The leader of opposition party Akel on Tuesday formally asked the government to clarify Cyprus’ share in financing Ukraine over the next two years, following a deal agreed by EU leaders in Brussels last week.
In a letter sent to the finance minister, Akel leader Stefanos Stefanou referred to the European Council summit that concluded on Friday, where leaders agreed to provide Ukraine with €90 billion in financing for 2026 and 2027.
President Nikos Christodoulides attended the summit, the last of the year. He later told the media that 70 per cent of the planned €90 billion loan would be used for defence spending, with the remainder covering Ukraine’s regular budget.
The funding will be raised on capital markets and backed by EU “budget headroom” – the gap between member states’ annual contributions and the maximum level of spending allowed under the EU budget.
Finance ministry sources told the Cyprus Mail they would need “a few days” to respond to Akel’s request. Asked about Cyprus’ total contributions to Ukraine through the EU so far, the sources said they did not have the figures immediately available.
Up until February this year, Cyprus’ contributions to Ukraine’s military amounted to €3 million. The funds were channelled through the European Peace Facility (EPF), an off-budget instrument aimed at strengthening the EU’s capacity to prevent conflict and support international security.
The figures, seen by the Cyprus Mail, were provided to Akel MP Giorgos Koukoumas, who submitted a parliamentary question in August 2024 and received a response from the defence minister in February 2025.
Overall, Cyprus has contributed €5.58 million to the EPF, covering all beneficiaries, including Ukraine.
Earlier this month, Koukoumas also asked about Cyprus’ expected contributions to the EPF for 2025 and 2026. He is still awaiting a reply.
Separately, the Kiel Institute’s Ukraine Support Tracker reports that Cyprus has allocated a total of €4 million to Ukraine so far. Of that, €3 million was for humanitarian aid and €1 million for financial support. No data was available on military assistance.
According to the European Commission, total EU support to Ukraine since Russia’s invasion in February 2022 amounts to €193.3 billion.
This includes more than €103 billion provided by “Team Europe” to support Ukraine’s economic, social and financial resilience, €69.3 billion in military assistance, and up to €17 billion to help EU member states support Ukrainians living in the bloc.
The EU has warned that without continued financial backing, Ukraine could run out of money by the second quarter of next year.
Hungary, Slovakia and the Czech Republic secured opt-outs from the joint €90 billion debt.
Hungarian Prime Minister Viktor Orban has repeatedly opposed further funding for Ukraine, arguing it would prolong the war.
“It looks like a loan, but the Ukrainians will never be able to pay it back,” he told reporters. “It is basically losing money.”
