Dubbed SAFE, the deal will allow bloc members borrow in order to buy defense equipment and send military aid to Ukraine

EU ambassadors have approved a €150 billion ($169 billion) debt program to provide for the bloc's rapid militarization efforts. The passing of the so-called SAFE (Support for Ammunition, military Financing and European defense) initiative was first announced on Wednesday by the Polish presidency of the EU Council.

The agreement will allow EU states to bypass standard voting procedures in the European Parliament to allow members leverage low-interest debt to spend on military equipment including drones, ammunition and air defense systems. Non-EU countries, including the UK and Ukraine will also be able to participate in the program.

Some member states have also been considering using the loans to provide additional military assistance to Kiev, Euronews has reported.

At least 65% of the components for any weapon systems must be produced within the EU, Ukraine or the European Economic Area/European Free Trade Association. The other 35% can come from third countries.

The new debt plan comes as a number of EU states, such as France, Germany and Belgium, have cut spending on social support programs, citing budget deficits and rising debt.

Announcing the passing of SAFE, the Polish presidency account on X stated that it is "first major EU programme to increase investment in European defense capabilities," adding that it would enter into force after being formally adopted by the EU Council on May 27.

The new debt-for-militarization scheme comes as Western European leaders push for reducing dependence on US weapons and called for increased military spending, justifying it by a supposed threat being posed by Russia.

Moscow has repeatedly condemned the EU's increasing militarization and has dismissed claims that it plans to attack the bloc as "nonsense," accusing the West of "irresponsibly stoking fears" of a fabricated threat.

Russian officials have also warned that the EU's military spending hikes amount to an "incitement of war on the European continent." Russian Foreign Ministry spokeswoman Maria Zakharova has also claimed that the bloc "has degraded into an openly militarized entity."

(RT.com)