EU Greenlights Historic 150 Billion-Euro Defense Fund Amidst Russian Concerns
The European Union has sanctioned a 150 billion-euro defense fund, called the Security Action for Europe (SAFE), amidst apprehensions of potential Russian aggression and uncertainties regarding U.S. security commitments. The initiative was backed by 26 EU nations, aiming to bolster collaborative defense projects and reduce dependence on non-European resources.
The European Union approved a significant 150 billion-euro EU arms fund on Tuesday, a move driven by apprehensions of a future Russian attack and uncertainties surrounding U.S. security assurances.
Ministers from EU nations convened in Brussels to finalize the Security Action for Europe (SAFE) scheme, designed to foster joint defense initiatives through EU borrowing, aimed to provide loans to European nations.
With 26 out of 27 EU countries supporting the measure, Hungary being the only abstainer, the plan aims to nurture collaboration among European defense companies and reinforce the continent's security posture.
(With inputs from agencies.)
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