The European Union is considering setting up a EUR 100 billion ($117 billion) fund to support Ukraine as its war with Russia following Moscow’s full-scale invasion shows no signs of ending.
That is according to Bloomberg, citing its sources, Ukrinform reports.
According to those sources, the money may become part of the EU’s proposal for its next seven-year budget, which is due to be presented later this month. If accepted by member states as part of budgetary negotiations, the funding would start being disbursed in 2028 to maintain steady financial assistance to the war-torn country, people familiar with the matter said.
Since the beginning of Russia’s full-scale invasion, the EU has provided Ukraine with nearly EUR 160 billion in support. This includes a EUR 50 billion fund offering grants and loans through 2027. Alongside the G7 countries, the EU has also created a EUR 50 billion credit facility for Ukraine, backed by proceeds from frozen Russian Central Bank assets.
The proposed new financing scheme would follow the existing model, whereby the European Commission — the EU’s executive body — provides Ukraine with a mix of grants and loans.
The idea is being considered alongside other options and will be discussed before details of the EU’s next Multiannual Financial Framework are released. That announcement is expected on July 16, although some specifics may emerge later, Bloomberg sources added.
In June, the European Commission informed EU finance ministers that Ukraine’s financial needs must be secured through early 2027. A planned increase in defense spending this year by $8.4 billion is expected to be covered from internal sources.
Source: EU considering EUR 100B fund for Ukraine – Bloomberg
