The European Union could provide approximately €46.7 billion to cover two-thirds of Ukraine’s additional €70 billion funding shortfall for 2027, European Council President António Costa said on Friday. Speaking to Brussels-based website Rapporteur, Costa said the European Commission was preparing financing proposals, with a decision potentially coming in November. Ukrainian President Volodymyr Zelenskyy outlined the shortfall at last week’s EU summit, seeking funding beyond the €90 billion loan agreed in December 2025. Another loan financed through joint EU borrowing is emerging as a possible solution, although Hungary, Slovakia, Czechia and Bulgaria have indicated they would not contribute. Belgium also opposes using frozen Russian assets held at Euroclear, citing legal and financial risks, to raise funds for Ukraine. Poland and three other EU countries have pushed to explore using those assets. Brussels is also seeking contributions from non-EU partners, including Norway, Britain and Canada, ahead of a November 26–27 summit.
