Money for Ukraine in question: what two solutions are being discussed in the European Union
Фото: ОП
The European Union is looking for ways to attract an additional 70 billion euros for Ukraine in 2027. The previously agreed financial support is not enough, so Brussels is considering new borrowing and the use of frozen Russian assets.
Euronews reports this.
President Volodymyr Zelenskyy said during the EU summit that Ukraine’s war spending next year will amount to 155 billion euros. At least another 70 billion euros must be found for defense, weapons procurement, and maintaining the country’s stability.
After that, EU leaders instructed the European Commission to work out possible sources of funding.
The European Union previously agreed to a €90 billion loan for Ukraine for 2026–2027. It was supposed to cover two-thirds of the country’s financial and military needs, but these calculations were based on the assumption that the war would end in 2026.
The EU plans to provide Ukraine with €45 billion under this loan in 2027. However, due to the continuation of the war and increased Russian attacks, the country needs another €70 billion from the EU and other international partners.
According to Euronews, Brussels is considering two main options for raising additional funds:
- New joint borrowings. The European Commission can expand the current credit mechanism, but due to the increase in the cost of borrowing, it has become more expensive to raise money.
- Russian assets frozen. About €210 billion of assets of the Central Bank of Russia have been blocked in the EU, of which €185 billion are held in the Belgian depository Euroclear.
The use of Russian assets is hindered by Belgium’s position. Its Prime Minister, Bart de Wever, considers such a move to be a de facto confiscation and demands guarantees from other EU states to cover possible legal and financial risks.
It is not yet known how much of the additional €70 billion will be provided by the European Union itself. Brussels is counting on joint financing with other partners, including the United Kingdom, Norway, Canada and Japan.
As a reminder, on October 16, Zelensky called on EU leaders to find an additional 70 billion euros for Ukraine. According to him, these funds will help increase the production of Ukrainian drones.
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