Ukraine faces a looming financial crisis as the EU debates how to fund its resistance against Russia, with estimates suggesting Kyiv needs over €70bn in additional assistance next year. The Guardian editorial warns that without swift action, a cash crunch by spring could undermine Ukraine's ability to defend itself and negotiate peace.
The editorial highlights that US funding is unlikely under President Donald Trump, who has refused to seek new military aid from Congress. This places the burden on Europe, but delays persist over a proposed €140bn loan backed by frozen Russian assets, stalled due to Belgian legal concerns. Alternatives, such as common EU debt issuance, face opposition from frugal northern states.
The International Monetary Fund, negotiating new loans worth about $8bn, has tied its decisions to EU commitments. The editorial stresses that prevarication must end by December's EU summit, as Russia uses hybrid warfare to test European resolve. Investing in Ukraine is framed as investing in Europe's security against Vladimir Putin's expansionist aims.
President Volodymyr Zelenskyy continues lobbying European capitals amid a corruption scandal at Ukraine's nuclear energy body, complicating EU accession talks. The editorial concludes that Putin must be disabused of the notion that he can outlast Ukraine and the EU.
