E.U. to consider creating new Ukraine military fund to release over $20 billion in aid, WSJ says

E.U. officials will begin considering a new plan this week that would allow the bloc to release “tens of billions of dollars” of new military aid to Ukraine, The Wall Street Journal reported on Sunday, citing a confidential draft of the proposal.

The plan would allow for the creation of a “dedicated Ukraine military fund” that would receive 6.5 billion euros ($7.08 billion) from the European Peace Facility in addition to receiving five billion euros annually from 2024–2027.

This money would be used to reimburse E.U. countries for jointly purchased equipment to give to Ukraine, including “ammunition, drones, and air defense missiles,” the WSJ explained.

If the plan is approved, it could see more than 20 billion euros ($21.78 billion) returning to E.U. member states’ national budgets in exchange for “tens of billions euros of military assistance” for Ukraine over the next four years.

In 2024, the draft estimates, states could receive 7.5 billion euros ($8.17 billion) in compensation for military aid to Ukraine.