The European Union is considering the possibility of creating a fund of €20 billion to cover the military spending of the EU countries in the Russian war against Ukraine. The funds will be used to compensate the EU countries for the costs of technologies, equipment and ammunition that they transfer to Ukraine. The 4-year peace plan is sent to the countries for regard, and with an ideal outcome, it will be adopted by the fall of 2023. The program will be implemented through the European Peace Facility.
"You have to make Ukraine able to defend. So the European Peace Facility for Ukraine, maybe it has to become a new Ukrainian defence fund," Josep Borrell.
This decision complements all previous EU guarantees to support Ukraine's fight against Russian aggression. The European External Action Service has also joined the financial support of Ukraine's security for the next few years.
Separately, the European Union is considering the possibility of allocating €50 billion to sponsor non-military projects in Ukraine. In particular, projects of restoration, reformation and others.
