EU plans to boost ammunition production to aid Ukraine

FILE PHOTO: Ukrainian army from the 43rd Heavy Artillery Brigade fire the German howitzer Panzerhaubitze 2000, called Tina by the unit, amid Russia's attack on Ukraine, near Bahmut, in Donetsk region, Ukraine, February 5, 2023. REUTERS/Marko Djurica

BRUSSELS (Reuters) - The European Union's executive wants to set aside more than 500 million euros ($550 million) to increase ammunition production to help Ukraine and replenish the stocks of EU member countries.

Under a plan to be presented by the European Commission on Wednesday, the EU would give subsidies to European arms firms for investments that increase production of ammunition and missiles.