Brussels to formally approve $170 billion EU defense plan amid Russia's war against Ukraine

The EU is set to formally approve a 150 billion euro ($170 billion) defense loan instrument on May 27 amid Russia’s war against Ukraine, Radio Liberty reported earlier the same day.

The final agreement states “the threats posed by Russia and Belarus are of particular urgency and relevance,” Radio Liberty reported, citing the final document.

The EU reached an agreement to launch the $170 billion common defense fund on May 21 as Europe faces an increasingly challenging security environment. Russia continues to wage its war against Ukraine, and Europe is growing uncertain of U.S. security commitments to the continent.

The Security Action For Europe (SAFE) initiative will offer $170 billion in loans without counting towards EU fiscal spending limits.

The final document says it is “vital” for the EU to support member states “as soon as possible so that they can place orders very rapidly."

SAFE is an EU loan instrument meant to prop up the continent’s defense industry by financing weapons procurement to eligible countries.

The EU’s member states, European Free Trade Association (EFTA) members, and Ukraine are eligible to borrow funds from the defense spending instrument.

The EU “would effectively double the volume of weapons Ukraine receives” by investing in domestic weapons production through the SAFE mechanism, EU Defense Commissioner Andrius Kubilius said on May 4.

“If (Russian President Vladimir) Putin isn’t convinced by (U.S. President Donald) Trump to make peace, we could bring forward more convincing arguments for peace very quickly — by greatly increasing our military support to Ukraine,” Kubilius said.

The commissioner called for EU members to utilize the bloc’s SAFE initiative to strengthen Ukraine in its fight against Russia’s war.

The fund is part of the European Commission’s ambitious ReArm Europe program, which allows member states to spend an additional 650 billion euros ($730 billion) on defense by loosening fiscal rules.

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