EU weighs new 45 billion euro loan for Ukraine in 2027

The loan would come on top of a separate 45 billion euros the bloc is set to provide Ukraine in 2027 as part of a 90 billion euro ($100.7 billion) loan put together in April 2026. Kyiv's projected budget shortfall for 2027 is 70 billion euros ($78.3 billion), so even with both tranches it would still face a gap of roughly 25 billion euros ($28 billion). Brussels expects third countries to step up for that remainder, and Norway, the U.K. and Canada have already announced pledges for 2027.

For the new loan to be approved, the European Commission first needs to circulate the plan in the coming days, after which countries must agree on terms. EU and national diplomats told the Kyiv Independent they see two main issues. The first is whether all countries participate: Czechia, Hungary and Slovakia opted out of the 90 billion euro loan and do not contribute to its interest payments, and diplomats expect the same this time, with Bulgaria also seeking an opt-out. The report says Bulgaria is expected to opt out because its government has changed since the 90 billion euro loan was approved and is now led by the more pro-Russian Prime Minister Rumen Radev.

The second issue is how to cover the loan's interest payments. EU countries would be expected to service the debt while also increasing defense spending at home and finalizing how much they all pay into the next EU budget.