers convening in Brussels on Monday were anticipated to officially endorse the initiative.
Nevertheless, diplomats indicated that an ongoing dispute with Hungary regarding its own withheld EU funds might lead to Budapest postponing its approval.
The European Peace Facility was created last year to aid the European Union in financing military support to its global partners as the bloc aims to bolster its international influence.
Following Russia’s assault on Ukraine in February, the vast majority of the fund was redirected to facilitate the arming of Ukraine, breaking a long-standing principle of not financing arms deliveries.
Currently, only 800 million of the facility’s initial 5.7 billion euro budget for 2027 remains.
Officials are eager to boost it so the EU can assure additional support for Ukraine next year as the conflict persists.
The fund is utilized to reimburse individual member states for armament supplies dispatched to Kyiv.
To date, the European Union has pledged around 8 billion euros towards military assistance for Ukraine, which constitutes approximately 45 percent of the sum provided by the United States.
