Key facts
- Ukraine's Deputy Prime Minister for European Integration Vsevolod Chentsov called for increased financial aid from non-EU countries.
- Kyiv faces a projected $27 billion financial shortfall by the end of 2026.
- The EU has already committed a 90 billion-euro support loan to Ukraine.
- Chentsov suggested that other nations could help mitigate risks associated with using frozen Russian assets.
- The use of approximately 200 billion euros in frozen Russian assets within the EU has been a point of discussion.
Ukraine's Deputy Prime Minister for European Integration, Vsevolod Chentsov, has urged non-European Union countries to increase their financial support for Ukraine, particularly for the period beyond 2026. Speaking at an EU meeting of European affairs ministers in Ireland, Chentsov highlighted a projected funding gap of $27 billion by the end of 2026, which needs to be addressed by allies outside the EU.
Chentsov noted that while the EU finalized a 90 billion-euro ($104 billion) support loan to cover a significant portion of Ukraine's needs until 2027, the remaining third was expected from other partners. These partners have not yet fulfilled their commitments, prompting President Volodymyr Zelensky to suggest that the EU frontload some of the allocated assistance.
These remarks align with those made by Ukraine's incoming ambassador to the EU, Taras Kachka, who also pointed to unfulfilled "very general promises" from other supporting nations. Kachka expressed optimism that countries like the U.K., Canada, and Japan would step up, but acknowledged the necessity of asking the EU for frontloaded payments if necessary.
Furthermore, Chentsov addressed the proposal to utilize approximately 200 billion euros ($230 billion) of frozen Russian assets held within the EU. He suggested that the EU might need to consider different figures as a starting point and proposed that non-EU countries could also play a role in alleviating Belgium's concerns about potential legal challenges arising from the immobilization of these assets. The U.K. is reportedly prepared to repurpose frozen Russian assets, ranking third in holdings after the EU and Japan.