Ukraine risks running out of money for the war as early as June

Ukraine risks running out of money to wage war against Russia within the next two months, as a combination of factors is putting tens of billions of euros in aid from the country’s key donors at risk.

This was reported by Bloomberg, citing anonymous Ukrainian officials.

At present, Kyiv has enough funds to cover expenses only through June, according to estimates shared by both Ukrainian and foreign officials. Support from Western allies has been critical in enabling Ukraine to continue fighting for more than four years since Russia’s full-scale invasion.

A series of recent setbacks — from Hungary’s veto of a €90 billion European Union loan, or $104 billion, to a dispute over the latest International Monetary Fund aid package and the weakening of NATO’s weapons-supply initiative — has significantly narrowed Ukraine’s room for maneuver.

Earlier this month, National Bank of Ukraine Governor Andrii Pyshnyi told Bloomberg in an interview that if international financing does not arrive, his institution may in the worst-case scenario be forced to resume direct lending to the Finance Ministry. These funds would go toward paying salaries to military personnel and public-sector workers, as well as financing essential services.

The problem of funding Ukraine’s defense is arising at a time when Russia is increasingly receiving budget windfalls from the jump in global oil prices caused by the war with Iran. That conflict is also diverting U.S. military resources and President Donald Trump’s attention, pushing diplomatic efforts to reach a peace agreement for Ukraine into the background.

The United States has almost completely stopped direct aid to Ukraine since Trump returned to the White House in January of last year, leaving Europe to cover the main costs of weapons and financial support for the government in Kyiv.

According to Kyiv’s estimates, $15 billion is needed this year to purchase American weapons. In total, the country will need $52 billion in foreign aid in 2026.