Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

Germany in talks with Netherlands, Denmark on ammunition purchases -source

Published 06/09/2023, 18:13
Updated 06/09/2023, 18:15
© Reuters. FILE PHOTO-German Defense Minister Boris Pistorius attends his ceremonial reception, in New Delhi, India, June 6, 2023. REUTERS/Anushree Fadnavis/File Photo

BERLIN (Reuters) - Germany is in negotiations with the Netherlands and Denmark on the joint procurement of ammunition, a defence source told Reuters on Wednesday, as Western countries scramble to replenish stocks depleted by donations to Ukraine.

"Germany is ready to open its framework contracts (for the procurement of ammunition) to our partners as Defence Minister Boris Pistorius pledged earlier this year," the source said, without giving details on the kind of ammunition.

An EU program for the joint procurement of ammunition in the 27-nation bloc to support Ukraine meanwhile is making slow headway.

In a landmark step, EU countries agreed in March on a plan worth some 2 billion euros ($2.18 billion) to provide 1 million artillery shells or missiles to Ukraine within 12 months but five months later, the EU hasn't even reached a quarter of its target.

© Reuters. FILE PHOTO-German Defense Minister Boris Pistorius attends his ceremonial reception, in New Delhi, India, June 6, 2023. REUTERS/Anushree Fadnavis/File Photo

National efforts by the countries have yielded about 224,000 ammunition rounds and 2,300 missiles, EU foreign policy chief Josep Borrell said last week, but no orders have yet been announced as part of the joint procurement scheme.

The war in Ukraine has developed into an intense attritional conflict with both sides firing thousands of artillery shells every day, making such rounds a key element on the battlefield and meaning they now are in very short supply across the West.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.