The European Union plans to cover around two-thirds of Ukraine’s additional financial needs for 2027 — €46.7 billion out of the €70 billion required. This was announced on 23 October by the President of the European Council, António Costa, in an interview with *Rapporteur*. A final decision on the funding could be taken as early as November. However, the approval of the aid will not necessarily mean that it will be transferred immediately to the Ukrainian budget.
- The EU plans to provide €46.7 billion of the additional €70 billion required by Ukraine in 2027.
- The President of the European Council, António Costa, expects a decision on funding in November.
- The issue will be discussed at the EU summit on 26–27 November.
- The remaining funds are to be raised from Ukraine’s international partners.
The European Union is prepared to cover two-thirds of Ukraine’s financial needs
According to António Coşti, The European Union adheres to the principle whereby it covers approximately two-thirds of Ukraine’s financial needs, whilst the remainder is to be covered by international partners.
«We usually cover two-thirds of Ukraine’s financial needs,» said the President of the European Council.
He pointed out that, at the last summit, EU leaders had agreed to find a solution to meet Kyiv’s additional needs and had tasked the European Commission with drawing up specific proposals.
«The commission is working, and I expect that we will be able to reach a decision in November,» said Koshta.
Two-thirds of €70 billion amount to approximately €46.7 billion. The remaining €23.3 billion is expected to come from other international partners, although the final allocation of the funding has not yet been agreed.
Why Ukraine needs an additional €70 billion in 2027
During the EU summit on 15–16 October, the President Volodymyr Zelenskyy informed European leaders of the need for additional funding for 2027.
The shortfall in question amounts to approximately €70 billion, which remains even after taking into account previously planned aid from the European Union and individual commitments from international partners. Additional funds are required to meet Ukraine’s budgetary and defence needs in the face of ongoing Russian aggression.
The European Union has already made provision for Ukraine a €90 billion loan programme for 2026–2027. Of this amount, €45 billion is earmarked for next year.
However, the current funding is not sufficient to cover all the state’s needs. That is why Brussels is working on a new support mechanism to complement the existing programmes.
When might Ukraine receive funding from the EU?
The issue of additional funding will be raised at an extraordinary European Council summit scheduled for 26–27 November.
António Costa hopes that it is during this meeting that the Member States will be able to agree on a mechanism for providing aid.
If no agreement can be reached, the talks will continue at the next summit on 17–18 December.
The European Commission is currently drawing up options for raising the necessary funds. A new joint EU loan is being considered as one of the possible mechanisms.
No final decision has yet been reached on the sources of funding, the terms of the assistance or the payment schedule. The statement refers to an expected political decision in November, not to the receipt of €46.7 billion in that same month.
From whom does the EU expect further support for Ukraine?
European partners are calling on other countries to increase their financial and military aid to Ukraine.
In particular, Brussels is counting on the participation of the United Kingdom, Canada and Norway. Japan and Switzerland are also involved in the discussions on financial support.
The EU had previously expected that international partners outside the Union would provide a significant proportion of the support for Ukraine during 2026–2027. However, not all of the planned contributions have yet been confirmed or actually provided.
According to the European Commission’s assessment, addressing Ukraine’s fiscal deficit will require joint efforts by the EU and other partners.
The final amount of the new European funding and its terms are to be determined following the conclusion of negotiations between the Member States.
