On Monday, the European Union raised its budget to 2.5 billion euros in funding to supply weapons to Ukraine, raising the bloc’s security aid.
Through a statement, the Minister of Foreign Affairs of Sweden, Ann Linde announced that the ministers of Foreign Affairs of the European Union agreed another 500 million euros (504 million dollars), reaching an agreement on the fifth tranche of military aid to Ukraine
The European Union assured that the application of the budget will help to continue buying equipment and supplies for the Ukrainian Army, including lethal weapons that the bloc has said should be used for defensive purposes.
European Union rules normally prevent the bloc from using its seven-year budget to finance military operations, but the European Peace Fund, which is capped at 5 billion euros, is off budget and can be used to provide military aid.
However, with the European Union having already delivered half of seven years’ worth of aid to Ukraine after five months of war, it is unclear how the bloc will be able to keep funding the purchase and delivery of weapons and other equipment if the war continues. .
The unprecedented scope of Western sanctions on Russia includes an oil embargo, a ban on transactions with the Russian central bank and a freeze on its assets, as well as a halt to new investment in Russia.
However, Putin has reaffirmed his determination to continue what he calls his “special military operation” in Ukraine, despite the destruction of Ukrainian cities and the deaths of thousands of people.