Ukraine's partners will consider President Volodymyr Zelensky's request for an additional 70 billion euros in 2027, French President Emmanuel Macron said after a meeting of European Union leaders in Brussels.
“We will indeed consider the issue of financing - financing that will be provided by the G7 countries, our partners and, of course, the European Union“, Macron said.
Zelensky requested the funds because of an expected shortfall in the Ukrainian budget and defense next year. According to Le Monde, Kiev already has a commitment of around 45 billion euros from the agreed European loan, but believes that approximately 70 billion euros will be needed.
The European Council has instructed the European Commission to study possible mechanisms for securing additional financing. Among the options discussed are the use of frozen Russian assets and a new European loan. There is still no decision on a specific source of funds.
The European Union has already agreed a loan of 90 billion euros for Ukraine for the period 2026-2027. The new request is related to Kiev's additional needs, which are not covered by previous commitments. Estonian Prime Minister Kristen Michal told Reuters that the EU would likely have to provide a new loan, with the aim of finding a solution before the end of 2026.
G7 allocates 260 million euros for Chernobyl
At a meeting of G7 finance ministers in Bangkok, it was announced that the group would mobilize 260 million euros for the urgent repair of the new protective facility above the fourth reactor of the Chernobyl nuclear power plant.
The facility, known as the New Safe Confinement, prevents the spread of radioactive materials and allows the safe dismantling of the old sarcophagus built after the accident in 1986. It was seriously damaged in a strike by a Russian drone on February 14, 2025.
According to preliminary estimates, the full restoration will cost at least 500 million euros. The European Bank for Reconstruction and Development has warned that repairs must be completed by 2030 to limit the risk of corrosion of the steel arch and maintain its design life of 100 years.
French Finance Minister Roland Lescuer announced that a donors' conference would be held in Paris on November 9. The aim would be to attract more funds to cover the remaining shortfall.
Macron urged support in the winter
After the meeting of European leaders, Macron said that Russia was increasing pressure while hostilities continued and that Ukraine must receive the necessary means to protect the population and critical infrastructure.
The European Council reaffirmed its support for Kiev but did not approve a specific new package of 70 billion euros. The next step is for the European Commission to present options for raising the funds while member states continue to discuss the fate of frozen Russian assets and the terms of a new loan.
Sources: lemonde.fr, marketscreener.com, devdiscourse.com