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EU to Launch $117 Billion Ukraine Aid Fund as Russian Aggression Continues
The European Commission is set to propose a dedicated $117 billion fund for Ukraine in its 2028–2034 Multiannual Financial Framework , aiming to sustain Kyiv as the war shows no signs of abating, as was reported by Bloomberg on July 8.
Valdis Dombrovskis, EU Economy Commissioner, told reporters that “the bloc is ready to provide all necessary support for Ukraine for as long as it’s needed,” while noting that the Commission is exploring options to tap revenues from frozen Russian sovereign assets once the IMF completes its assessment of Ukraine’s financing gap.
Since Russia’s full-scale invasion began in early 2022, the EU has provided Ukraine with nearly $187 billion in macro-financial assistance—including grants, concessional loans, and a G7-backed $50 billion loan instrument financed by frozen Russian assets.
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Under the new proposal, disbursements would start in 2028, with payments made in tranches tied to Kyiv meeting agreed reform benchmarks and governance conditions, mirroring the current macro-financial assistance model.
Details on the mix of grants versus loans, eligibility criteria, and oversight mechanisms will be finalized during inter-institutional negotiations following the formal presentation of the next MFF on July 16.
Earlier, it was reported that the European Commission approved approximately $1.18 billion macro-financial assistance tranche for Ukraine—financed by profits from frozen Russian assets under the G7’s Extraordinary Revenue Acceleration initiative.
