Kyiv will need far more money next year than anyone expected. The European Commission is now looking for another €45bn to keep the Ukrainian state and its army running in 2027, on top of what the EU has already pledged. Joint EU borrowing is one of the main options.
“We are currently working on those options to be presented later to member states,” Economy Commissioner Valdis Dombrovskis said on arrival at Monday’s meetings of the Eurogroup and the Economic and Financial Affairs Council in Brussels. He said Ukraine needed an additional €70bn, of which the EU would aim to cover roughly two-thirds. Other international partners would need to provide the remainder.
Another loan under consideration
Mr Dombrovskis identified a loan arrangement similar to the existing support package as one of the central options under examination. He described himself as “cautiously optimistic” about finding the additional funding. The Commission has yet to present its options to governments. Monday’s remarks did not announce an agreed loan.
We are currently working on those options to be presented later to member states. — Valdis Dombrovskis, Economy Commissioner
The EU already has a €90bn Ukraine Support Loan covering 2026 and 2027. On 30 October, the Commission proposed making the remaining €45bn available next year. The additional €45bn the Commission is now exploring would come on top of that amount. The existing programme finances defence equipment and helps maintain the Ukrainian state and essential public services.
Frozen Russian assets also remain part of the discussion. Mr Dombrovskis said Ukraine would repay the existing loan when Russia paid reparations, and that the EU reserved the right to use immobilised Russian sovereign assets if Moscow failed to do so. The terms of any additional financing still need to be settled.
