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[POLITICS] · Canada, United Kingdom, Ukraine · 16 sources

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European Union seeks funding for Ukraine and 2028-2034 budget

European Union leaders are preparing for an extraordinary summit on November 26-27 to address a projected €70 billion financial gap for Ukraine in 2027. The European Commission is seeking a political agreement before the end of the year to secure these funds, which are needed as the costs of the conflict continue to rise.

To cover this shortfall, the EU aims to persuade international partners, including Canada and the United Kingdom, to increase their financial and military support. While the EU and its member states currently provide approximately 80% of external aid to Ukraine, officials are calling on other G7 partners—such as Japan, South Korea, Australia, and Norway—to step up their contributions.

The summit will also focus on the Multiannual Financial Framework for 2028-2034. Negotiations regarding the long-term budget remain tense, with significant divisions between "frugal" nations seeking spending cuts and a coalition of 17 countries, known as the “Friends of Cohesion,” advocating for the protection of agricultural and regional funds.

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António Costa · Canada · European Commission · European Union · Fire Point · Ukraine · Ursula von der Leyen

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