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Borrell announces «important decisions» to support Ukraine

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Estimated Reading Time: 1 min

At their meeting, EU foreign ministers will consider increasing the European Peace Fund by €5 billion to support Ukraine and utilize the proceeds from Russia’s frozen assets.

This announcement came on March 18 from the head of European diplomacy, Josep Borrell.

«I hope that today we will finally make significant decisions. The first is the replenishment of the Ukrainian support fund with €5 billion for the European Peace Fund, which has been under discussion for weeks. I am hopeful that today the ministers will definitively approve it», — he stated.

He also expressed hope for the ministers’ political agreement to utilize the proceeds from the frozen Russian assets to support Ukraine, particularly in enhancing the financing for Ukrainian defense.

«I anticipate that a political agreement will be reached today to finally transition to action on this», — Borrell added.

Borrell mentioned that Ukrainian Foreign Minister Dmytro Kuleba and US Secretary of State Anthony Blinken would participate in the meeting remotely.

As reported, on March 13, EU permanent representatives endorsed a €5 billion increase in the European Peace Fund, which supports arms supplies to Ukraine.

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