European Union searches for extra 70 billion euros for Ukraine

The European Union is searching for an additional 70 billion euros to support Ukraine's war effort in 2027, Euronews reported on October 20. Euronews, LIGA.net, Interfax-Ukraine, uatv.ua, Цензор.НЕТ, and Laodong.vn all reported that European officials are examining how to cover the 70 billion euro shortfall. [1][2][3][4][5][6]

At a two-day summit, Ukrainian President Volodymyr Zelenskyy informed European Union leaders that the war will cost 155 billion euros next year, according to Euronews. Zelenskyy stated that Ukraine needs at least 70 billion euros more for defence, weapons, and resilience, as escalating Russian attacks have made previous financial plans insufficient. [1]

The European Commission is looking to international partners for support to help address the budget gap, LIGA.net and Interfax-Ukraine reported. However, Цензор.НЕТ noted that a European Commission spokesperson said the executive body does not yet know where it will source the extra funds. [2][3][5]

Russia launched a full-scale invasion of Ukraine in February 2022, escalating a conflict that originally began in February 2014. Meanwhile, rising borrowing costs and ongoing political divisions over frozen Russian assets leave European Union officials with limited option options to raise the funds, Euronews reported. [1][7]