Both sides reportedly hope to agree on the size of Canada’s contribution to the Ukraine loan before an EU summit in Montreal at the end of October.
The sources said Carney has sought to build an alliance of liberal states committed to a multilateral order that has been thrown into turmoil by the actions of President Donald Trump.
By joining the loan package for Ukraine, Carney also hopes to demonstrate Canada’s commitment to its European allies, the report said.
Britain is the only other country outside the EU that has already joined the loan initiative.
The Financial Times noted that Canada has already provided 6.5 billion Canadian dollars, about $4.7 billion, in military aid to Ukraine. On Sept. 10, Carney and President Volodymyr Zelenskyy also signed a 100-year partnership agreement between the two countries during a visit to Canada.
On Dec. 19, 2025, European Commission President Ursula von der Leyen explained that Ukraine’s financing over the following two years would come through EU borrowing on capital markets. Kyiv would only have to repay the 90 billion euro debt after Russia pays reparations, while until then Russian assets frozen in Europe would remain blocked.
In September 2026, members of the European Parliament called on the Council of the EU and the European Commission to urgently unblock discussion about using more than 200 billion euros ($231 billion) in frozen Russian assets to help Ukraine. They stressed that the 90 billion euro concessional loan for 2026-27 alone would not be enough.