The European Union's External Action Service submitted a proposal to member states to reform the European Peace Facility (EPF) into a new Ukraine Assistance Fund with an annual budget of about €5 billion.

The EU's External Action Service has submitted a proposal to member states to reform the fund that provides military support to Ukraine, as the EU is moving from providing weapons from existing stocks to purchasing new ones.

EEAS presented a proposal to member states regarding reform of the Ukraine Military Aid Fund

The Fund's annual budget will stand at about EUR 5 billion ($5.4 billion)

Diplomats from several countries including Germany suggested the European Peace Fund in its current form is becoming less effective

Proposal aims to provide higher bonus for joint initiatives between European and Ukrainian industries

Reimbursements for deliveries from stocks and unilateral purchases shall be gradually abolished

Fund will have two main pillars: lethal and non-lethal aid through joint procurement and continued training/equipping of Ukrainian forces

Document urges increasing EPF financing cap by EUR 5 billion specially designated for Ukraine

Further comparable annual increases may be foreseen until 2027