The European Union (EU) aims to convince Canada and the United Kingdomto increase financial support for Ukraine to cover a projected €70 billion deficit by 2027, according to thePolitico portal,based on reports from European officials and diplomats. The initiative comes amid the growing financial needs of Kyiv and the uncertainty surrounding the continuity of US support.
In the case of Canada, Brussels seeks to involve the country in a lending program ofUS$ 100 billion earmarked for Ukraine, according to a draft statement for the EU-Canada summit, scheduled for October 29-30 in Montreal. The amount Ottawa should contribute and the conditions that would be established have not yet been defined.
The EU has committed to providing a €90 billion loan to Ukraine for 2026 and 2027, an amount that is expected to cover approximately two-thirds of the country's financial needs during the period. Brussels had hoped that external partners, such as Canada, Japan, South Korea, Australia, and Norway, would contribute an additional €45 billion, but some of the funds have not yet been confirmed or disbursed.
According to the President of the European Commission,Ursula von der Leyen,The EU and its member states are responsible for 80% of the external aid allocated to Ukraine.We urgently need other partners to intensify their efforts, he stated. The President of the European Council, António Costa, also argued that allies should expand financial support to Kyiv.
Ukraine's funding needs have increased in the face of the conflict's scope, the associated costs of the war betweenthe United States, Israel, and Iran,and the uncertainties surrounding Washington's policy regarding the conflict.
The United Kingdom and Canada have already announced significant contributions. London claims to have committed £25 billion to Ukraine, while Ottawa promised the equivalent of €5.4 billion in military assistance and €8.2 billion in direct financial support. In a statement toPolitico, a spokesperson for the Canadian government reiterated that the country maintains its support for Kiev.
The EU also intends to discuss Ukrainian funding during the summit with the United Kingdom, scheduled for November 20. According to European authorities interviewed by the portal, Brussels does not plan to formally link the expansion of aid to trade or defense concessions, although the issue is likely to influence negotiations with the two countries.
In addition to Canada and the United Kingdom, the European Union has sought support from other international partners, including at meetings of the International Monetary Fund (IMF), the G7, the G20, and with countries in the Gulf Cooperation Council.
