European Union member states intend to increase the size of their arms financing fund by at least 2 billion euros as early as next week, Bloomberg reported, citing sources.
The European Peace Fund, which currently has a ceiling of about 6 billion euros, reimburses governments for military supplies to Ukraine but is also used to support other countries. More than half of the fund has been allocated for military aid to Ukraine, and member states see a need for further support.
EU foreign ministers may sign off on the €2 billion increase at a meeting in Brussels on December 12.
The proposal requires unanimous approval of all member states.