EU High Representative for Foreign Affairs Josep Borrell said Ukraine needs predictable and reliable assistance for military equipment, and proposed the establishment of a special fund of EUR 5 billion a year for this until 2027.

"I proposed a Ukrainian assistance fund for the period 2024-2027 to ensure the sustainability of our military assistance. This fund that will be linked to the European Peace Facility, should be a core element of our long-term contribution to the security for Ukraine, as European leaders agreed it in June," Borrell said at a press conference in Toledo on Wednesday following an informal EU Council at the level of defense ministers.

"The proposed fund will amount to EUR 5 billion every year. This should be the ceiling, not the spending target," the head of EU diplomacy said.

He said these funds are intended for planning EU military assistance to Ukraine in the medium term. According to him, the defense ministers have now taken up this issue. On Thursday, August 31, it will be discussed by the foreign ministers at their informal meeting, also in Toledo.

"And I hope that the agreement could be reached as soon as possible. I hope this will happen before the end of the year," the head of European diplomacy said.