EU could allocate EUR 5B in annual military aid to Ukraine over next 4 years - Borrell

EU could allocate EUR 5B in annual military aid to Ukraine over next 4 years - Borrell

During a meeting in Brussels today, EU foreign ministers discussed the possibility of allocating EUR 5 billion in annual military assistance to Ukraine over the next four years to be covered under the European Peace Facility.

This was stated by EU High Representative Josep Borrell today during a press conference following the EU Foreign Affairs Council, reports an Ukrinform correspondent.

"We propose the creation of a dedicated section under the European Peace Facility to provide up to EUR 5 billion per year for the next four years for the defense needs of Ukraine. It is still the same tool, the European Peace Facility, which has been working very well and we will continue using it, but with a dedicated chapter inside it, with the specific funding which can be estimated in the figures I mentioned – EUR 5 billion a year for the next four years. This is an evaluation of the needs and the cost of our long-term security commitments to Ukraine," Josep Borrell emphasized.

Read also: Russian shelling of Odesa port will lead to global food crisis - Borrell

He noted that European ministers exchanged views on this proposal earlier today. This issue will be debated in detail late August during an informal ministerial meeting in Toledo, Spain.

"We also reaffirm our support to Ukraine’s Peace Formula. We consider it as the only comprehensive basis for achieving a just and sustainable peace. And on that, Ukraine should be on the driving side. In the end, this is the Ukrainians who are experiencing the dire consequences of this war," the EU High Representative added.

As reported earlier, the EU Foreign Affairs Council was held in Brussels today, where one of the key issues was the situation in Ukraine and the continuation of EU assistance in Ukraine's fight against Russian aggression. Minister of Foreign Affairs of Ukraine Dmytro Kuleba took part via videoconference.

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