European Union leaders are preparing to address Ukraine’s growing financial needs, with a special summit scheduled for November 26 and 27 to discuss how to cover an estimated €70 billion funding shortfall in 2027.
The meeting will also focus on the EU’s next long-term budget for 2028 to 2034, as member states face pressure to reach an agreement before upcoming national elections complicate negotiations.
According to an EU official involved in preparations, Ukraine needs a clear plan for financing its government and other needs next year as its war with Russia continues.
Although Ukraine’s funding for 2026 has been arranged, questions remain over how the country will meet its financial requirements in 2027.
The EU has allocated €45 billion for Ukraine this year, with €14 billion already disbursed. A further €31 billion is awaiting release, subject to Kyiv implementing agreed reforms.
For 2027, the bloc has another €45 billion planned for Ukraine. However, the prolonged war has pushed the country’s estimated financial needs well beyond that amount, leaving a gap of approximately €70 billion despite the planned EU contribution.
The 27-member bloc had expected countries outside the EU, including Norway, Switzerland, Canada, Japan and the United Kingdom, to provide an additional €45 billion combined across 2026 and 2027.
However, EU officials say not all the expected contributions have materialised, forcing European governments to consider alternative ways to bridge the shortfall.
One possibility under consideration is another loan to help Ukraine meet its financial obligations while the war continues.
The November summit will also address the EU’s proposed budget for 2028–2034. Governments are under pressure to reach an agreement this year, ahead of elections scheduled for next year in France, Italy, Poland, Greece, Estonia, Finland and Slovakia.
The upcoming elections could make negotiations over the bloc’s spending priorities more politically sensitive, increasing pressure on leaders to settle the budget question early.
With Ukraine facing substantial financial needs and some expected international contributions yet to materialise, the summit is expected to play an important role in determining how the country will be supported in 2027.
