EU says Ukraine will need over €70bn in 2026

Ukraine will require more than €70 billion in additional financial support in 2026 to sustain its defenses and keep its government functioning as Russia’s war continues, the European Commission said Monday. 

The estimate, based on IMF projections assuming the war ends next year, was shared with EU member states as they debate whether to use frozen Russian central bank assets to fund a major new loan for Kyiv. 

According to the commission, Ukraine can cover only half of its military needs for 2025, leaving allies to provide €52 billion in defense aid and another €20 billion in macro-financial support.

The EU has proposed generating a €140 billion “reparations loan” using profits from frozen Russian assets, but Belgium—where most of the assets are held—has expressed legal concerns. 

Two fallback options include EU-backed grants or joint borrowing, though officials warn these would be costlier. Commission President Ursula von der Leyen urged swift agreement, calling frozen asset use the most effective solution. 

EU leaders are expected to revisit the issue in December, with von der Leyen holding recent talks with Belgian Prime Minister Bart De Wever to ease hesitations.