EU approves new military aid of 500 million euros to Ukraine
The European Union has approved an additional €500 million to supply arms to Ukraine, bringing the bloc’s total financial support to Kyiv to €2.5 billion.
The money will be disbursed through the so-called European Peace Facility, as EU rules prevent the bloc from using its seven-year budget to fund military operations.
The EU approved its first tranche of aid to Ukraine just after Russia launched its special military operation in the eastern region of Donbass at the end of February.
The new commitment comes despite the fact that half of the seven-year facility has already been extended to Ukraine in just five months since the start of the conflict.
In addition to providing financial assistance, the EU has also imposed a wide range of sanctions on Moscow in support of Kyiv.
The bans, however, have so far backfired, with inflation across the continent hitting record highs on top of an unprecedented devaluation of the euro.
The EU is increasingly concerned about the negative impact that the sanctions against Russia are having on the economy of the European Union.