EU seeks €70bn to cover Ukraine's budget deficit in 2027

Mandate to seek financing

Leaders of European Union countries have officially tasked the European Commission with identifying mechanisms to cover Ukraine's budget deficit, which will amount to €70bn in 2027. This information was announced by European Council President António Costa during meetings on the sidelines of the EU summit held in Brussels.

Stance on sanctions and negotiations

Commenting on the current situation, António Costa emphasised the EU's unwavering course in supporting Kyiv. In his words, the present moment is not appropriate for easing the sanctions pressure on Russia. On the contrary, the European Council leader called for strengthening both financial support and the sanctions regime.

«Підтримка України з боку Європейського Союзу залишається такою ж сильною, як і раніше. Зараз не час послаблювати санкції проти Росії. Зараз настав час посилити нашу підтримку, посилити наш тиск. І це необхідно, щоб змусити Росію погодитися на реальне припинення вогню, змусити Росію сісти за стіл переговорів і зупинити цю війну. Зараз час для миру. Зараз не час продовжувати війну» ("Support for Ukraine by the European Union remains as strong as ever. Now is not the time to weaken sanctions against Russia. Now is the time to strengthen our support, to strengthen our pressure. And this is necessary to force Russia to agree to a real ceasefire, to force Russia to sit at the negotiating table and stop this war. Now is the time for peace. Now is not the time to continue the war"), said European Council President António Costa.

Financial needs and potential funding sources

Earlier, European Commission President Ursula von der Leyen confirmed that, due to the ongoing war, Ukraine requires additional financial support. Although the EU has already approved a €90bn loan programme, of which €45bn is allocated for 2027, these resources proved insufficient to fully cover the needs. Frozen Russian assets may likely be used for this purpose.