Brussels is considering a 20 billion fund for the defense of Ukraine

Diplomatic sources said on Thursday that the European Union is studying the creation of a fund endowed with 20 billion euros over four years to continue supporting the Ukrainian military in the fight against Russian aggression. “We are going to discuss how to continue to support Ukraine in the long term, the security commitments and guarantees that we can provide,” the union’s diplomacy chief Josep Borrell indicated ahead of a meeting of European foreign ministers in Brussels.

“We have presented a plan to guarantee financial assistance to Ukraine from next year, which will represent a fairly large amount. I hope the ministers will support it”, he said without specifying a figure before being examined by Twenty-Seven. However, a diplomatic source told AFP that military aid was envisaged at five billion euros per year over four years (from 2024 to 2027), or 20 billion in total, even though discussions were only in their “beginning”.

A more in-depth debate on this “defense fund” project will take place on 31 August during an informal meeting of the heads of the Union’s diplomacy in Toledo (Spain) under the auspices of the Spanish Presidency of the Council of the European Union.

Some member states, especially Hungary, may oppose the initiative. The final green signal from the Twenty-Seven should come only at the EU Heads of State and Government summits at the end of the year in October and December. When asked, German Foreign Minister Annalena Bierbock did not dispute the 20 billion euro figure. “We need very, very significant financial resources to continue supporting Ukraine in the military field, so that it can exercise its right of self-defense,” he said before the Brussels meeting.

(with AFP)