Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Israeli media: 15 injuries transferred to hospitals, including two in critical condition
Israeli media: 27 missiles were launched from Iran in two barrages
Israeli army spokesman says another barrage of Iranian missiles was launched toward 'Israel', demands settlers to adhere to instructions
Israeli media: Two people seriously injured by Iranian missiles
Spokesperson for the Israeli Fire and Rescue Authority: A number of buildings were destroyed as a result of a direct hit by Iranian missiles in the coastal area
Sirens sound in Haifa, Tabarayya, and northern occupied Palestine
Israeli media: A new barrage of Iranian missiles targets northern occupied Palestine
Israeli media: At least 3 barrages of missiles were fired and are still being fired toward 'Israel'
Israeli media: More than 20 Iranian missiles are suspected to have made impact in Haifa and the inner coastal area
Israeli platform: A major Iranian attack and ongoing warnings - an attack in multiple waves

The high cost of war: Ukraine's $100 million daily battle

  • By Al Mayadeen English
  • Source: Agencies
  • 4 Sep 2023 17:10
  • 2 Shares
3 Min Read

As Ukraine grapples with the relentless and costly war with Russia, the outgoing Ukrainian Defense Minister reveals that the nation is bearing an astronomical daily financial burden of $100 million.

  • x
  • Ukraine's Minister of Defence Oleksiy Reznikov attends a meeting at the NATO headquarters in Brussels, June 15. (AFP-Yonhap)
    Ukraine's Minister of Defense Oleksii Reznikov attends a meeting at the NATO headquarters in Brussels, on June 15 (AFP/Yonhap)

Outgoing Ukrainian Defense Minister Oleksii Reznikov stated that Ukraine is bearing daily costs of $100 million due to the war with Russia, adding that the assistance provided by volunteers since February 2022 has only accounted for 3% of the total funds used.

Reznikov pointed out that when one compares the funds raised by various volunteer foundations and the state's daily spending of $100 million, it becomes apparent how significant the financial burden of the war is. Prime Minister Denys Shmyhal previously stated that Ukraine was using 100% of its tax income for military needs, and aid from donors and allies was also being directed toward the defense sector.

"A day of war costs us $100 million. Now take the budgets of all the respectable large volunteer foundations and see how much they raise. And take the state, which spends $100 million per day in general. Just think about it," Reznikov said, as quoted by the Ukrinform news agency.

This comes just one day after President Volodymyr Zelensky announced that Defense Minister Oleksii Reznikov had been sacked from his position.

Rustem Umerov, a Crimean Tatar, would be replacing Reznikov, Zelensky also announced. Umerov has been the head of Ukraine's State Property Fund since September 2022 and has been a main driver in some major war negotiations like the Black Sea grain deal.

Related News

Zelensky dismisses Defense Minister, names Rustem Umerov in his stead

Kiev calls on Tokyo to supply electronic warfare equipment: Minister

A few days ago, Zelensky's alleged anti-corruption campaign fueled rumors that he may fire Ukraine's Defense Minister following allegations of misconduct in the procurement of military supplies.

Read more: Western military aid to Kiev since Feb 2022 tops $100bln; half from US

Ukraine's economic struggles intensify as 2023 budget reveals staggering deficit

Ukraine is grappling with a severe fiscal challenge as it faces a substantial budget deficit in its 2023 financial plan. The deficit is estimated at a staggering 1.296 trillion hryvnias, equivalent to approximately $35.1 billion. The draft budget for the year outlines expected revenues of 1.28 trillion hryvnias against expenses totaling 2.57 trillion hryvnias, resulting in a monthly budget deficit of around $3 billion. To bridge this financial gap, Ukraine intends to rely on foreign loans.

This financial strain is not new for Ukraine, as it has been confronting consistent monthly budget deficits of approximately $5 billion since the commencement of the military conflict. A significant portion of these deficits has been covered through foreign loans and grants, with the bulk of these funds being allocated to meet the nation's pressing military needs. Meanwhile, the Ukrainian Finance Ministry reported a substantial increase in the country's state debt, with a staggering $4 billion added in just the month of July. This pushed the total state debt to surpass an alarming $132 billion.

Moreover, the outlook for the following year, 2024, suggests that Ukraine may continue to grapple with a budget deficit at a similar level to that of the current year, as indicated by the Ukrainian Finance Ministry. 

Read more: Ukraine losses against Russia could amount to $500bln: Kiev

  • oleksii Reznikov
  • budget deficit
  • Russia
  • Ukraine

Most Read

Iran launches 9th wave of Op. True Promise 3, destroys IOF air defense

Iran launches 9th wave of Op. True Promise 3, destroys IOF air defense

  • MENA
  • 17 Jun 2025
Rescue team work at the site where a missile launched from Iran struck Tel Aviv, Israel, Monday, June 16, 2025 (AP)

Wave 12 of Operation True Promise 3 launched, Sejjil deployed: IRGC

  • Politics
  • 18 Jun 2025
Iran launches missile barrage to Tel Aviv, casualties reported

True Promise 3, wave 14: Tel Aviv targeted, casualties reported

  • Politics
  • 19 Jun 2025
Iran's heavy barrages impact multiple Israeli targets overnight

Iran's heavy barrages impact multiple Israeli targets overnight

  • Palestine
  • 18 Jun 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Iran’s Bavar-373 air defense system on display during a military drill (Mehr News Agency)
Politics

Iran intercepts Israeli drones near Tehran, multiple cities

The Israeli Iron Dome air defense system fires to intercept missiles during an Iranian attack over Tel Aviv, Occupied Palestine, Sunday, June 15, 2025 (AP)
Politics

Iran warns aid to 'Israel' will be treated as aggression

US President Donald Trump arrives to board Air Force One at Joint Base Andrews, Friday, June 20, 2025, en route to Montclair, New Jersey (AP)
Politics

Trump, Erdogan made covert attempts to hold talks with Iran: Axios

Ansar Allah supporters surround a giant Iranian flag during an anti-US and anti-'Israel' weekly rally in Sanaa, Yemen, Friday, June 20, 2025 (AP)
Politics

US ships in Red Sea will be targeted if US attacks Iran: YAF

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS