Estonia has proposed a financing plan for Ukraine worth €120 billion a year. The country is currently seeking €100 billion to achieve this goal. This was stated by Kusti Salm, Permanent Secretary of the Estonian Ministry of Defence, Kommersant Ukrainian 
with reference to Erucativ.
Kusti Salm believes that borrowing from financial markets or national budgets is “the best way to give Ukraine what it needs to win the war”
“Allocating 120 billion euros a year for military assistance to Ukraine is a rough figure that should be enough for Ukraine to win the war,”
– Salm emphasised.
He suggested that part of this amount could be allocated from Eurobonds, and the European Commission could raise funds from financial markets and use EU countries as guarantors.
It is noted that over the past few months, Estonian politicians and officials have repeatedly stated that Ukraine needs its Western allies to invest 0.25% of their GDP in military assistance to the country to win the war, based on a strategy developed by the Estonian Defence Ministry. The strategy details where the money will be spent, mainly on defence equipment and ammunition.
“If the 50-odd countries that make up the Ramstein Coalition, which provides military support to Ukraine, spent this percentage, it would amount to more than €120 billion a year. With this money, by 2025, Ukraine will reach a level where it will be able to impose resistance on Russia,”
– said the Permanent Secretary of the Estonian Ministry of Defence.
At the same time, he noted that even if this amount of money starts flowing into the budget now, it will take almost a year to ensure that Ukraine is supplied with the required level of supplies.
When asked how long the €120 billion annually would last against the €130 billion spent by Russia, according to SIPRI, Salm said that the Estonian figure “does not include other figures such as Ukraine’s own spending, Western military training, civilian aid, etc… so the actual amount needed is higher than that”, suggesting that it already matches Russian spending.
Kusti Salm noted that Western allies are currently spending half of what Russia is doing on the war: “$5.5 billion from the West, $10 billion from Russia.”
For Estonians, allocating 0.25% of GDP to Ukraine is affordable. This shows that it would actually take very little effort for Ukraine to win the war, even without US involvement.
According to the country’s analysis, this figure is 1/8 of the costs of the Ramstein format participants to help Ukraine.
Kusti Salm noted that Eurobonds would be a way to get access to the money as early as possible.