EU leaders task European Commission with finding €70 billion for Ukraine in 2027

The European Council on 16 October tasked the European Commission with preparing proposals to cover Ukraine's €70 billion budget shortfall for 2027.

Source: a European Pravda correspondent in Brussels, citing a statement by European Council President António Costa following this week's European Council meeting

Details: The European Commission must prepare proposals on where the EU can find the money to cover the gap in Ukraine's funding needs for 2027, as outlined by Ukrainian President Volodymyr Zelenskyy.

"We asked the Commission to come forward with a proposal to address Ukraine's additional financing needs for 2027," Costa said.

He did not provide further details about plans for funding for Ukraine next year.

European Pravda spoke to a senior EU official familiar with the discussion at the 16 October meeting among EU leaders about funding for Ukraine which preceded the decision, and learned more about the plans.

According to the official, the proposal is still at an early stage, so no specific date has been set for its preparation.

"It is too early to talk about dates and timelines. Our counterparts at the European Commission now need to wake up, catch up on the news and realise what they need to do next," the official told European Pravda.

The official noted that it was "not necessarily the case that this proposal needs to be approved by the end of the year".

The idea is that efforts to find additional funding could continue until the entire €90 billion loan has been exhausted, including the €45 billion allocated for 2027.

Asked by European Pravda whether the European Commission's forthcoming proposal might recommend using Russian assets frozen in the EU to fund Ukraine, the official said there was no answer to that question yet.

Previously: The European Commission acknowledged that Ukraine's budget really does face a €70 billion shortfall in 2027, which international partners will have to cover.

European Pravda's sources in the EU explained that Ukraine's stated need for €70 billion in international funding comes on top of the money earmarked for 2027 under the EU's €90 billion loan.

The European Council's decision followed Zelenskyy's address to EU member state leaders on 16 October, in which he said Ukraine would need at least €70 billion in additional financial assistance from international partners in 2027.

Background: EU and Ukrainian representatives concluded during a joint meeting on 1 October that Ukraine currently does not require additional international funding in 2026.

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