EU to increase arms fund used for assisting Ukraine by €2 billion

European Union member states are set to increase the size of its fund to finance weapons deliveries by at least €2 billion as early as next week, according to people familiar with the discussions.  

The European Peace Facility, which currently has a ceiling of about €6 billion, reimburses governments for military deliveries to Ukraine but is also used to support other countries, per Bloomberg. More than half of the fund has been pledged for military aid to Ukraine and member states see the need for further support.   

EU foreign ministers could sign off on the €2 billion increase when they meet in Brussels on December 12, said the people, who asked not to be identified because the deliberations are private. If not finalized by then, EU leaders could take up the matter later in the week.

The proposal requires the unanimous approval of all member states. The facility could be topped up with even more money at a later date, the people said.