Ukraine will need over $150 billion from its Western backers in 2026 and 2027. The President of the European Commission admitted there were no easy options.
In a letter to the leaders of the European Union, Ursula von der Leyen argued it was essential for the bloc to plug Ukraine’s $157 billion budget gap over the next two years. "It will now be key to rapidly reach a clear commitment on how to ensure that the necessary funding for Ukraine will be agreed at the next European Council meeting in December," she wrote.
"Clearly, there are no easy options." Von der Leyen continued, "Europe cannot afford paralysis, either by hesitation or by the search for perfect or simple solutions which do not exist."
The letter, sent by von der Leyen to 27 European leaders on Monday, was first reported by EuroNews on Tuesday.
Von der Leyen’s proposal to fill the budget gap calls for EU states to enter into bilateral agreements with Kiev to provide over $100 billion to Ukraine over the next two years. Additionally, she wants the bloc to take on debt to finance Kiev and to use seized Russian assets held in member states.
Most of the frozen Russian funds are held in Belgium. Brussels has resisted using the assets, believing Moscow will sue to recover the funds.
Hungarian President Viktor Orban rejected von der Leyen’s call for sending more support to Ukraine:
"I received a letter today from President von der Leyen. She writes that Ukraine’s financing gap is significant and asks member states to send more money," he wrote on X. "It’s astonishing."
"At a time when it has become clear that a war mafia is siphoning off European taxpayers’ money, instead of demanding real oversight or suspending payments, the Commission President suggests we send even more."
The Hungarian leader added, "This whole matter is a bit like trying to help an alcoholic by sending them another crate of vodka. Hungary has not lost its common sense."
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