Brussels – One sentence captures the extent to which Ukraine’s future within the European Union, including its post-war reconstruction, is tied to the political and economic interests of the Union and its current member states. “If you invest in Ukraine, you invest in Europe. Not only in an economy of around €200 billion, but in a future member of a Single Market worth €20 trillion.”
With these words, European Commission President Ursula von der Leyen addressed European investors, businesses, civil society organisations and all stakeholders potentially involved in the post-war reconstruction of a country that has been under Russian attack for more than four years. Speaking at the Ukraine Recovery Conference in Gdańsk, Poland, on 25 June, von der Leyen clearly highlighted the inseparable link between reconstruction and EU accession, which would create “a market one hundred times larger, built on the rule of law, legal certainty and the protection of property rights.”
The first brick in the EU–Ukraine wall is the opening of Cluster 1 – ‘Fundamentals’, the first group of five negotiating chapters (out of 33) focusing on economic criteria, the functioning of democratic institutions, and public administration reform. “It provides a clear roadmap for the reforms ahead and gives confidence to citizens, businesses and investors alike,” the Commission President said, describing it as one of the “foundations on which lasting prosperity is built.”
This is closely linked to a process of gradual integration that is already under way. Since the beginning of 2026, Kyiv has been part of the ‘Roam Like at Home’ scheme, while it is also moving towards joining the Single Euro Payments Area (SEPA) and deepening its integration into the Single Market. “This brings real benefits to Ukrainians today and sends a powerful signal to investors,” von der Leyen added: “Now is the time to invest in Ukraine.”
From energy and infrastructure to security and defence
Co-hosted by Poland and Ukraine on 25–26 June, the fifth edition of the annual high-level event dedicated to mobilising international support and attracting investment in the country’s economy and businesses focuses in particular on the sectors most affected by Russia’s war, including energy, critical infrastructure, logistics, security and defence capabilities.
As von der Leyen put it, the candidate country needs “massive investment today.” On the EU side, €200 billion in economic, financial and military support has already been provided. The first €3 billion tranche of macro-financial assistance under the €90 billion Ukraine Support Loan was transferred precisely on the very day of the conference in Gdańsk.
Private-sector involvement is considered essential, with public capital assuming the initial share of the risk through the launch of the European Flagship Fund, the largest equity fund backed by the EU, Poland, France, Germany and Italy. The fund could mobilise “up to half a billion still this year, with the aim of reaching €1 billion over time” in the Ukrainian most strategic sectors. “This creates the confidence needed to attract private investment of scale,” von der Leyen highlighted, delivering a simple but clear message to investors: “When you invest in Ukraine, you not only invest in their future, but in the future of Europe.”
Security and defence feature prominently in this year’s edition of the conference, as the recovery and growth of the candidate country under Russian attack “are in Europe’s interest too.” The Commission President recalled that Ukraine is a “security provider” for the whole continent, that its battlefield experience is “unmatched,” and that its defence companies are “some of the most innovative in the world.” The cutting-edge capabilities they are producing – from interceptor drones to jamming systems – “are increasingly important for Europe’s own security and resilience,” she explained.
Intervening at the conference in Gdańsk, European Council President António Costa confirmed that the EU’s vision “goes beyond the war,” as reconstruction “is not only about repairing destruction, but also building back” a country with “a modern, green, and digital economy that will strengthen the entire European continent.”
Ukraine’s recovery process “goes hand-in-hand” with its path to EU membership, through the alignment of legal, economic and institutional frameworks with European standards. Following the opening of Cluster 1 – ‘Fundamentals’, Costa reassured that “we aim to open all remaining clusters as soon as possible,” despite the difficulties emerged in the last days.
It should also be noted that the recovery process “is about people” and will represent a “major contribution to lasting peace” across the continent. As the Council President pointed out, this means creating “quality jobs,” restoring “high-quality” education, and ensuring that vulnerable groups, veterans and trauma survivors are “fully included” in society. “Guided by human rights, no community should be left behind.”
The state of EU–Ukraine relations
Just four days after the start of Russia’s war of aggression, on 28 February 2022, Ukraine submitted its application for EU membership. On 23 June 2022, the European Council endorsed the European Commission’s recommendation to grant Kyiv candidate status.
At the European Council meeting on 14 December 2023, EU leaders gave the green light to open accession negotiations. Following the Council’s approval of the negotiating frameworks, the first intergovernmental conference was held on 25 June 2024 in Luxembourg.
With Viktor Orbán‘s Hungary vetoing the start of Ukraine’s EU accession negotiations, the process stalled for two years. In March 2026, technical guidance was provided by the Commission to continue work on EU reforms across all six negotiating clusters, before the change of power in Budapest brought a new momentum.
The new Hungarian government, led by Péter Magyar, reached an agreement with Kyiv on the rights of the Hungarian minority in Ukraine, paving the way for the opening of Cluster 1 – ‘Fundamentals’ on 15 June 2026.
