On September 29, representatives from the EU, G7 countries, Norway, South Korea, the IMF, and Ukraine convened in Brussels to review Ukraine’s financial requirements. Finance Minister Serhiy Marchenko stated that by 2027, Ukraine will need approximately €69 billion, with €40 billion earmarked for military purposes and €29 billion for state operations.
According to Le Monde, these calculations take into account the pledged support from partners, including a €90 billion loan from the EU. Since the onset of the full-scale war, the EU and its member states have provided nearly €225 billion to Ukraine.
However, the latest request from Kyiv is reportedly meeting skepticism in Brussels. A European diplomat remarked, “It feels like we are watering a desert,” indicating concerns over the sustainability of continued financial aid.
The situation is further complicated by negotiations surrounding the new EU multiannual budget and upcoming elections in several European countries in 2027, making the ongoing support for Ukraine a politically sensitive issue.
Brussels is expecting more detailed calculations from Kyiv, with discussions potentially continuing at the EU finance ministers’ meeting on October 9 or at the EU summit later this month.
Le Monde suggests potential sources for additional funding, including unused European funds and €210 billion in Russian state assets frozen in Europe, with discussions on their use for Ukraine likely to resume.
Context
- On September 10, Marchenko indicated that Ukraine was on the brink due to a lack of budget funds, stating that the Ministry of Finance would postpone less urgent expenditures while prioritizing security and defense.
- On August 30, Defense Minister Yevhenii Khmara mentioned that one option to cover the deficit could involve part of the EU loan planned for 2027 and attracting assistance from new countries. The New York Times noted that Ukraine’s request for additional funds caught European officials off guard.
