EU vows to cover Ukraine's financial needs in 2026–2027
Photo: European Council President António Costa (Getty Images)
EU leaders confirmed their intention to support Ukraine for as long as necessary. Ukraine will have the financial resources needed to defend itself against Russia’s aggression, says European Council President António Costa at a press conference following the EU summit.
“Today, we reached three important agreements. First, European leaders committed to ensure that Ukraine's financial needs will be covered for the next two years,” he said.
According to him, the European Commission needs, as soon as possible, present financing options so that Ukraine can continue its defense and its fight for a just and lasting peace in 2026–2027.
“Russia should take good note of this. Ukraine will have the financial resources it needs to defend itself against Russia's aggression,” Costa emphasized.
He added that the European Union approved the 19th package of sanctions against Russia aimed at increasing pressure on its war machine. EU countries also agreed to coordinate actions to counter Russia’s shadow fleet used to circumvent sanctions.
Europe’s defense strengthening plan
Costa recalled that since February 2025, the EU has been developing a strategy to strengthen its defense capabilities. “We outline the foundations for the Europe of defense. We define our priorities, capabilities. We approved new financial tools to develop these capabilities and in full coherence with NATO,” he said.
The main areas identified are counter-drone and air defense, especially on the eastern flank. The first steps in implementing these projects will be completed by the end of the year, and in 2026, the launch of specific programs will begin.
“Europe's defense is not just about spending more. It's about spending smarter, working together, and delivering for our citizens. This is how we build Europe sovereignty,” the head of the European Council added.
Economy, climate, and housing
The EU reaffirmed its commitment to the Paris Agreement and pledged to combine climate goals with economic competitiveness. According to Costa, the European Union intends to pursue its climate targets by 2040, ensuring a fair and affordable transition for businesses and citizens.
EU leaders also discussed the housing affordability crisis. “Housing affordability and accessibility are among the most pressing concrete issues for millions of Europeans. We must do everything in our power to tackle it,” Costa noted. The European Commission is preparing a pan-European plan on affordable housing.
“Today, the European Council delivered concrete measures on Ukraine defense, climate, and competitiveness. We will keep delivering for our citizens, for our future, and for our place in the world,” he concluded.
The EU postponed the decision on using frozen Russian assets to provide aid to Ukraine until December.
For Ukraine, this is not critical, as its financing needs for 2025 are already covered.
