The European Union is taking significant steps to support Ukraine in its ongoing conflict with Russia, as it plans to allocate a 20-billion-euro ($22bn) fund for weapons, ammunition, and military aid. This proposal, presented by Josep Borrell, the EU's foreign policy chief, during a meeting with EU foreign ministers in Brussels, aims to provide long-term security and resilience to Ukraine.

🇪🇺 The European Union is drawing up plans for a 20-billion-euro ($22bn) fund to provide Ukraine with weapons, ammunition and military aid as it fights Russia, officials have said. Josep Borrell, the bloc’s foreign policy chief, outlined the four-year proposal to EU foreign…

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The plan involves creating a dedicated section on the European peace facility, allocating up to five billion euros per year for the next four years to address Ukraine's defense needs. Borrell emphasized that this commitment reflects the assessment of Ukraine's long-term security requirements and costs. This initiative comes as the G7 group announced a drive to provide Ukraine with long-term security assurances during the recent NATO summit in Lithuania's capital, Vilnius. While NATO leaders did not offer an immediate invitation for Ukraine to join the military alliance, they endorsed the country's future membership.

Ukrainian officials had hoped for a more concrete timeline, but Western officials assured that a broader support package would enhance Ukraine's military capabilities against Russian forces. Although EU foreign ministers were presented with the fund plan, a detailed debate is scheduled to take place on August 31 in Toledo, Spain. However, there is potential opposition from certain member states, notably Hungary, which may hinder the proposal's progress.

The final political approval is expected to occur during EU summits in October or potentially December. The European Peace Facility, established in 2021 to finance conflict prevention, peace-building, and international security strengthening efforts, initially had a value of $6.3bn. However, it has since grown to $13.4bn. The facility's purpose is to reimburse EU countries for a portion of the expenses incurred in providing weapons, ammunition, and other military aid to countries outside the EU.

Notably, Hungary has been holding back the disbursement of $556m in current European Peace Facility funds for Ukraine, demanding the removal of Hungarian bank OTP from a Ukrainian blacklist. Hungarian Foreign Minister Peter Szijjarto reiterated that Budapest would maintain the same stance regarding the new proposal. The ongoing efforts by the EU to support Ukraine underline the determination to provide necessary assistance in the face of Russia's aggression. As the conflict continues, it is crucial to ensure Ukraine's security and resilience, with the EU playing an active role through tangible support measures.