EU Commission proposes 1.5 billion euro common defence industry package
- Country:
- Belgium
The European Commission on Tuesday proposed a new 1.5 billion euro ($1.63 billion) defence industry programme, financed from the European Union budget, between 2025 and 2027.
The new programme invites EU members states to procure at least 40% of their defence equipment collectively by 2030, the EU Commission said in a statement.
The Commission also proposed to used a share of the profits made on frozen Russian assets to fund arms purchases for Ukraine.
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