The European Union is reportedly preparing a multibillion-euro aid package for the purchase of military equipment for Ukraine with German Foreign Minister Annalena Baerbock provided an insight into its scale, stating that the amount could reach approximately €700 billion, according to Berliner Zeitung.
“We are launching a large package on a scale never seen before,” Baerbock said on the sidelines of the Munich Security Conference.
The new package could be financed through joint borrowing by EU member states, a mechanism previously tested during the COVID-19 pandemic.
“Just like during the euro or coronavirus crisis, there is now a financial package to ensure security in Europe. It will happen in the near future,” the German foreign minister explained.
Baerbock emphasized that peace in Ukraine will come only through strength.
“This requires tough and long-term security guarantees for Ukraine, a strong NATO bloc, and progress in Ukraine’s accession negotiations with the EU. As Europeans, as Germans, we stand firmly with Ukraine—providing military, humanitarian, and financial support.
Since Russia’s full-scale invasion, we, Europeans, have collectively supported Ukraine with more than €134 billion, with Germany alone contributing nearly €44 billion,” said the minister.
Earlier, German Chancellor Olaf Scholz advocated for loosening spending regulations at both German and European levels. He also called the discussions on the possible deployment of German peacekeepers in Ukraine “premature.”
Discussions on German peacekeepers in Ukraine irritating and premature, Scholz believes
Scholz emphasized that Ukraine must be able to “continue its path into the European Union.” The country must be able to defend its democracy and sovereignty and maintain its “own strong army.”
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