EU expects to cover two-thirds of Ukraine's additional €70 billion funding needs in 2027

“Normally we cover two thirds of the financial needs of Ukraine,” Costa said.

The funding would come on top of the €45 billion already scheduled for disbursement to Ukraine in 2027 under an existing €90 billion EU loan covering 2026 and 2027.

Ukrainian President Volodymyr Zelenskyy requested the additional €70 billion during last week's European Council summit, saying the war would cost Ukraine €155 billion next year.

Costa said EU leaders had agreed to address Ukraine's additional needs and instructed the European Commission to develop specific financing proposals.

He expects leaders could reach a decision at their November 26–27 summit. If no agreement is reached, they will try again on December 17–18.

The EU has also asked non-EU partners, including the United Kingdom, Canada and Norway, to contribute toward the remaining funding needs.

According to Rapporteur, EU leaders have indicated that a new loan financed through joint borrowing could be their preferred option.

Belgian Prime Minister Bart De Wever has ruled out using immobilized Russian assets for the proposed funding, while German Chancellor Friedrich Merz has not excluded additional borrowing.

Hungary, Slovakia, Czechia and Bulgaria have said they would not participate in a new loan but would not block other EU countries from proceeding.

No final agreement on the amount or financing mechanism has been reached.

EU maintains diplomatic channel to Moscow

In the same interview, Costa said the EU had kept a diplomatic channel open to Russia but questioned Moscow's willingness to engage in serious negotiations.

“The channel is open, and Russia knows that if and when they want effectively to talk about how to obtain a ceasefire, how to protect the civilian people, how to protect energy facilities, they can talk,” Costa said.

“But look, have you seen any signs from Russia that they want to engage seriously on this?”