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Bloomberg: NATO considers establishing $100 billion fund to aid Ukraine over 5 years

by Kateryna Hodunova April 2, 2024 11:33 PM 2 min read
NATO Secretary General Jens Stoltenberg holds a press conference at NATO headquarters during the first of two days of defense ministers' meetings on Feb. 14, 2024, in Brussels, Belgium. (Omar Havana / Getty Images)
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NATO Secretary General Jens Stoltenberg suggested creating an allied fund worth $100 billion over five years for Ukraine, Bloomberg reported on April 2, citing unnamed sources with knowledge of the issue.

The news about the proposal comes ahead of NATO foreign ministers' meeting in Brussels on April 3-4 to celebrate the alliance’s 75th anniversary and discuss further assistance for Ukraine, as well as the potential candidates for the Secretary General's position after the end of Stoltenberg's term in October.

According to Bloomberg, the proposal, which would need to be approved by all 32 alliance members, is likely to be amended by the NATO summit in July. Apart from that, "Allies are still discussing Stoltenberg’s proposal and any mechanics of the accounting, including whether to factor in bilateral aid to Ukraine into the overall sum," Bloomberg reported.

NATO could also take over the operational duties of the U.S.-led Ukraine Contact Defense Group, which coordinates weapons deliveries by about 50 countries to Ukraine, according to the report.

"With NATO's supreme allied commander, General Chris Cavoli, in charge, such a step could protect the structure from any political change that may result after the November elections," Bloomberg said, referring to the potential victory of Donald Trump at the upcoming U.S. presidential elections in light of his controversial remarks about the alliance's future and support for Ukraine.

According to Bloomberg, the support of Stoltenberg's proposal could indicate "a paradigm shift" for NATO, which has previously distanced itself from similar efforts to avoid being drawn in a wider war with Russia.

While being united as a bloc against Russia’s full-scale invasion, levels of support between NATO member states, as well as their public statements on the threat to European security that the Kremlin poses, vary.

NATO members geographically closer to Russia such as the Baltic states have been more outspoken than others.

Previously, Sweden's Foreign Minister Tobias Billstrom said that “not all countries understand the sense of urgency to act that there is,” referring to Russia's war and supporting Ukraine.

On March 20, Estonian Prime Minister, Kaja Kallas, said a Russian defeat in Ukraine would help prevent World War III.

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