A joint statement signed by the European Commission and Ukraine announced that both parties have found the necessary means to meet Ukraine's budgetary and Defense requirements for 2026. The need to ensure these resources are made available within the stipulated timeframe was also reaffirmed.
In this document, the entities declared that for the year 2027, they reached an agreement to accelerate the allocation of 45 billion euros, utilizing the scope of the 90 billion euro loan granted by the European Union (EU) to Ukraine. Additionally, it was decided to begin work to map any supplementary budgetary and Defense needs.
The parties referred to other countries not part of the EU but which have committed to supporting Ukraine, such as the United Kingdom, Japan, and Canada. Both agreed that these external partners must honor their financial commitments and increase their efforts, considering the major challenges Kyiv faces.
In a message shared on social media after the release of this communiqué, Ukrainian President Volodymyr Zelensky commented that the dialogue between Kyiv and Brussels resulted in positive outcomes regarding Ukraine's financial and Defense needs for the years 2026 and 2027.
Zelensky stated that there was consensus on the format, timeline, and measures necessary to ensure the full financing of these demands. He added that from now on, there will be monthly coordination of work and actions, ensuring constant collaboration.
This announcement comes after Volodymyr Zelensky declared in August that Ukraine was facing a budget deficit of approximately 27 billion dollars (equivalent to about 23 billion euros), requesting the EU to advance payments on the 90 billion euro loan to help mitigate the situation.
Ukraine, which substantially depends on financial assistance from its Western allies to cope with the Russian invasion, is experiencing an economic downturn. The country has been involved for several months in an escalation of long-range attacks from Moscow, forcing the early use of funds planned for the remainder of 2026.
The Russian attacks have caused severe damage to the metallurgy and agricultural export sectors, which are vital to the Ukrainian economy. According to Roksolana Pidlassa, president of the Ukrainian parliament's Budget Committee, every day of war costs Ukraine 190 million dollars (approximately 165 million euros), and the country does not have the capacity to absorb these costs alone.
The Russian military offensive on Ukrainian territory, which began on February 24, 2022, plunged Europe into a security crisis classified as the most serious since the Second World War (1939-1945).