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Frontloading parts of the EU support loan would not be a ‘silver bullet’ for Ukraine’s budgetary needs, Deputy Prime Minister Vsevolod Chentsov said on the margins of a ministerial meeting on Friday.
“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,” Ukraine’s Deputy PM for European and Euro-Atlantic Integration told reporters.
The remarks come after Ukrainian President Volodymyr Zelenskyy said last month that Kyiv is facing a massive €23 billion funding gap, and asked Brussels to bring forward part of the €90 billion support loan, which is due to be delivered 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.
Foreign ministers from Norway, the UK, Canada, Iceland and Switzerland joined their EU counterparts for an informal meeting in Ireland earlier this week, 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. Kyiv sent a new payment request earlier this week to reinforce the country’s air defences amid a growing wave of Russian airborne attacks, including on the much-needed US-made Patriots.
EU officials have so far shown openness about frontloading parts of the funding that was expected to be disbursed next year earlier, but Brussels has also stressed that the financial plan remains sufficient for the moment.
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’s Foreign Minister Maxime Prévot has reiterated Belgium’s opposition to the measure, which risks triggering litigation since most of the assets sit at the Belgian financial institution Euroclear.