The funds will be allocated for military equipment and ammunition under NATO's Prioritised Ukraine Requirements List (PURL), said Finland, Denmark, Estonia, Iceland, Latvia, Lithuania, Norway and Sweden in a joint statement.
The mechanism enabling the purchase of US stockpiles was launched by US President Donald Trump and NATO Secretary General Mark Rutte in July.
"This joint pledge to contribute to the PURL initiative will further strengthen the commitment of the Nordic and Baltic countries to supporting Ukraine," said Finland's Defence Minister Antti Hakkanen.
"It is crucial that Ukraine receives critical defence materiel quickly," he added.
"Russia's war of aggression is a long-term threat to European security, the transatlantic community and the rules-based international order," said the joint statement.
"We will not allow it to succeed."
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