Ukraine is facing a serious threat of running out of funds to continue the war against Russia in the coming two months. This is due to a number of negative factors that have called into question the influx of tens of billions of euros in aid from key international partners.
This is reported by Finway
Financial Support from Donors at Risk
Currently, Kyiv has financial resources that, according to government estimates, will last only until June 2026. Since the beginning of the full-scale invasion by Russia, Western aid has allowed Ukraine to maintain its defense and ensure the minimum necessary functioning of the state.
However, the situation has significantly worsened recently. In particular, Hungary’s veto has blocked the provision of a European Union loan amounting to 90 billion euros (over 104 billion dollars). Additionally, there have been difficulties in agreeing on a new aid package from the International Monetary Fund, and NATO’s activity regarding arms supply has also decreased. All these circumstances have greatly narrowed Ukraine’s financial maneuvering options.
Critical Dependence on External Financing
The head of the National Bank of Ukraine, Andriy Pyshny, stated earlier this month in an interview that in the absence of international support, his agency would be forced to revert to direct lending to the Ministry of Finance. Such funds could be directed towards paying salaries to military personnel, public sector employees, and ensuring basic government services.
“The problem with financing Ukraine’s defense arises at a time when Russia is increasingly receiving budget windfalls from the surge in global oil prices caused by the war with Iran. This conflict is also diverting U.S. military resources and the attention of President Donald Trump, pushing diplomatic efforts to achieve a peace agreement for Ukraine to the background.”
It is worth noting that after Donald Trump’s return to the White House in early 2025, the United States virtually ceased direct assistance to Ukraine. Since then, the primary burden of financing Ukraine’s defense and supporting the state budget has fallen on European partners.
According to forecasts from Kyiv, in 2026, at least 15 billion dollars will need to be raised in the U.S. for the purchase of weapons, while the total amount of foreign aid required by the country is around 52 billion dollars.