Decision on financial support for Ukraine must be taken at 18-19 December summit, says Von der Leyen

European Commission President Ursula von der Leyen has stressed that the EU must decide on a solution for financial support for Ukraine at the summit on 18-19 December.

Von der Leyen noted that supporting Ukraine in its defence is the most important thing Europe must do for its own security.

"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." she said.

Von der Leyen reported, citing estimates from the European Commission and the International Monetary Fund, that Ukraine will need around €137 billion in 2026-2027.

"Europe should cover two-thirds, that is €90 billion. And this is not just about numbers, this is about strengthening Ukraine's ability to secure a real peace, one that is just, one that is lasting, one that protects Ukraine and, thus, also protects Europe. And it is also about ramping up the cost of war for Russia.

This is why 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, which route we want to take. But, one thing is very clear: we have to take the decision to fund Ukraine for the next two years at this European Council." she said.

On 12 December, European Union ambassadors approved a decision to freeze Russian assets held in Europe for an indefinite period.