EU Council to increase the financial ceiling of the European Peace Facility used to help Ukraine with weapons by EUR 2 billion

Ukraine already received EUR 3.1 billion from the EPF

On December 12, the European Union Council agreed €2 billion increase of the financial ceiling of the European Peace Facility in 2023, according to a press release published on the EU Council website.

According to the press released, the EU ministers reached a political agreement with a view to ensuring the financial sustainability of the European Peace Facility (EPF). The Council decided in particular to increase the overall financial ceiling by €2 billion in 2023. The total increase of the EPF overall financial ceiling until 2027 would be up to €5.5 billion.

“Today’s decision will ensure that we have the funding to continue delivering concrete military support to our partners’ armed forces. In less than two years, the European Peace Facility has proven its worth. It has completely changed the way we support our partners on defence. It makes the EU and its partners stronger,” stated Josep Borrell, EU High Representative for Foreign Affairs and Security Policy.

The agreement will be formalised in early 2023.

The European Peace Facility is an intergovernmental fund created by EU member countries to finance actions relating to supporting peace. Ukraine received from the EPF a total of EUR 3.1 billion.

As a reminder, 85-86% of the overall financial ceiling has already been committed as of November.

LB.UA