Ursula von der Leyen (Photo: EC - Audiovisual Service / Christophe Licoppe)

European Commission President Ursula von der Leyen, speaking ahead of a European Council summit that will determine financial assistance for Ukraine over the next two years, said there is no more important act of European defense than supporting Ukraine’s defence.

"There is no more important act of European defence than supporting Ukraine's defence. The next days will be a crucial step for securing this. It is up to us to choose how we fund Ukraine's fight. We know the urgency. It is acute. We all feel it. We all see it. Because just as peace negotiations are stepping up, so is intensifying the Russian barrage of attacks," von der Leyen told the European Parliament on Wednesday.

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According to the International Monetary Fund, Ukraine’s external financing needs for 2026–2027 amount to about €137 billion.

The European Commission has proposed that the European Union cover two-thirds of this sum, or around €90 billion.

" I proposed two different options for this upcoming European Council, one based on assets and one based on EU borrowing. And we will have to decide which way we want to take. But one thing is very clear, we have to take the decision to fund Ukraine for the next two years this European Council ," she said.

Von der Leyen expressed hope that the EU’s agreement last week on the indefinite freeze of Russian assets would help enable what she called the right decision.

"This is a decisive step that sends a very strong political message. It means that the Russian assets will remain immobilised until we decide otherwise. Until Russia stops the war and until Russia pays duly reparations to Ukraine for all the damages done," she said. "With the assets immobilised indefinitely, this is also about strengthening Ukraine's ability to secure a real peace. One that is just, one that is lasting, and one that protects Ukraine and Europe."

  • On December 3, the European Commission formally proposed using up to €210 billion in immobilized assets of the Russian central bank to provide financial assistance to Ukraine. The EU is expected to consider a decision on a reparations-based loan for Ukraine at the European Council summit on December 18–19.