Ukraine's Deputy Prime Minister for European and Euro-Atlantic Integration, Vsevolod Chentsov, has cautioned that bringing forward parts of the European Union's €90 billion support loan would not be a cure-all for Kyiv's immediate budgetary pressures. Speaking on the sidelines of a ministerial meeting on Friday, Chentsov stressed that Ukraine is in talks with both Brussels and other international partners to close a significant funding gap.
“We are talking to both the EU and other partners to cover the gap, first of all for our defence needs this year, but also looking at the 2027 financial strategy,” Chentsov told reporters. His remarks come after President Volodymyr Zelenskyy revealed last month that Ukraine faces a massive €23 billion shortfall and asked the EU to accelerate disbursements under the loan, which was originally scheduled to be paid in equal instalments across 2026 and 2027.
“We are still working to understand how to cover it, where to get the money from, and what exactly we need for which areas. The EU is our main partner, and the €90 billion loan will help us a lot to cover both defence and civilian needs. Frontloading is probably one of the solutions, but it's not a silver bullet,” Chentsov said. He added that Kyiv first needs to reach out to partners outside the EU, since roughly a third of Ukraine's needs are expected to be covered by others.
Non-EU partners in the picture
This week, foreign ministers from Norway, the UK, Canada, Iceland and Switzerland joined their EU counterparts for an informal meeting in Ireland, though no announcement was made on whether they would top up the EU's loan. The EU has already disbursed €8.5 billion under the Ukraine Support Loan, and Kyiv submitted a new payment request earlier this week to bolster its air defences amid a growing wave of Russian airborne attacks, including on US-made Patriot systems.
EU officials have so far shown openness to frontloading some of the funding that was expected to be disbursed next year, but Brussels has also stressed that the current financial plan remains sufficient for the moment. The debate comes as Brussels stands by the €90 billion loan despite the war's rising costs.
Chentsov also said Kyiv had again raised the issue of Russia's €210 billion in frozen assets, “to use them in a smart way to generate money and cover the deficit.” Sweden, Poland, the Netherlands and Spain have also brought the issue back to the table last week, as Kyiv's budgetary crunch and the need to sort out Ukraine's financial support ahead of several elections next year made it all the more pressing. However, Belgium has resisted EU efforts to seize Russian assets, complicating the path forward.
The urgency is underscored by Ukraine's finance minister warning of the toughest budget since 2022 as winter approaches. The country's defence needs remain acute, and Kyiv is also looking to secure Patriot interceptors from allies, with EU pressure on Greece and Spain to provide them.
While the EU remains Ukraine's main financial backer, Chentsov's comments underline that the bloc's support alone cannot bridge the gap. Kyiv is actively diversifying its sources of funding, including from non-EU partners, to ensure it can sustain both its military and civilian needs through 2025 and beyond. The coming months will be critical as Ukraine navigates its most severe fiscal challenge since the full-scale invasion began.
