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EU set to increase weapons fund used for Ukraine by €3.5 billion – Bloomberg

EU set to increase weapons fund used for Ukraine by €3.5 billion – Bloomberg

EU member states are set to increase the size of its fund to finance weapons deliveries to Ukraine by nearly 50%, but Hungary is still blocking plans for more of that money to be alloted, according to people familiar with the discussions, Bloomberg says.

The EU intends to increase the budget of the European Peace Facility by €3.5 billion ($3.8 billion), raising the total to approximately €7.9 billion. This funding supports military deliveries to Ukraine while also providing assistance to other nations.

The fund has mainly supported military aid to Ukraine, but Hungary’s objection to Ukraine, including a Hungarian bank on a list that condemns business dealings with Russia, is blocking a €500 million 8th tranche, anonymous sources told Bloomberg. EU ambassadors have approved the measure, awaiting final approval from foreign ministers on 26 June.

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