On Monday, November 17th, Ukrainian President Volodymyr Zelensky was in Paris for the ninth time to meet with his counterpart, Emmanuel Macron. The two men are discussing a ‘major’ agreement in the process of being finalised between the two countries—an announcement that is essential for Emmanuel Macron, who, mired in stagnation, needs to make a change in foreign policy to restore his image among the French people.
This time, the meeting resulted in the conclusion of an advantageous contract for France for the sale of 100 Rafale aircraft, as well as new-generation air defence systems to “intensify cooperation between Europe and Ukraine.” In addition to the fighter planes, the delivery is expected to include four radars, eight anti-aircraft defence systems, and six bomb launch systems. The programme is scheduled to run for ten years and marks a significant turning point in France’s delivery of military equipment to Ukraine: this time, it is a question of purchases and not transfers of weapons.
While the signing of such a contract is obviously a boon for the French arms industry, President Macron was keen to present it in a favourable light for the whole of Europe: “The regeneration of the Ukrainian army is a commitment to the security of us all,” he explained at a press conference, with the aim of achieving a “just and lasting” peace. The French president emphasised the need for a powerful Ukrainian army in order to move towards a “credible” peace, which he hopes will be achieved before 2027—and, therefore, before the French presidential election.
Industrial agreements were also signed for the delivery of 55 Alstom electric locomotives for freight transport. Delivery is scheduled to begin in 2027. The contract will be financed mainly by the European Bank for Reconstruction and Development and the World Bank.
For his part, the Ukrainian president described the order as “historic.”
At the time the Paris negotiations were made public, a European Commission document revealed that Ukraine would need more than €70 billion in 2026 alone to continue financing its war against Moscow, most of which would have to be covered by the 27 EU member states.
For the period 2026-2027, Ukraine’s financing needs will total around €135.7 billion, according to International Monetary Fund estimates. Three financing options are proposed in the document: the use of frozen Russian assets, estimated at around €210 billion; donations to Ukraine by member states; or a European loan.
Without this new European financial support, Ukraine will find itself in default by the end of the first quarter of 2026.
