At the special summit to be held on November 26–27, European leaders will try to agree on a mechanism to finance Ukraine’s needs for 2027 amounting to €70 billion, which currently has no funding sources secured. This was reported by an EU representative involved in preparations for the event. The summit will also discuss the European Union’s next long-term budget, UNN reports, citing Reuters.
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The article states that Ukraine, which has been resisting Russia’s invasion since 2022, needs certainty about how to cover its funding shortfall for the coming year.
Meanwhile, EU governments must agree on the bloc’s budget for 2028–2034 by the end of the current year — before election campaigns unfolding next year in France, Italy, Poland, Greece, Estonia, Finland, and Slovakia politicize the issue.
Ukraine’s financing for 2026 has already been secured: around €31 billion from the EU is expected to be disbursed this year — as soon as Kyiv adopts the agreed reforms. These funds are part of the total €45 billion earmarked by the EU for Ukraine for the current year (€14 billion of which has already been disbursed).
For 2027, the EU has also earmarked €45 billion ($50 billion) for Ukraine; however, Ukraine’s needs will be significantly higher as the war with Russia drags on. EU countries had expected non-EU countries — including Norway, Switzerland, Canada, Japan, and the United Kingdom — to provide an additional €45 billion, distributed across 2026 and 2027.
However, according to EU officials, not all of these funds have been secured. As Ukraine’s funding shortfall for 2027 is currently estimated at approximately €70 billion (even taking the EU’s planned contribution into account), EU countries will have to agree on a new form of financing — possibly another loan.