Four years into Russia’s invasion of Ukraine, the war can be measured not only in lives and territory, but in money. In Part One, the war’s cost was measured in casualties and kilometres. In Part Two, it is measured in billions of dollars.
In the second part of this series, the focus shifts from the battlefield’s human toll to the financial and industrial machinery sustaining the fight.
The money behind the war in Ukraine: Who pays and how much?
The war is sustained not only by weapons and manpower, but by budgets, borrowing and export revenues. The financial contest now rivals the battlefield in determining the duration of the conflict.
Since February 2022, Western governments and partners have pledged over 400 billion U.S. dollars in combined military, financial and humanitarian assistance to Ukraine. That figure includes military equipment, macro-financial support, humanitarian aid and refugee assistance. It reflects pledges and approved packages, not only disbursed cash.
The United States remains the largest single national donor.
Since 2022, Congress has approved approximately 175 to 180 billion U.S. dollars in Ukraine-related funding.
Of that total:
Roughly 66 to 70 billion U.S. dollars has been allocated for military assistance
The remainder covers economic support, humanitarian aid and replenishment of U.S. defence stockpiles
Not all approved funding has been spent. A portion remains allocated for future deliveries and long-term programmes.
The European Union and its member states collectively rival U.S. commitments when military, financial and humanitarian support are combined.
Key confirmed figures:
In 2025 alone, European military aid reached approximately 29 billion euros, a significant increase compared with the 2022 to 2024 annual average.
European financial and humanitarian flows in 2025 reached roughly 35 billion euros, most of it channelled through EU institutions.
On 30 January 2026, the European Commission announced 183 million dollars in emergency assistance for Ukraine.
The United Kingdom has committed more than £20 billion (approximately 27 billion USD) since 2022, primarily in military and financial assistance.
Recently, the UK has pledged $205 million to help send U.S.-made weapons to Ukraine, as allies step up efforts to reinforce Kyiv’s air defences and battlefield capabilities.
UK Defence Secretary John Healey said Britain would commit £150 million (approximately 202.6 million USD) under the Prioritised Ukraine Requirements List (PURL) initiative. The programme was established last summer to maintain the flow of American weapons to Ukraine at a time when new U.S. military assistance had stalled in Congress.
The scheme enables allies to finance the purchase of U.S.-produced air defence systems and other critical equipment for Ukraine, rather than waiting for direct transfers from Washington.
According to Matthew Whitaker, the U.S. ambassador to NATO, allied countries have already committed more than $4.5 billion through the programme.
Ukraine’s allies have also pledged nearly 48 billion U.S. dollars in military support at a meeting of the Ukraine Defence Contact Group in Brussels, promising to step up pressure on Russia and reinforce Kyiv’s position on the battlefield.
NATO Secretary General Mark Rutte said five countries committed new funding to buy American weapons under Ukraine’s Priority Requirements List, thanking the UK, Iceland, Norway, Sweden and Lithuania for contributions worth “hundreds of millions of dollars”.
Canada, Japan and other NATO partners have pledged additional multi-billion-dollar packages.
Shortly after the invasion began, Western governments froze approximately 280 billion U.S. dollars in Russian central bank reserves.
These assets remain immobilised.
Rather than confiscating the principal, G7 governments agreed to use profits generated from the frozen reserves to back a 50 billion U.S. dollar loan facility for Ukraine.
The principal remains legally contested and has not been seized.
Sanctions remain the primary financial pressure mechanism on Moscow.
As of late 2025, the European Union adopted its 19th sanctions package, expanding restrictions on:
A 20th package has been proposed and is under discussion, but had not yet been formally approved, as of February 2026.
Since 2022, EU–Russia trade volumes have fallen sharply. Russian oil exports have shifted toward Asian markets, often at discounted prices. Sanctions have not caused systemic financial collapse in Russia, but they have increased structural constraints on capital access, technology imports and long-term growth.
Absolute totals tell only part of the story. The relative burden on national economies is also significant.
Across Europe, many NATO members now exceed 2 percent of GDP in defence spending, with some eastern flank states surpassing 3 percent.
Russia finances its military campaign primarily through:
Energy income remains central despite price caps and sanctions. Defence production has become a major component of industrial output.
Russia has increased domestic debt issuance to sustain elevated military spending.
Inflationary pressure and labour shortages remain constraints, but there has been no fiscal collapse.
Ukraine’s reconstruction needs are estimated at well above 400 billion U.S. dollars, according to joint international assessments.
That figure reflects damage to housing, energy infrastructure, transport networks and industry.
Current pledged reconstruction financing covers only a portion of projected long-term needs. The total cost will rise if fighting continues.
Four years into the full-scale invasion of Ukraine, the financial dimension is defined by:
What began with portable anti tank weapons evolved into deliveries of long range air defence, heavy armour, precision strike systems, modern artillery and Western fighter aircraft.
By 2025, Europe increased its share of military assistance as U.S. budget flows slowed compared with earlier phases, although the United States remains the largest single military supplier overall since 2022.
Air defence has become one of the most strategically critical components of support.
Ukraine has received multiple Patriot air defence systems, supplied by the United States and European partners including Germany and the Netherlands. Patriot batteries are capable of intercepting ballistic missiles, cruise missiles and high altitude aircraft, making them central to the protection of major cities and energy infrastructure.
Additional Patriot interceptors and components have been financed through coordinated allied mechanisms.
The United States has also delivered more than a dozen NASAMS (National Advanced Surface-to-Air Missile System). Germany has supplied several IRIS T SLM surface-to-air missile systems.
Germany transferred more than 50 Gepard anti aircraft tanks, widely used to counter drones at shorter range.
As Russian missile and drone attacks intensified in 2024 and 2025, European funding for air defence increased further. Germany’s 2026 military allocation includes financing for the replacement of two Patriot systems alongside artillery, drones and armoured vehicles.
The transfer of Western main battle tanks marked a significant escalation in support.
European nations collaborated on Leopard 2 deliveries, with a combined total of roughly 80 to 100 Leopard 2 variants pledged.
The United Kingdom supplied 14 Challenger 2 tanks.
The United States committed 31 M1 Abrams tanks. Australia pledged an additional 49 Abrams tanks, bringing total Abrams commitments to around 80 vehicles.
Earlier in the war, Poland and other Central European states transferred hundreds of Soviet era T 72 tanks and armoured vehicles.
In 2025, Germany provided approximately 9 billion euros in military aid, making it Europe’s largest single donor that year. That represented an increase of roughly 130 percent compared with its annual average between 2022 and 2024.
Precision strike systems extended Ukraine’s operational reach.
The United States delivered more than 30 HIMARS launchers, along with guided rockets.
Later transfers included ATACMS long-range missiles, capable of striking targets beyond 160 kilometres.
The United Kingdom and France supplied Storm Shadow and SCALP cruise missiles, enabling deep strikes against logistics hubs and command infrastructure.
Artillery remains central to high intensity warfare.
The United States supplied more than two million 155 millimetre artillery rounds. European countries pledged over one million additional shells under joint procurement initiatives.
France delivered Caesar self propelled howitzers. Sweden supplied Archer artillery systems and additional armoured platforms.
In 2025 alone, European countries provided approximately 29 billion euros in military aid, compared with an annual average of 17 to 18 billion euros between 2022 and 2024, an increase of roughly two thirds.
A coalition led by the Netherlands and Denmark pledged more than 60 F-16 fighter aircraft.
Deliveries began in phases following pilot and maintenance training.
The introduction of Western fighter aircraft represents one of the most significant upgrades to Ukraine’s air capabilities since the invasion began.
In the opening months of the war, portable anti tank systems were decisive.
The United States delivered tens of thousands of Javelin missiles. The United Kingdom supplied thousands of NLAW (Next generation Light Antitank Weapon) systems.
These systems were instrumental in halting early armoured advances.
Unmanned systems have become a defining feature of the conflict.
Türkiye supplied Bayraktar TB2 drones early in the war. Western partners later provided reconnaissance drones, loitering munitions and counter drone systems.
Drones now form a core element of reconnaissance, targeting and strike coordination.
Russia relies primarily on domestic defence production and state financing.
However, Iran supplied large numbers of Shahed type drones used in attacks on Ukrainian infrastructure.
North Korea has reportedly transferred significant quantities of artillery ammunition to replenish Russian stockpiles. Russia has also increased domestic production of shells, drones and missiles to sustain operations.
Four years into the invasion, the war can be measured in several ways: in lives lost, in kilometres of territory gained and retaken, and in the hundreds of billions of dollars committed to sustain the fight. Neither side shows signs of financial exhaustion. The map has started to solidify, but it has not settled. The casualty figures continue to rise. The aid packages continue to be negotiated.
As the war enters its fifth year, the defining question is no longer only who controls more land but who can sustain the cost the longest.
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Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 24th of February, covering the latest developments you need to...
U.S. President Donald Trump’s new 10% global tariffs have come into effect, hours after the Supreme Court blocked many of his sweeping import taxes in a 6–3 ruling. Allies around the world are weighing possible retaliation, while markets brace for further upheaval.
Torrential downpours have triggered deadly mudslides and widespread flooding in southern Peru, leaving at least seventeen people dead - including fifteen killed in a military helicopter crash - as hundreds of districts across the country remain under a state of emergency.
The U.S. ambassador to France, Charles Kushner, has been banned from meeting members of the French government after not showing up at the Foreign Affairs ministry, where he had been summoned over comments on the killing of a French far-right activist last week, diplomatic sources said on Monday.
Thailand and the United States, alongside 28 partner nations, began Southeast Asia’s largest and longest-running military exercise, the 45th Cobra Gold, on Tuesday (24 February) in Rayong province, Thailand.
Italy said a fond farewell to the Winter Olympics on Sunday with an open-air ceremony in the ancient Verona Arena that celebrated art and sporting achievement at a Games lauded as a model for how to stage such events.
The United States and Iran will hold a new round of nuclear negotiations in Geneva on Thursday as part of renewed diplomatic efforts to reach a potential agreement, Oman’s Foreign Minister Badr Albusaidi announced on Sunday.
Further Iran-U.S. nuclear talks are scheduled in Geneva on Thursday (26 February) as diplomacy resumes over Tehran’s nuclear programme following earlier mediation efforts. But will the talks move Iran-U.S. negotiations closer to a deal, and what should be expected from the meeting?
Mexican authorities said on Sunday that Nemesio Oseguera Cervantes, known as El Mencho and head of the Jalisco New Generation Cartel (CJNG), was killed during a military operation in the western state of Jalisco.
Syria has secured a $50 million financing package from the World Bank to support transport infrastructure projects as the country advances its economic recovery efforts, Syrian media reported on Sunday.
U.S. President Donald Trump’s new 10% global tariffs have come into effect, hours after the Supreme Court blocked many of his sweeping import taxes in a 6–3 ruling. Allies around the world are weighing possible retaliation, while markets brace for further upheaval.
Torrential downpours have triggered deadly mudslides and widespread flooding in southern Peru, leaving at least seventeen people dead - including fifteen killed in a military helicopter crash - as hundreds of districts across the country remain under a state of emergency.
The U.S. ambassador to France, Charles Kushner, has been banned from meeting members of the French government after not showing up at the Foreign Affairs ministry, where he had been summoned over comments on the killing of a French far-right activist last week, diplomatic sources said on Monday.
Thailand and the United States, alongside 28 partner nations, began Southeast Asia’s largest and longest-running military exercise, the 45th Cobra Gold, on Tuesday (24 February) in Rayong province, Thailand.
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 24th of February, covering the latest developments you need to know.
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