European leaders will seek to agree on how to finance Ukraine’s €70 billion unmet needs in 2027 at a special summit on November 26 and 27 where they will also discuss the EU’s next long-term budget, an official from the bloc involved in preparations said.
– Ukraine, which has fought a Russian invasion since 2022, needs clarity on how to cover its financing gap for next year.
– EU governments, meanwhile, need to agree on the bloc’s 2028-2034 budget this year before campaigns for elections next year in France, Italy, Poland, Greece, Estonia, Finland and Slovakia politicise the issue.
– Ukraine’s 2026 funding is already covered, with some €31 billion from the EU still awaiting disbursement this year as soon as Kyiv votes through agreed reforms. The money comes from a total of €45 billion that the EU has for Ukraine this year, €14 billion of which has already been disbursed.
– There is another €45 billion ($50 billion) from the EU for Ukraine for 2027, but Ukraine’s needs will be much higher because the war with Russia is dragging on. The 27-nation EU had been counting on non-members such as Norway, Switzerland, Canada, Japan and Britain to contribute a total of yet another €45 billion spread over 2026 and 2027.
– But EU officials say not all of that money has materialised and with Ukraine’s funding gap for 2027 now estimated at around €70 billion despite the planned EU contribution, EU countries will have to agree on some new form of financing, possibly another loan.