European Commission to propose additional funding for Ukraine in 2027

European Union leaders have tasked the European Commission with preparing concrete proposals to cover Ukraine's additional financial needs in 2027, estimated at €70 billion, according to Report's European bureau.

European Council President António Costa said at a joint press conference with European Commission President Ursula von der Leyen following the EU summit in Brussels that the decision was made after EU leaders heard from Ukrainian President Volodymyr Zelenskyy.

"We immediately agreed that Ukraine"s additional financial needs for 2027 must be met and asked the European Commission to submit a concrete proposal for discussion and approval," Costa said.

European Commission President Ursula von der Leyen explained that the previously approved €90 billion loan to support Ukraine would cover two-thirds of the country's required budgetary and defense expenditure. Of this amount, €45 billion is planned for allocation in 2026, with the other half to follow in 2027.

According to her, Ukraine's financing needs for 2026 have already been covered, but a €70 billion shortfall remains for 2027.

"It is now clear that there is a €70 billion shortfall that needs to be covered," von der Leyen said, noting that the situation in 2027 could not have been anticipated when the €90 billion loan was being planned.

She added that some of the required funding would have to come from Ukraine"s international partners.

Costa also linked the need for continued support for Kyiv to the security of the European Union itself, citing an intensification of Russian hybrid campaigns in Europe. He said discussions on Ukraine at the summit were closely linked to European defense and security issues, including hybrid threats and attacks in the Black Sea.