Ukraine says it's buying 100 Patriot missiles using $1 billion in EU loans

A Patriot missile launcher of the German Armed Forces stands at an airport. Michael Fischer/picture alliance via Getty Images Ukraine says it's getting a $1 billion loan from the EU to buy 100 Patriot missiles. It's been desperately trying to procure more interceptors to counter Russia's growing missile strikes. Roughly 800 to 850 Patriot missiles are made per year, expected to rise above 1,000 by 2027. Ukraine's defense ministry said on Thursday that it's purchasing around 100 Patriot missiles with $1 billion from a European Union loan. "A step was taken to purchase about a hundred Patriot missiles for $1 billion at the expense of an EU loan. This year, Ukraine also began receiving missiles from European partners' warehouses for the first time," the ministry wrote in a statement. The statement comes as Kyiv said it issued urgent letters to 40 of its allies requesting Patriot missile stocks , which Ukraine uses primarily to destroy incoming Russian ballistic and cruise missiles. Ukraine said it's been eliminating about 90% of these missile threats, but has warned for months that it's been repeatedly running short of Patriot interceptors to guard its skies. "Ukraine critically needs additional missiles for the Patriot systems. They are in the warehouses of partners," it said. But these million-dollar interceptors are precious to militaries around the world. Kyiv has therefore proposed an exchange, saying it would replenish donors' Patriot missile stocks from its own future deliveries. Ukraine is set to acquire several hundred PAC-2 Patriot interceptors in the coming years, from a $4.5 billion financing agreement with Germany in April for air defense munitions and launchers. Patriot missile production is run primarily by Raytheon, which aims to manufacture 420 PAC-2 GEM-T interceptors annually by 2027, and by Lockheed Martin, which expects to produce over 600 of the more advanced PAC-3 interceptors that year. German weapons makers Rheinmetall and MBDA are also in the running to begin licensed production of the missile. Ukraine's need for the interceptors has grown as it comes under dozens of ballistic and hypersonic missile threats every month. On Thursday, local authorities reported that Russia had recently launched 25 such missiles in a single night. The country has long relied on donations from allies and partners to maintain its Patriot missile stockpile. Much of these funds go through an American program, called JUMPSTART, which lets donors consolidate their contributions to contract key weapons, such as F-16 ammunition and Patriot interceptors, from the US for Ukraine. Read the original article on Business Insider