Latest news today on the war between Russia and Ukraine
BRUSSELS, Nov. 11 () –
The High Representative of the European Union for Foreign Policy, Josep Borrell, is looking for ways for member states to commit to financing the shipment of weapons to Ukraine, once the European Peace Mechanism, a key instrument for supplying weapons to kyiv, is under minimum after having exhausted 85% of the funds.
“The Mechanism is a victim of its own success,” said a high-ranking European official who explained that the head of community diplomacy will propose to the EU Defense Ministers at their meeting on Tuesday in Brussels the need to guarantee the funds for an instrument that has been used for the first time to supply weapons to a country at war.
Borrell is concerned about the sustainability of the fund, an extrabudgetary instrument that relies on contributions from member states, which contribute according to their percentage of the EU’s gross domestic product.
Between the aid given to kyiv and the upcoming commitments, the senior official has detailed that 85% of the fund has already been exhausted, so there would be less than 1,000 million left, or 15% of the game. The Mechanism, in addition to providing military material to kyiv, is thinking of supporting the work of Armies from third countries and financing Armed Forces that collaborate with the EU.
In Brussels they recognize that the debate is complex and technical details need to be discussed among the Twenty-seven, although the High Representative’s aspiration is to close an agreement to fill the fund before the end of the year. The idea of community diplomacy is that the leaders of the European Union discuss it at the December summit and commit themselves in writing to a proposal to provide new funds.
Created in 2021, the European Peace Mechanism is an extrabudgetary fund with an initial allocation of 5,000 million euros until 2027. It is the instrument to cover external actions that have repercussions in the military or defense field, within the framework of the EU’s common foreign and security policy.
