Prime Ministers Orpo and Kristersson in joint letter: Financing for Ukraine must be secured quickly

Prime Ministers Orpo and Kristersson in joint letter: Financing for Ukraine must be secured quickly

Finland and Sweden have submitted a joint letter to the European Commission and the Member States concerning Ukraine's financing needs for the coming years. Ensuring support for Ukraine is crucial for Ukraine's survival and for the security of Europe as a whole. Finland and Sweden are strong supporters of Ukraine.

In their letter, the prime ministers point out that Ukraine's financing needs in 2026 and 2027 will rise to an estimated EUR 130 billion and that a concrete need for more financing is projected to arise in the second quarter of 2026. Finland and Sweden emphasise that the EU and its Member States have a central role to play in securing sufficient and predictable financing.

According to the prime ministers' proposal, a key component of the financing solution would be to use the immobilised assets from the Russian Central Bank to support Ukraine. Ukraine's financing for the coming years would be secured through a loan issued against the immobilised assets. Importantly, repayment of the loan would not take place until Ukraine has received reparations from Russia after the end of the war. The European Council has previously confirmed that the assets will remain immobilised until Russia compensates Ukraine for the damage it has caused.

"Supporting Ukraine is not only our moral obligation, it is a direct investment in European security. We must make sure that Ukraine remains strong and is able to defend itself against Russia's aggression," said Prime Minister Petteri Orpo.

"Utilising the immobilised Russian assets to a greater extent is an important solution, and a just one. It is important that the Commission move swiftly and that all Member States commit decisively to this work," Orpo continued.

Capable Ukrainian armed forces will continue to be the most effective deterrent against Russia after the war is over. For this reason, Finland and Sweden also highlight the importance of industrial cooperation between Ukraine and the EU. Long-term military and financial support strengthens Ukraine's defence industry and the defence capability of Europe as a whole.

The letter submitted by Finland and Sweden is a non-paper, i.e. an unofficial discussion document. Ukraine's financing for the coming years will be on the agenda at the informal meetings in Copenhagen on 1-2 October.

Inquiries: Tuomas Tikkanen, Senior Adviser to the Prime Minister in European Affairs, tel. +358 40 523 5768, Prime Minister's Office