EU proposes half-billion euros for joint defense procurement

The European Union's executive arm proposed earmarking 500 million euros for joint defense procurement in the wake of the Russian invasion of Ukraine and the military aid EU nations have offered to Kyiv.

With the first-ever such pooling of resources, "it will avoid competition among member states for the same products and facilitate cost savings," the European Commission said in a statement.

EU nations have participated in a massive military aid campaign for Ukraine and want to quickly top up their own supplies again. The European Commission hopes to have the joint-procurement system up and running by the end of the year.