G7 set to leave Ukraine with $52 billion budget black hole despite EU push

EVIAN, France — A statement being prepared by the G7 countries for publication on June 16 is expected to emphasize how Ukraine now has the upper hand against Russia on the battlefield, but is set to shy away from any of the big financial pledges needed to ensure Ukraine can keep financing that military success.

The EU agreed a 90 billion euro ($105 billion) loan to Ukraine in April 2026, which is supposed to cover two-thirds of Ukraine's total financial and defense needs until the end of 2027.

That leaves one-third ($52 billion) to be covered by other countries, something European Commission President Ursula von der Leyen said on June 15 she would press G7 leaders about in a Ukraine-focused discussion with President Volodymyr Zelensky.

When asked by the Kyiv Independent after that meeting if Canada would help fill the remaining third of Ukraine's budgetary needs, Canada's Ambassador to France, Nathalie Drouin, noted that the EU had passed the support loan, welcoming it as "an important step."

Asked a second time to clarify if Canada will help, Drouin said: "I cannot comment on that."

One G7 diplomat told the Kyiv Independent on condition of anonymity that von der Leyen raised Ukraine's remaining budgetary gap, even after the EU's support, but they said G7 leaders did not then discuss who would finance how much.

The G7 diplomat added that they expect a reference to Ukraine's ongoing budgetary shortfall to be included in a common G7 statement, which they expect to be published later the same day.

Ukraine's public broadcaster Suspilne reported Zelensky told a group of journalists the highlights of the discussion were a package of support for Ukraine's energy infrastructure and the strengthening of air defenses.

The same G7 diplomat confirmed to the Kyiv Independent that those topics will likely lead to the forthcoming joint statement.

However, Suspilne's omission of any mention of budgetary support for Ukraine also suggests that Ukraine will leave the summit still needing $52 billion to keep the show on the road.

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