Ukraine will need $120 billion for defense next year, minister says

According to Shmyhal, Ukraine will require just under $120 billion next year, even if the war ends.

"If the war stops, we will still need nearly the same amount just to replenish our reserves. This is simply to maintain our army in proper condition in case of secondary aggression from Russia," Shmyhal said.

He emphasized that the current economy of war is such that if Ukraine spends less than Russia, it pays with its territory and the lives of its people.

How to make Putin stop the war

The minister said Ukraine can already produce enough military equipment to defend itself and protect Europe.

"We invent and implement new technologies. We ask (our partners, -ed.) for simple things. We need enough drones; we need enough money to produce them. We are not asking for anything extraordinary," he explained.

He believes Ukraine, together with its partners, must create conditions under which Putin would want to stop the war. This could happen if strikes, including by Ukrainian long-range drones, continue on Russian territory.

"What is needed to end the war? A strong Ukrainian army, sufficient equipment and weapons, and strong secondary sanctions. That is what we ask from our partners," Shmyhal added.

He also said conditions must be established after the war to prevent the aggressor from attempting another attack on Ukraine. Only then can a diplomatic path open to regain occupied territories and secure borders from further Russian aggression.

Earlier, Bloomberg reported that Ukraine's funding needs for 2026 and 2027 could be much higher than currently estimated in Kyiv, by roughly $10–20 billion.

Due to the prolonged Russia-Ukraine war, the International Monetary Fund (IMF) has already begun discussing a new program for Ukraine.