Here are the new details of the €20B EU military aid fund for Ukraine.

This week, EU diplomats will begin consideration of a new plan to hasten the supply of military aid to Ukraine. The plan envisages the creation of a dedicated fund, to which €6.5B will be directed from the European Peace Fund, and into which €5B will be transferred annually in 2024 through 2027.

This new mechanism will allow the use of the Peace Fund’s funds to compensate for the costs incurred by EU countries for joint purchases of weapons for Ukraine, including drones, air defense missiles, and ammunition. A portion of these funds will be directed to training the Ukrainian military in EU countries.

After the approval of the new plan, EU countries can seek compensation from the more than €20B in EU funds for tens of billions of euros in military aid they will provide to Ukraine over the next four years. It is noted that EU countries will be eligible to receive up to €7.5B in compensation for military aid as early as this year.

EU leaders may consider a proposal for a new plan at the summit on February 1.