EU may create €20 billion fund to support Ukrainian army
The EU is preparing a proposal for a dedicated €20 billion fund to support the Ukrainian army for the next four years.
Source: Politico
Details: The fund is expected to help countries cover their own costs of purchasing and donating items such as ammunition, missiles and tanks to Ukraine, and would help pay to train Ukrainian soldiers.
Although the EU already provides similar assistance to Ukraine through the European Peace Facility, it is provided in tranches that can be blocked by individual member states. In addition, the fund is rapidly running out of money, and only recently has had to be increased.
EU countries received a new proposal for military funding on Monday, 17 July. EU foreign ministers will consider it on Thursday, 20 July, during a meeting in Brussels.
Two diplomats told Politico that Brussels aims to approve the proposal by the autumn.
"The dedicated military fund proposal is part of the EU’s broader efforts to show its long-term commitment to Ukraine," Politico wrote. These efforts include the "security obligations" offered by the EU's foreign policy body, the European External Action Service (EEAS).
The new military support fund will also complement the EU's proposal to allocate €50 billion for non-military assistance to Ukraine between 2024 and 2027.
Previously: In late June, the EU's High Representative for Foreign Affairs and Security Policy, Josep Borrell, suggested viewing the EU’s military support to Ukraine as a long-term project aimed at strengthening the latter’s defence capabilities.
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