Brussels seeks €70bn for Kyiv by year-end

Deadlines for securing funding

The European Commission has set a specific deadline for resolving the issue of financial support for Ukraine. According to information published by Politico, the Commission must find a solution by the end of December. This deadline was agreed upon during a meeting of EU heads of state in Brussels last week, where potential sources of revenue for Kyiv were discussed.

Scale of required support

The issue concerns covering a deficit of €70 billion. This amount remained after accounting for the previously agreed €90 billion loan. A European Commission document cited by Politico details the structure of these costs: €40 billion will be directed to military needs, and another €30 billion to meet the state's general budgetary requirements.

Potential sources of funds and constraints

In Brussels, there are hopes to reduce the financial burden on the EU budget by attracting additional aid from third countries. Specifically, further negotiations with Canada, Japan, the United Kingdom, and the United States of America are planned.

Meanwhile, the option of using frozen Russian assets to finance Ukraine will likely not be considered. The main obstacle to this decision is the categorical position of the Belgian government.

Prospects for decision-making

According to Politico, the tension in negotiations over determining funding sources may lead to the final decision being postponed until next year.