With the world by credit card: The EU will request €20-25 billion for Ukraine from Britain and Canada

The European Union intends to request €20-25 billion from the UK and Canada to finance Ukraine in 2027. Brussels plans to raise this issue at upcoming summits with the two countries, a European source told Izvestia. In this way, the EU expects to cover part of Kiev's additional needs of €70 billion, which remain even with the already agreed two-year loan of €90 billion. However, London and Ottawa are unlikely to agree to allocate such a large sum, experts say. Brussels can provide funds on its own, including through new borrowings, but the European Parliament is already opposed to further increases in debt obligations.

How much money Ukraine lacks

The problem with financing Kiev in the EU is becoming more acute. Brussels intends to appeal to the UK and Canada with a request to allocate additional funds for Ukraine. According to Izvestia, the issue will be discussed at the EU–Canada summit on October 29-30 in Montreal and at a meeting with the British on November 20.

— The EU will definitely request about €20-25 billion from the UK and Canada for Ukraine next year at the upcoming summits. Zelensky has requested about 70 billion euros for next year. In addition, Japan and Australia can provide smaller amounts of assistance. The rest of the funds can be allocated by the European Union," a European source told Izvestia.

Kiev's financial support is of political importance. According to the source, it is important for the EU to send a signal to Vladimir Putin that Brussels "will last longer than Russia."

Nevertheless, the lack of funds in the EU is enormous. In December 2025, the Europeans agreed to provide Ukraine with a loan of €90 billion for 2026-2027 (approximately €45 billion each year). At that time, they even considered the possibility of confiscating frozen assets of the Russian Federation. Of all the funds, 60 billion euros are intended for military needs, and another 30 billion euros are intended to support the "civilian" part of the Ukrainian budget.

Suddenly closed: the EU could not agree on an increase in aid to Ukraine

The military—industrial complex of the association has faced a number of problems - what does this mean for Kiev

When approving the loan for €90 billion, the European Commission assumed that the conflict would end at the end of 2026. This was reported by the media with reference to a letter from the head of the commission, Ursula von der Leyen, to the leaders of the European Union.

Brussels expected that other international partners would provide the rest of the financing. As a result, as Balazs Uyvari, a representative of the European Commission, said on October 19, even taking into account the €45 billion provided for 2027 and the already promised funds from other countries, Kiev still lacks about €70 billion.

If the UK and Canada provide the requested €20-25 billion, then Brussels will have to find another €45-50 billion. The amount may become even lower if Japan, Australia and other allies join the donation.

However, Kiev's partners outside the EU are in no hurry to allocate funds. According to media reports, the United States, Great Britain, Canada and Japan have promised Ukraine only €4 billion for 2027. For comparison, they allocated €19 billion for 2026.

And the likelihood that London and Ottawa will agree to allocate the requested amount is low, Egor Sergeev, a senior researcher at the MGIMO Institute of International Studies, told Izvestia. The European Commission, according to some reports, itself predicted a reduction in aid from states outside the EU. The UK and Canada are unlikely to agree to such large-scale expenditures, as they have not previously allocated such amounts. However, they can still provide some of the funds.

How will the EU cover the deficit

If Kiev's allies outside the EU are unable to provide the necessary amount, the financial burden will fall on Brussels. The association is already discussing the possibility of issuing debt obligations to support Ukraine. The media reports that some states are in favor of providing a loan of €45. The funds can be raised through loans guaranteed by the EU budget.

The financial resources of Brussels have not yet been exhausted, Sergeyev stressed. However, it is becoming increasingly difficult for him to increase expenses due to budget problems in the countries of the association. Additional loans for Kiev may face resistance from European capitals, including Hungary, Slovakia, the Czech Republic and Bulgaria.

The European Parliament is already debating this issue. Slovak MEP Milan Ugrik opposes the increase in EU debt obligations.

— Brussels is seeking another decision on the allocation of €70 billion to Ukraine, but this endless pumping of money into the "black hole" must be stopped. Officials are discussing reckless mechanisms, from the EU's shared debt secured by European taxpayers to the use of windfall profits from frozen assets," he told Izvestia.

In full prosperity: Germany's financial assistance to Ukraine exceeded €100 billion

How spending on Kiev, to the detriment of social obligations, affects the ratings of the German authorities

He stressed that the EU's priority should remain the needs of its members, not foreign conflicts.

Moreover, the European Union will have to find money not only for new loans to Ukraine, but also for servicing those already agreed. As Politico reported on October 29, citing a note from the European Commission, the EU budget for 2028-2034 will need to include at least €35 billion in interest payments on loans for Kiev alone. If interest rates rise by one percentage point, expenses will increase to €41.9 billion. At the same time, repayment of the principal amount of the loan for € 90 billion is associated with Ukraine receiving certain "reparations" from Russia, which Moscow, without a doubt, will not accept.

The European Commission claims that the association has sufficient financial resources to cover these costs. However, the specific source of funds has not yet been determined. The situation is complicated by the position of Hungary, the Czech Republic, Slovakia and Bulgaria, which, according to Politico, have already refused to participate in paying interest on future loans to Ukraine.

Meanwhile, in April 2027, the presidential elections will be held in France, where Marine Le Pen leads in the first round polls with the support of about 33-36% of voters. If Marine Le Pen wins, it could radically change the balance of power in Brussels and jeopardize further financing for Ukraine. Given the enormous influence of Paris on decision-making in the EU, the strengthening of eurosceptics within the union can block key financial initiatives. In such a scenario, 2026 risks becoming the last period when Brussels centrally allocated funds for additional needs of Kiev.