BRUSSELS — The European Union is looking to raise €70 billion to support Ukraine amid rising financing needs and uncertain U.S. backing. EU officials are preparing to persuade Canada and the United Kingdom to increase their contributions during upcoming summits, according to multiple sources including five EU officials and European Commission President Ursula von der Leyen.
Upcoming Summits
The EU-Canada summit is scheduled for October 29-30, while the EU-U.K. summit will take place on November 20. These meetings will provide Brussels with a platform to make its case for enhanced support from non-EU allies. Von der Leyen emphasized the urgency of the situation, stating, "We urgently need other partners to step up." Currently, EU and its member states account for 80 percent of Ukraine's external aid.
Funding Gap
The EU's efforts come as Ukraine faces a significant funding gap for the upcoming year. With U.S. support becoming less certain, the EU is increasingly reliant on allies outside of its member states to help fill this void. The discussions at the summits will focus on potential trade and defense ties as part of the broader strategy to secure additional funding.
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The push for increased funding from Canada and the U.K. could influence the financial stability of Ukraine, impacting sectors related to defense and aid. A successful appeal for support may strengthen the euro against other currencies, as well as bolster investor confidence in European markets.
Watch for outcomes from the EU-Canada and EU-U.K. summits, which will be critical in determining the level of support for Ukraine moving forward.
Based on reporting by: politico.eu