WSJ: EU develops new $22 billion military aid plan for Ukraine
Kyiv • UNN
The European External Action Service has developed a plan to provide military assistance to Ukraine worth more than 20 billion euros over the next four years. The plan envisages the creation of a fund for the joint purchase of weapons and military training, the proceeds of which will be returned to the EU.
The European External Action Service has developed a new way to provide more than €20 billion in military support to Ukraine amid disagreements over a €50 billion aid package. The Wall Street Journal writes about the new EU plan with reference to the project, UNN reports .
Details
The initiative provides for the return of more than 20 billion euros to EU countries in exchange for "tens of billions of euros" in military aid to Kyiv over the next four years.
It is envisaged to create a special fund that will absorb about 6.5 billion euros from the European Peace Facility established in 2022 and receive up to 5 billion euros annually from 2024 to 2027.
The new fund will be used to compensate EU countries for joint purchases of weapons to be transferred to Ukraine. Another part of the money will be used for military training of Ukrainian soldiers in the EU. According to the draft plan, in 2024, the EU may offer compensation in the amount of $7.5 billion, but a transition period is required for the initiative to come into force.
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EU officials have said that formal discussions on the plan will begin in the coming days, and it is likely to be discussed at the February 1 summit, where leaders will also try to agree on a €50 billion aid package for Kyiv over four years. However, any final decision on the new plan is likely to take weeks, as it requires a unanimous decision by EU countries.
The newspaper cites the possibility for EU states with low arms stockpiles to pool resources in joint procurement, ensuring a steady demand for defense products, which encourages European companies to increase production. In addition, there will be no need for regular payments that can be blocked by an EU country, such as Hungary, which vetoed a €50 billion aid package.
