Ukraine Increases Defense Budget to $90.5 Bln

Ukraine’s President Volodymyr Zelensky has signed a bill passed by parliament that significantly boosts the country’s military spending to support the ongoing fight against Russia's invasion.

According to local media, the new law increases military funding by 500 billion hryvnias (about $12 billion).

This increase will be financed through loans, taxes, and higher excise duties on tobacco and fuel. The additional funds are set to be used primarily for frontline soldiers' allowances this month.

The Ukrainian parliament approved a supplementary budget last Wednesday to meet the ongoing war commitments, raising overall military expenditure by about 13%, pushing it to over $90.5 billion—a record high for Ukraine.

The war between Russia and Ukraine has been raging for over two and a half years. Since the conflict began in February 2022, Ukraine reports receiving more than $98 billion in foreign financial aid.

As the conflict continues with no end in sight, this boost in military funding reflects Ukraine's ongoing efforts to maintain its defense against Russia's advances while relying on both domestic resources and international support.