The proposal seeks to establish a more sustainable and long-term commitment to assist Kyiv, as the EU has been responding to Ukraine’s immediate needs following the invasion over the past year.
The plan is part of a broader international effort to ensure Ukraine’s security, with the G7 bloc of wealthy nations also announcing their support for the country during the recent NATO summit in Vilnius.
Borrell expressed optimism about garnering support for the proposal from other ministers. Although exact figures were not disclosed before the meeting, the plan is expected to channel up to 5 billion euros annually for Ukraine through the European Peace Facility (EPF) – an EU-run fund. The EPF has already provided over 5 billion euros in support to Ukraine since February the previous year.
The additional funding, if approved, would be allocated for the years 2024 to 2027, further strengthening Ukraine’s defence capabilities and security.
The proposal entails using the European Peace Facility to reimburse EU member states for a portion of the expenses incurred when providing military aid and support to nations outside the EU.
Last month, Borrell had hinted at the prospect of establishing a dedicated fund for Kyiv called the Ukraine Defence Fund, emphasizing the EU’s commitment to bolstering Ukraine’s defence infrastructure.
