EU to provide additional €500 million military support to Ukraine, says Josep Borrell

As the war between Russia and Ukraine continues to escalate unabated, European Union (EU) High Representative for Foreign Affairs and Security Policy Josep Borrell said that the bloc would provide additional 500 million euros (over Rs 4,021 crores) worth of military assistance to war-torn Ukraine. Speaking to reporters ahead of the Group of Seven (G-7) meeting in Germany, Borrell said, "We will provide a new tranche of 500 more million to support the military of Ukraine," the Associated Press (AP) reported. He added that the funds would be used to purchase heavy weapons, bringing the EU's total financial support for Ukraine to 2 billion euros ($2.1 billion).

The senior EU official also expressed optimism that the bloc's member nations would agree on an oil embargo against Russia soon, despite reservations from some countries. The meeting will also feature top officials from Germany, the United Kingdom, France, Canada, Japan, Italy, and the United States. According to Borrell, they intend to increase the pressure on Russia through economic penalties, international isolation, and countering disinformation spread by Russia. Meanwhile, EU officials are expected to meet on May 16 to discuss the possibility of a Russian oil embargo.

Borrell stresses importance of presenting "unified front" during the G-7 summit

"We have to understand the specific circumstances of every one of the 27 member states. But if there is no agreement at the level of the ambassadors on 16th May, the ministers, when they gather for the Foreign Affairs Council, they have to provide the political impetus," Borrell remarked. He further stressed the importance of presenting a "unified front" during the G-7 summit, a stance also backed by British Foreign Secretary Liz Truss. Notably, Ukrainian Foreign Minister Dmytro Kuleba and Moldovan Foreign Minister Nicu Popescu were invited as guests to attend the G-7 meeting.

More Russian banks to be disconnected from SWIFT payment system: Borrell

Earlier this month, Borrell warned that more Russian banks will be disconnected from the Society for Worldwide Interbank Financial Telecommunications (SWIFT) payment system. "I cannot disclose the names or the number of the financial institutions now. And in the energy sector, we are looking for measures that would significantly affect the import of Russian oil," he told reporters, as per Sputnik. Notably, SWIFT is used by different financial institutions to send and receive information, such as instructions for cross-border money transfers. 

(With inputs from AP)