A delicate balancing act
The on-going conflict in Ukraine has sent shockwaves through global energy markets, impacting everything from international relations to commodity prices.
The European Union (EU) council has said that the EU Foreign Ministers allocate money for arms supply to Ukraine, according to the Russian News Agency TASS.
Following a meeting in Luxembourg, Foreign Ministers of 27 EU member states have approved a 3.5 billion euro increase in the European Peace Facility, from which Brussels allocated funds for arms supplies to Ukraine, the state-owned Russian News Agency. The statement on Monday read, “The Council today adopted a decision increasing the overall financial ceiling of the European Peace Facility (EPF) by EUR3.5 billion, building on an earlier agreement from 20 March 2023,” TASS reported.
“This decision is intended to ensure the EPF financial sustainability and predictability in the longer term, and preserve its global geographical scope and the EU’s ability to prevent and swiftly respond to crises and conflicts,” the statement said.
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Furthermore, every few months, the council allocates 500 million euros from the funds for arms supplies to Ukraine, as per TASS.
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