European Union (EU) institutions agreed to allocate 500 million euros to be given as grants to defense industry companies in order to aid Ukraine and increase the production of ammunition for their own stocks.
It has been reported that the EU Council and the European Parliament, which consists of member states, have agreed on the legal regulation on ammunition increase.
The legal regulation called “Ammunition Production Support Law” envisages the allocation of 500 million euros from the EU budget to develop the capacity for the production of land-based artillery ammunition and missiles.
The financial support of the EU will be given as a grant to defense industry companies in Europe.
EU legislation is expected to enter into force before the end of July.
Warring with Russia, Ukraine wanted to increase the support of weapons and especially ammunition for a long time. The leaders of the EU countries agreed in March to urgently increase ammunition aid to Ukraine, and it was planned to send 1 million ammunition, primarily 155 millimeter artillery ammunition, to Ukraine.