The loans could be used to buy artillery, missiles, ammunition, drones and anti-drone systems and will also enable EU countries to send weapons to Kyiv. It would allow governments to “massively step up their support to Ukraine,” von der Leyen added.
But €150 billion between 27 countries over five years will barely touch the sides. By way of comparison, the U.S., which is the biggest military spender in the world, has earmarked $883 billion for defense, just this year.
Von der Leyen’s plan, which still needs signing off by governments, is similar to how the bloc raised money to help countries recover from the Covid pandemic, with the difference being that there will be no free money ― this plan consists entirely of loans. Several EU officials signaled that the €93 billion of unclaimed loans that were earmarked for that Covid fund could now be channeled into defense, but the Commission distanced itself from that idea.
The stark questions over Europe’s security following Trump’s election to the White House was thrown into even sharper focus on Monday night when the U.S. president announced the suspension of all military aid to Ukraine ― another effort to show force following last week’s bullying of Ukrainian President Volodymyr Zelenskyy in the Oval Office.
In the wake of Trump’s announcement, European politicians reiterated their support for Kyiv.
Kremlin spokesperson Dmitry Peskov meanwhile celebrated the news, describing it as “the best contribution towards peace,” according to state-controlled media RIA Novosti.
