EU leaders to discuss 2027 money for Ukraine, next EU budget on November 26-27

EU Leaders to Tackle 2027 Ukraine Funding Needs and Budget Planning in November

EU Summit to Address Ukraine's Financial Gap and Future Budget

BRUSSELS, Oct 21 (Reuters) - European leaders will seek to agree on how to finance Ukraine's €70 billion unmet needs in 2027 at a special summit on November 26 and 27 where they will also discuss the EU's next long-term budget, an official from the bloc involved in preparations said.

Ukraine's Ongoing Financial Needs

Ukraine, which has fought a Russian invasion since 2022, needs clarity on how to cover its financing gap for next year. 

EU Budget Planning and Political Considerations

EU governments, meanwhile, need to agree on the bloc's 2028-2034 budget this year before campaigns for elections next year in France, Italy, Poland, Greece, Estonia, Finland and Slovakia politicise the issue.

Current Funding Status for Ukraine

Ukraine's 2026 funding is already covered, with some €31 billion from the EU still awaiting disbursement this year as soon as Kyiv votes through agreed reforms. The money comes from a total of €45 billion that the EU has for Ukraine this year, €14 billion of which has already been disbursed.

Future Funding Challenges

There is another €45 billion ($50 billion) from the EU for Ukraine for 2027, but Ukraine's needs will be much higher because the war with Russia is dragging on. The 27-nation EU had been counting on non-members such as Norway, Switzerland, Canada, Japan and Britain to contribute a total of yet another €45 billion spread over 2026 and 2027. 

Unmet Funding and Potential Solutions

But EU officials say not all of that money has materialised and with Ukraine's funding gap for 2027 now estimated at around €70 billion despite the planned EU contribution, EU countries will have to agree on some new form of financing, possibly another loan.

(Reporting by Jan Strupczewski; Editing by Andrew Cawthorne and Nia Williams)