EU Parliament, Council of EU Agree on Bill to Boost Ammunition Production

MOSCOW (Sputnik) - In March, EU leaders supported a plan to accelerate the transfer of ammunition to Ukraine, as well as joint purchases of artillery shells and the development of Europe's own military production capabilities. The EU's plan was aimed at supplying Ukraine with one million ammunition rounds, among other things.

The Council of the European Union said on Friday it had agreed with the European Parliament on the Act in Support of Ammunition Production (ASAP) aimed at increasing EU production of ammunition and missiles for the bloc's own stocks as well as for supplies to Ukraine.

"The Council presidency has today reached a provisional agreement with the European Parliament representatives on the Act in Support of Ammunition Production (ASAP). The agreed regulation will urgently mobilise €500 million [$545 million] from the EU budget (in current prices) to support the ramp-up of the manufacturing capacities for the production of ground-to-ground and artillery ammunition as well as missiles," the Council said in a statement.

The bill introduces an instrument through which the EU will financially support boosting the industrial production capacities for ammunition within the union, the Council also said, adding that this support would be provided in the form of grants to the defense industry.

The agreement between the two bodies will be formally adopted by these institutions and is expected to go into effect by the end of July, the statement read.