EU foreign policy chief Josep Borrell announced Friday that the EU will provide another €500 million in financial support to Ukraine’s military, bringing the total value of the bloc’s overall military fund for the country to €2 billion.
“I will announce that we as the European Union will provide a new tranche of €500 million to support Ukraine militarily,” Borrell told reporters at a meeting of foreign ministers from the Group of Seven (G7) in Gut Weissenhaus, a luxurious seaside resort in the northern German state of Schleswig-Holstein. Borrell added that this would give “a new impetus for military support” for Ukraine.
The money is being provided via an EU fund for military assistance, called the European Peace Facility (EPF), and allows Ukraine to procure weapons and equipment for its fight against Russia’s invasion. A first package of €500 million was approved in late February and then topped up with two more packages worth the same amount. This fourth tranche of money brings the total support to €2 billion.
The new payment still needs to be approved by EU countries. In a tweet, European Council President Charles Michel expressed his “full support” for Borrell’s announcement.
When asked about plans to hit Russia with an oil embargo as part of a sixth EU sanctions package — which have run into difficulty due to resistance from Hungary — Borrell said he was optimistic that a deal could be reached next week.
He said he “will provide a new political impetus for an agreement” on the oil ban at an EU foreign ministers’ meeting on Monday in Brussels, adding: “I’m sure that we will have an agreement. We need an agreement, and we will have it.”