According to RT, the initiative, called SAFE (Support for Pharmacy, Military Finance and European Defense), was agreed by EU ambassadors and first announced on May 21, during Poland's term as EU Council President.
The SAFE plan allows EU member states to borrow at low interest rates to purchase weapons and military equipment such as drones, ammunition and air defense systems.
Notably, this mechanism helps EU countries go beyond the usual voting process in the European Parliament, speeding up the approval of finances for defense goals.
In addition to EU member states, non- bloc countries such as the UK and Ukraine can also participate in the program.
According to Euronews, some EU member states are considering using loans from SAFE to provide additional military aid to Kiev.
However, the program also comes with the condition: at least 65% of components in the weapons systems must be manufactured in the EU, Ukraine or the European Economic Zone/European Free Trade Union. The remainder, up to 35%, may come from outside countries.
The EU's implementation of this large-scale debt program comes in the context that many countries such as France, Germany and Belgium have had to cut spending on social security programs due to increasing budget deficits and public debt. On the other hand, Western European leaders are increasingly calling for less dependence on US weapons and increased military spending.
Russia has repeatedly criticized the EU's increasingly obvious trend of mediarization, while rejecting accusations that Moscow plans to attack Europe.
Russian Foreign Ministry spokeswoman Maria Zakharova said the EU has transformed into a public military entity, accusing the West of irsure war on the European continent by increasing its defense budget.
The SAFE initiative is expected to take effect after being approved by the EU Council on May 27. This is considered the first major EU program to increase investment in the bloc's common defense capabilities.
