“Ukraine needs a lot of money and essentially Europe has to provide it, I seem to have understood this.” Thus the Minister of Economy and Finance Giancarlo Giorgettion the sidelines of the G7 and G20 work underway in Washington, responding to a question on the comparison with other countries regarding economic support for Kiev.
Ukraine, Giorgetti: “A lot of money is needed, Europe must provide it”
Financial support for Ukraine was one of the central themes of the meetings of finance ministers and central bank governors, along with the hypothesis of using frozen Russian assets to finance the country’s reconstruction.
The session dedicated to Ukraine, as communicated by the Canadian presidency of the G7, was also attended by Ukrainian Prime Minister Yuliia Svyrydenko and Finance Minister Sergii Marchenko, who illustrated the need for resources to support the economy and civil infrastructure in 2025.
Focus also on China and rare earths
In addition to the Ukrainian dossier, the issue of China’s clampdown on exports of rare earths, strategic materials for the technological industry and the green transition, has also landed on the table of the G7 and G20.
Both US Treasury Secretary Scott Bessent and the European Commissioner for the Economy Valdis Dombrovskis they called for a coordinated response among Western countries to reduce dependence on Beijing and guarantee the security of supply chains.
The crux of European funding
Giorgetti’s intervention reflects the growing pressure on the European budget to finance support for Ukraine.
The Union has already approved a multi-year package of 50 billion euros until 2027, but Brussels is evaluating additional guarantee instruments and new national contributions to cover Kiev’s budgetary needs.
According to European sources, Italy continues to support “a balanced distribution of burdens” and the maintenance of community control over aid, so as to avoid duplication or imbalances between member countries.
