Financing Democracy: Why And How Partners Should Support Ukraine

After almost two years of full-scale war, the outcome is not yet clear. On the one hand, Ukraine has preserved its statehood and a working government, regained a large part of the territory occupied in 2022, materially degraded the Russian navy in the Black Sea, and is operating the seaborne shipping corridor without Russia’s goodwill. Furthermore, Ukraine’s economy has been resilient: inflation is in single digits, the banking system is operating normally, and many businesses have resumed operations. In addition, Ukrainians continue to be extraordinarily united in their desire to defeat Russian aggression. For instance, more than 80% of Ukrainians donate to support the army, and tens of thousands of volunteers help source and provide critical army supplies. On the other hand, the war of attrition is taking a heavy toll. Without a doubt, Ukraine would not have been able to resist for so long without the military, humanitarian, and financial aid of other governments and international organisations. But while continued support is vital for Ukraine to prevail, it currently appears to be at risk, with some saying that spending on Ukraine is not a priority and further US support held up in Congress.