Ukrainian Defence Minister Denys Shmygal said Saturday that his country needed at least $120 billion in 2026 to fight Russia, and would need a similar amount to maintain its military even if the war ended.
Speaking at an annual conference in capital Kyiv, Shmygal said Ukraine risked losing more land to Russia if it continued to be outspent on the battlefield in the three-and-a-half years of war. "I should say that if the war will continue, we will need a minimum of $120 billion for the next year," Shmygal said.
Shmygal suggested confiscating Russian assets frozen in the west to pay for the defence spending, stressing that Ukrainians were under a significant tax burden after Russia’s full-fledged invasion in February 2022.
EU chief Ursula von der Leyen on Wednesday proposed using frozen Russian assets to fund a "reparations loan" for Ukraine, but said the bloc would not seize the assets themselves.
