EU Foreign Affairs Council to allocate 5 bln euros to Ukraine Assistance Fund

BRUSSELS. March 18 (Interfax) - The EU Foreign Affairs Council, which is meeting in Brussels on Monday, has announced its decision to increase the financial ceiling of the European Peace Facility (EPF) by five billion euros by establishing a dedicated Ukraine Assistance Fund (UAF) within the EPF.

"The EU is living up to its commitments. The Ukraine Assistance Fund turns our words into action," High Representative of the EU for Foreign Affairs and Security Policy Josep Borrell said, confirming that the EU will continue supporting Ukraine "for as long as we need to."

The recently creation of the Ukraine Assistance Fund (UAF) "will allow the EU to further support the evolving needs of the Ukrainian Armed Forces through the provision of both lethal and non-lethal military equipment and training," the Council of the European Union said in its communique.

Following the decision made on March 18, the EPF financial ceiling will total over 17 billion euros for the 2021-2027 period, the document said.

The heads of states and governments of the EU countries considered the proposed increase of the total financial ceiling of the European Peace Facility at a meeting of the European Council on February 1, 2024. They called on the Council of the European Union to reach agreement on this issue by early March.