Preparation for Possible Attack by the Russian Federation: The European Union Creates a Fund for Purchasing Weapons.

The finance ministers of the European Union countries will discuss the creation of a joint intergovernmental defense fund, the European Defence Mechanism (EDM).

The fund is intended to purchase weapons, collect fees for their use, and issue loans. Countries outside the EU, such as Great Britain, Ukraine, and Norway, can join it.

The project is part of the discussion on how to finance preparations for a possible attack by Russia, as Europe realizes that it can no longer fully rely on the USA for security matters.

The emphasis will be placed on strategic support measures, such as costly military infrastructure and equipment provided by the USA. This also includes joint command and control systems, satellite intelligence, and communication, fifth or sixth generation fighter jets, air defense, and nuclear deterrence.

In order to support the European defense industry, EDM will purchase weapons from contractors in the fund member countries. This will help reduce the region's dependence on the USA by 2030. In 2020-2024, the share of American arms imports in the EU accounted for 64% of the total volume. A standard rate and subsidies will be applied when financing the fund participants.

The idea of creating the fund belongs to Poland, which currently holds the presidency in the EU. At its request, the European analytical center Bruegel has developed a project description. The document will be discussed in Warsaw on April 12.

According to the European Defence Agency, in 2024, the EU's defense spending amounted to €326 billion or 1.9% of GDP. Over the next four years, spending is planned to increase. At the beginning of March, the member countries approved a rearmament plan for Europe (ReArm Europe) worth €800 billion, presented by the President of the European Commission Ursula von der Leyen. A White Paper on EU Defense was created to implement the initiative.