Hours after the U.S. suspended military aid for Ukraine, the European Union proposed the fund to bolster military spending and support Kyiv.

Germany called for the European Union to reform its fiscal rules to allow countries to make bigger defense expenditures without running afoul of the bloc’s budget rules, according to people familiar with the talks.

European Union commissioner unveils new plan to spend $840 billion more on its own defense as U.S. support for Ukraine falters.

The chief of the European Union’s executive proposes an 800 billion euro ($841 billion) plan to beef up EU defenses to lessen the impact of potential U.S. disengagement and provide Ukraine with military muscle to negotiate with Russia following the freeze of U.

The European Commission proposed on Tuesday new joint EU borrowing of 150 billion euros ($157.76 billion) to lend to EU governments for defence as part of an overall 800 billion total financing effort to boost Europe's defence capabilities.

New EU plans to strengthen Europe's defence industry and increase military capabilities could mobilize close to 800 billion euros ($841.4 billion), EU Commission President Ursula von der Leyen said on Tuesday.