Ukraine's War Budget Primarily Debt After Russia Defeat

In the first 100 days of the war, Russia earned €93 billion, or approximately Rp1.42 quadrillion (at an exchange rate of Rp15,322 per euro), from fossil fuel exports.

Meanwhile, from the beginning of the war until July 12, 2022, Ukraine received only US$24.54 billion, or approximately Rp369.17 trillion (at an exchange rate of Rp15,043 per US$), the majority of which was in the form of loans.

"The sources of funding for Ukraine's state budget from February 24 to July 12 were war bonds, loans from international institutions, and bilateral loans and grants," stated the Ukrainian Ministry of Finance on its official website on Tuesday, July 12, 2022.

From the beginning of the invasion until July 12, 2022, Ukraine's largest source of revenue came from central bank reserves and war bonds—debt instruments sold by the state to finance military operations— totaling US$11.80 billion.

Ukraine also received loans from several international institutions, namely the World Bank, the International Monetary Fund (IMF), and the European Investment Bank (EIB), totaling US$2.9 billion.

Then there were bilateral loans or grants totaling US$9.76 billion.

The largest grant provider to Ukraine was the United States, at US$3.99 billion. The largest loan provider was Canada, at US$1.17 billion.