High Representative of the European Union for Foreign Affairs and Security Policy Josep Borrell hopes that the proposal to create a special fund worth EUR 5 billion per year for the next four years, within the European Peace Facility, intended exclusively for the military needs of Ukraine to reflect the Russian aggression, will be encouraged before the end of this year.

He said this in Toledo (Spain) on Wednesday at the end of an informal meeting of the Ministers of Defense of the EU member states, which were addressed via video link by the Minister of Defense of Ukraine Oleksiy Reznikov.

Borrell recalled that he had previously proposed the creation of a fund to help Ukraine 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. The proposed fund will amount to EUR 5 billion every year. This should be the ceiling, not the spending target. If we could spend less, it will be much better, but this should be our ceiling in order to program in the medium term our effort to support Ukraine. 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 High Representative said.

He said "despite the global condemnation, Putin doesn't show any sign of letting up his aggression against the Ukrainian people." "I want to stress that our continuous support is important for the Ukrainian counter-offensive in response to the Russian invasion," Borrell said.

As previously reported, on July 20, Borrell announced that the EU is considering the possibility of creating a special fund in the amount of EUR 5 billion per year within the framework of the European Peace Facility for the next four years, intended exclusively for the military needs of Ukraine to repel Russian aggression as part of long-term obligations. EU in the field of Ukrainian security. "We propose to create a special section dedicated to (Ukraine) within the framework of the European Peace Facility to provide up to EUR 5 billion a year for the next four years for the needs of Ukraine's defense," he said.