The EU has reacted skeptically to Ukraine's funding needs for 2027 — Le Monde
Ukraine is short about 69 billion euros for 2027, in addition to the aid that has already been pledged. At the same time, the European Union has reacted with skepticism to Kyiv’s new request for additional funding.
Donor Meeting in Brussels
“It feels like we’re watering the desert,” one European diplomat said with disappointment.
On Tuesday, September 29, Ukraine’s main donors—the EU, the G7 countries, Norway, and South Korea—gathered at the European Commission headquarters in Brussels. Representatives of the International Monetary Fund also participated in the meeting. The purpose of the meeting was to assess the needs of Kyiv, which, despite already planned aid, is asking for more.
How Much Funding Is Needed
President Volodymyr Zelenskyy has been speaking about a shortage of funds since August—at a meeting of the “coalition of the willing” in Kyiv on August 24, he cited a “shortfall” of $27 billion for the 2026 budget alone.
For 2027, according to the Ministry of Finance, Ukraine needs to secure approximately 69 billion euros: 40 billion for military expenditures and 29 billion for the operation of government services. These calculations already factor in bilateral aid and a joint EU loan of 90 billion euros, of which 30 billion is to go toward military procurement each year and 15 billion toward the budget.
Officials in Kyiv attribute the increase in funding needs to intensified Russian shelling, which is damaging the economy and reducing tax revenues.
Brussels’ Position
“Since February 2022, the EU and its member states have provided Ukraine and Ukrainians with nearly 225 billion euros in aid,” European Commissioner for Enlargement Marta Kos reminded donors.
Of the 90 billion euro loan, Brussels had already disbursed 15 billion by mid-September for the purchase of weapons. So far, the EU has not made a decision.
“We are waiting for a breakdown of the needs and will see how we can address them. Discussions are expected at the Council of Finance Ministers on October 9 or even at the European Council in mid-October,” a European diplomat told the publication.
His colleagues point out that Ukraine has not yet received the 15 billion euros earmarked for budgetary needs—this money will be disbursed only after reforms, particularly anti-corruption reforms, are implemented.
“Our message to our Ukrainian friends is clear: implement the agreed-upon reforms so that we can continue to support you financially,” Kos emphasized earlier.
What Options Are Being Considered
The request came at a difficult time. EU countries are negotiating the next multiannual budget, which allocates 100 billion euros to support Ukraine from 2028 to 2034. Germany and its allies want to cut the overall budget by several hundred billion, so announcing new aid to Kyiv is politically difficult.
The European Commission proposes first utilizing all available instruments. In mid-September, European Commission President Ursula von der Leyen proposed using the remaining funds from the 150 billion euro loan that the EU took out to rearm Europe. About 20 billion of this amount has not yet been allocated and could be used to purchase drones and interceptors for Ukraine. Member states would have to repay this money themselves, which is currently unacceptable to Berlin and Paris.
A faster option would be to use part of the 6.6 billion euro European Peace Fund. Hungary had long blocked this with its veto, but following Viktor Orbán’s defeat in the April elections, this option is once again on the table. Another option involves long-term disbursements from the 90-billion-euro loan scheduled for 2027—though this would merely postpone the problem.
Frozen Russian Assets
There are still 210 billion euros in frozen Russian state assets in Europe, of which 180 billion are held in the Belgian depository Euroclear. Kyiv has been calling for their confiscation for several months now. Berlin and its allies are once again proposing this option, but Belgium has not changed its position, and the European Commission has yet to find a way to protect the kingdom from lawsuits.
“Even if we use the frozen Russian assets, it will be a temporary solution. Europe needs a sustainable, permanent solution,” says Fabian Zuleg, director of the European Policy Centre. According to him, Ukraine’s financial needs will be enormous both during the war and afterward, when reconstruction begins.
Le Monde reports on this.
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