KYIV, Jan 22 – The European Union is inviting member countries to review Ukraine's $5.4 billion military aid fund, Bloomberg said.

"The European Union's foreign-policy arm has presented member states with a proposal to revamp fund that provides military support fund to Ukraine, as the EU shifts from sending weapons from existing stocks to procuring new ones," the publication said in the statement.

According to a document from the European External Action Service, seen by Bloomberg, the terms to establish a previously proposed Ukraine Assistance Fund with an annual budget of about EUR 5 billion ($5.4 billion), which member countries have failed to agree on, were set out.