European leaders will try to agree on financing Ukraine's needs for 2027, which currently lack about 70 billion euros. The issue will be among the main topics of the extraordinary EU summit scheduled for November 26-27, Reuters reports, citing an EU official involved in the preparation of the forum, News.bg reports.
The next long-term EU budget will also be discussed at the meeting. Kiev needs clarity on how to cover the financial shortfall next year as the war with Russia continues.
Member state governments must agree on the EU budget for 2028-2034 this year. The aim is to do so before next year’s election campaigns in France, Italy, Poland, Greece, Estonia, Finland and Slovakia, which could turn budget issues into a subject of domestic political debate.
Funding for Ukraine in 2026 has already been secured. Of the total €45 billion the EU has earmarked for the country this year, €14 billion has already been disbursed. Another €31 billion is expected to be transferred by the end of the year, once Kiev implements agreed reforms.
For 2027, the EU has earmarked an additional €45 billion for Ukraine. However, the country's actual needs are expected to be significantly higher due to the ongoing conflict with Russia.
The 27-nation bloc has also been counting on additional support from non-EU countries, including Norway, Switzerland, Canada, Japan and the UK. Their expected contribution amounts to a total of 45 billion euros for 2026 and 2027.
However, EU officials warn that not all of the planned external funding has been secured. Thus, the shortfall for Ukraine in 2027 is estimated at around 70 billion euros even after taking into account the planned contribution of the union itself.
In these circumstances, member states will have to reach an agreement on a new financing mechanism. Among the options being discussed is the granting of a new loan.