Ukraine's Budget Situation at Its Worst Since 2022

The budget situation in Ukraine has reached its worst level since 2022. Finance Minister Serhiy Marchenko reported issues with liquidity and an increasing need for external financing. He noted that a budget deficit is possible, which could lead to delays in some non-war-related payments. Military expenditures and arms procurement remain a priority. If external financing is not secured, the government will have to cut non-military spending. Marchenko also stated that the government expects the war to continue until 2027 and needs to find $32.6 billion to cover the projected deficit. He urged European countries to consider using frozen Russian assets, which amount to about $300 billion. Ukraine's proposal includes changing the liability for these assets, which should reduce legal risks for Belgium and Euroclear. The minister emphasized that the plan creates conditions under which legal disputes with Russia will not be Belgium's obligation but a shared responsibility of 27 countries.

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