WASHINGTON

Two senior Senate Republicans introduced legislation Wednesday that would allow US allies to finance the transfer of American weapons to Ukraine, according to The Wall Street Journal.

It would advance a key component of President Donald Trump’s effort to shift the financial burden to Europe of the war with Russia.

The “PEACE Act,” proposed by Senate Armed Services chair Roger Wicker and Foreign Relations chair Jim Risch, would create a fund in the US Treasury to receive allied contributions.

The Defense Department could then use the funds to pay contractors to replenish US stockpiles after sending arms to Ukraine.

Republican aides told the newspaper the plan could generate $5 - 8 billion annually, with Germany and the UK seen as likely donors.

“This is the fastest way to arm Ukraine as well as to minimize the strategic and military threat posed by Russia to the U.S. and NATO,” Wicker was quoted. Risch added that the move would “send a clear message to Putin.”

The White House has reportedly responded positively to the idea, which Republican lawmakers hope to pass later this year as part of the annual defense bill.

The proposal follows Trump’s announcement last month during a White House meeting with NATO Secretary-General Mark Rutte, where he said the US would supply Ukraine with weapons but European allies would cover the full cost.