European Peace Facility soon to exhaust its funds due to Ukraine aid
The agency was founded in March 2021 as part of the Common Foreign and Security Policy framework to strengthen the EU's role as a global security provider.
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A Ukrainian serviceman of the 10th Assault Brigade Edelweiss fires a D-30 cannon at the front line, near Bakhmut, Donetsk region, Wednesday, July 5, 2023 (AP Photo/Libkos, File)
A report by Politico revealed on Tuesday that the European Peace Facility (EPF) is facing the risk of exhausting all its funding due to the high level of EU assistance for Ukraine.
"Our level of support to Ukraine in the military is now so high, that money allocated to the European Peace Facility for Ukraine will be soon exhausted," an official source was quoted as saying by Politico.
Read more: EPF pays $475mln to EU states for cost of Ukraine ammunition supplies
The agency was founded in March 2021 as part of the Common Foreign and Security Policy framework to strengthen the EU's role as a global security provider.
The EPF's budget for the 2021-2027 period amounts to 5.69 billion euros.
Last year, EU member states convened on resorting to the EPF to partially fund military assistance to Ukraine.
In December 2022, funding for the agency was increased by 2 billion euros.
Last month, the Council of the European Union agreed to increase the agency's overall financial ceiling with an additional 3.5 billion euros.
Read more: Musk demands public overview of how Kiev spends US aid
