Ukraine will face a funding shortfall of approximately €70 billion to cover its financial needs in 2027, according to European Commission President Ursula von der Leyen. Following talks among European Union leaders in Brussels, von der Leyen stressed the urgency of closing this gap. Ukrainian President Volodymyr Zelenskyy has called for these funds to be used for defense, weapons procurement, and ensuring the country’s resilience as Russia’s military aggression continues.
European leaders have agreed that Ukraine’s additional financial needs must be addressed. The European Commission has been tasked with preparing a concrete proposal for how to secure the missing funds.
Zelenskyy calls for an extra €70 billion
At the EU summit, Volodymyr Zelenskyy emphasized that ongoing war will entail significant costs for Ukraine in the coming year. He estimated that the war in 2027 will require about €155 billion.
The Ukrainian president has therefore urged European partners to help secure an additional €70 billion. The money would be used to strengthen defense capabilities, purchase military equipment, and enable the country to cope with the consequences of war.
Kyiv must manage not only defense spending, but also deal with damaged infrastructure, energy outages, and the need to finance core state functions.
EU has already approved €90 billion support
The EU has a €90 billion financial loan package prepared for Ukraine for 2026 and 2027. This is intended to cover about two-thirds of Ukraine’s military and civilian requirements for that period.
However, new estimates show that this funding may not be enough to meet all expenses generated by the ongoing conflict. According to von der Leyen, there will be an additional gap of €70 billion to fill.
The European Commission president added that part of these supplementary funds should come from the EU’s international partners. The precise distribution of costs among different donors has yet to be determined.
More on the broader context of European support for Ukraine can be found in the article Ukraine Eligible for EU and NATO Membership.
EU leaders demand a concrete financing plan
After the meeting in Brussels, President of the European Council António Costa announced that member states have asked the European Commission to prepare a specific plan to cover Ukraine’s additional financial needs.
One option is another joint loan. Estonian Prime Minister Kristen Michal indicated that the EU will likely need to provide new credit to Ukraine to finance both its defense and the functioning of the state.
There are also discussions about possibly using frozen Russian assets. However, this remains politically and legally complex, with some EU countries warning of potential legal risks.
The final solution will depend on the European Commission’s proposal and subsequent negotiations among member states.
Ukraine needs funds for defense against Russian attacks
Kyiv’s financial demands are tied to the continuing fighting and regular Russian attacks on Ukrainian cities and infrastructure. The country must ensure supplies of ammunition, air defense systems, military equipment, and repairs to damaged facilities.
At the same time, Ukraine has to finance essential public services and the operation of the state, even as the war puts a heavy strain on the economy. A lack of funding could complicate planning for defense expenditures and the recovery of affected areas.
The article Ukraine Running Out of Patriot Missiles, Russia Intensifies Attacks also discusses the challenges of delivering military assistance.
Who will cover the missing billions remains unresolved
The European Union agrees on the need to resolve Ukraine’s additional financing requirements, but a specific mechanism still needs to be agreed upon. Options include a combination of European support, contributions from other partners, and new financial instruments.
The key will be how quickly a proposal can be prepared and support secured from member states. Ukraine needs its finances planned in advance in order to continue its defense and maintain basic state functioning in 2027.
READ ALSO
- NATO Changes Its Strategy and Strengthens Defense
This article was translated from the original Slovak version with the assistance of AI.
