The European Union is preparing the largest aid package for the purchase of military equipment for Ukraine.

"We will launch a large package that has never been seen before in such a volume," German Foreign Minister Annalena Baerbock said in an interview with Bloomberg on the sidelines of the Munich Security Conference.

"Like the euro or the corona crisis, there is now a financial package for security in Europe. This will happen soon," she added.

Berliner Zeitung, citing Baerbock, reports that EUR 700 billion may be involved.

According to the report, the EU wanted to keep the weapons project secret until after scheduled elections, including in Germany, but Baerbock revealed the information after U.S. officials made their demands of European officials.

"European officials are working on a major new package to boost defense spending and support Kyiv as President Donald Trump pushes for a swift end to the war in Ukraine... The spending plans will not be announced until after Germany's elections on Feb. 23 to avoid controversy ahead of the vote, according to officials briefed on the plans," the report said.

Baerbock promised to invest more money in weapons and military equipment, and said peace in Ukraine would come only through force. "This requires strong and long-term security guarantees for Ukraine, a strong NATO and progress in the negotiations on Ukraine's accession to the European Union. As Europeans, as Germans, we stand firmly by Ukraine's side - with military, humanitarian and financial support... As Europeans, we will bear greater responsibility for our own security," she said.

"We need new investments commensurate with the historic milestone we are facing. No more, but no less," Baerbock added.