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EU to release US$7.5 billion linked to Ukraine military aid

Economy World


European Union member countries ⁠have agreed a ⁠deal to release €6.6 billion (US$7.5 billion) in EU funds linked to military aid for Ukraine, EU foreign policy chief Kaja Kallas said on Friday.

The money will ‌come from the European Peace Facility, a fund used by EU members to finance military aid to countries outside the bloc. It also refunds EU governments for military aid they have provided.

Of the released funds, €900 million will ⁠go to the EU’s military assistance mission for Ukraine and €1 billion ‌will fund new joint procurement of equipment, Kallas said in a post on social media.

Rescuers work at a site of a shopping centre destroyed by a Russian drone attack in the Ukrainian city of Kryvyi Rih last month. Photo: Reuters
Rescuers work at a site of a shopping centre destroyed by a Russian drone attack in the Ukrainian city of Kryvyi Rih last month. Photo: Reuters

She added the ‌remaining €4.7 billion will go to reimburse member states, some ⁠of whom ⁠have already said they would channel their share to Ukraine.