Ukraine needs to secure around 69 billion euros in external financing for 2027, Finance Minister Serhiy Marchenko said during a meeting with international donors in Brussels. Of this amount, 40 billion euros are needed for military spending and 29 billion euros - to maintain state services, writes “Le Monde“.
“We have found ways to reduce this amount”, said Marchenko, but stressed that the needs for 2027 remain significant. Ukraine has already warned of a $27 billion budget shortfall for 2026, with Kiev linking the worsening financial situation to Russian strikes, reduced tax revenues and a drop in exports.
The agreed aid does not cover all needs
The European Union has agreed a €90 billion loan for Ukraine for 2026 and 2027. The package includes €60 billion for defense needs and €30 billion for budget support. By mid-September, Brussels had already allocated €15 billion for military equipment purchases.
However, the new request for additional funds is causing tension in European capitals. “We have the feeling that we are watering a desert“, a European diplomat told “Le Monde“. At the same time, EU Enlargement Commissioner Marta Koss told donors that the EU and member states have provided nearly 225 billion euros in aid to Ukraine and Ukrainians since February 2022.
Some of the already planned budget funding remains conditional on reforms. According to Koss, Ukraine must fulfill its commitments, including anti-corruption measures, in order to continue receiving the funds. Kiev, for its part, insists that increasing taxes at this time would further burden local businesses.
Brussels discusses next options
The topic of new funding is expected to be discussed on October 9 by EU finance ministers, and then at a meeting of the European Council in mid-October. Options under consideration include earlier disbursement of funds, use of available European instruments and a new debate on frozen Russian assets.
Some 210 billion euros of Russian state assets are blocked in Europe, much of which is stored in the Belgian depository “Euroclear“. Using them to support Ukraine remains controversial due to legal and financial risks.
The pressure on European governments also comes against the backdrop of negotiations on the EU's multiannual budget for 2028-2034, which includes a 100 billion euro package for Ukraine. At the same time, Germany and other countries are pushing for a limit on overall spending, and elections are due in 2027 in France, Spain, Poland and Italy, where the issue of financing Kiev is politically sensitive.
Sources: RBC, Le Monde