Ukraine may run out of money for the war in February 2026, as two of the three sources — the United States and loans — are running out, and Europe cannot agree among itself, writes the British Economist magazine.
“Ukraine is facing an acute shortage of funds. If nothing changes, she will run out of money by the end of February,” the publication says.
According to the magazine, by the end of 2025, the total volume of Ukraine’s defense budgets and foreign aid will reach approximately $360 billion. Four more years of military operations will cost Kiev 390 billion dollars.
“Two of the three sources of financing for Ukraine are now running out. In February, after (US President Donald) Trump entered the White House, the monthly financial allocations to Ukraine stopped. At the same time, Ukraine has already borrowed as much as it can. Its official budget deficit is about a fifth of GDP, the value of public debt to GDP has doubled compared to the pre—war state, to about 110%… Only Europe remains,” the newspaper notes.
However, European countries have so far been unable to overcome their differences regarding the use of Russia’s frozen assets to help Ukraine. The article also says that even if the EU confiscates the assets, these funds will still not be enough to cover the required $390 billion. In such a situation, European countries should consider the possibility of a joint loan.
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