EU proposes another 500 million euros in military aid for Ukraine amid Russian invasion

In order to help the war-torn Ukraine amid the ongoing Russian invasion, European Council President Charles Michel has backed a proposal to release an additional 500 million euros ($540 million) to provide arms for Ukraine. As per the official, this aid would take the EU's military assistance for the war-torn nation to a total of 1.5 billion euros ($1.63 billion) since Russia commenced its special military operation on February 24.  In a tweet, Michel thanked EU's diplomatic chief Josep Borrell for proposing the extra funding.

Set up in 2021, the European Peace Facility is a 5.69-billion-euro emergency fund that enables the EU to fast fund military operations in order to maintain peace, avert wars, and promote international security.

European aid for Ukraine

In addition to this, the European Union had earlier decided to offer €17 billion in aid to Ukrainians who fled the war-torn nation. After passing legislative changes., which allow member states to shift money from cohesion policy grants and the Fund for European Aid for the Most Deprived (FEAD) to support refugees fleeing the conflict, the EU Council made the decision. 

The European Union, in a statement, has termed it as an "important step" in allowing member states to address the growing housing, education, and health-care demands. Further, member states could also spend up to €9.5 billion from the React-EU 2022 tranche and unallocated cohesion funding from the 2014-2020 budget term, according to the report. The CARE rule, which modifies the legal framework of the European Structural and Investment Funds (ESIF) and the Fund for European Aid to the Most Individuals in need, was enacted by the EU Council. 

EU sanctions on Russian oil and gas

President of the European Council President Charles Michel announced on April 6 that sanctions against Russian oil and gas will be required "sooner or later." Michel had said the fresh sanctions against Russia were launched to put "maximum pressure on the Kremlin". 

He had informed that the EU has decided to establish a Ukraine Solidary Trust Fund to assist Ukraine. The initiative would provide Ukraine with cash and funding in the short term. As per media reports, the Ukraine Solidary Trust Fund will assist Ukraine with infrastructure development and economic recovery. 

Meanwhile, according to European Truth, Josep Borrell, the European Union's High Representative for Foreign Affairs and Security Policy, has indicated that EU foreign ministers will debate oil sanctions against Russia on Monday, April 11. 

(Image: AP)