Ukraine’s 2026–2027 Budget Needs Discussed with UK and Lithuania

Ukrainian Finance Minister’s Meetings at the 2026 Ukraine Recovery Conference

According to Мінфін: During the 2026 Ukraine Recovery Conference in Gdańsk, Ukraine’s Finance Minister Serhiy Marchenko held talks with UK Chancellor of the Exchequer Rachel Reeves and Lithuanian Finance Minister Kęstutis Vaitiekūnas. The discussions centered on Ukraine’s budget requirements for 2026 and 2027, international financial assistance, collaboration with the International Monetary Fund (IMF), progress in implementing reforms, and the potential use of frozen Russian sovereign assets.

Marchenko pointed out that Ukraine’s macroeconomic outlook remains directly tied to the war’s duration and intensity. He emphasized that even with substantial backing from allies, the country’s financing needs are still substantial. Ongoing Russian attacks on critical and energy infrastructure continue to strain public finances, further complicating the situation.

Key Meeting Topics and International Support

A central issue in the meetings was the utilization of frozen Russian assets. Marchenko stressed that “Russia must bear full financial responsibility for the damage it has caused to Ukraine,” adding that “the scale of destruction requires using not only the proceeds from immobilized assets but also the assets themselves for reconstruction.”

Both sides reaffirmed their commitment to strengthening coordination to support Ukraine’s financial stability, reform efforts, and recovery.

These engagements highlight the critical role of international financial support for Ukraine, especially amid the ongoing war with Russia, which continues to severely impact the country’s economy. Leveraging frozen Russian assets could become a key component in rebuilding Ukraine’s economy, demanding global coordination and concerted efforts from international partners. The backing from the United Kingdom and Lithuania serves as a strong signal of solidarity and readiness to assist Ukraine during this challenging period.

In addition to the discussions on budgetary needs, the ongoing support from international institutions remains crucial for Ukraine's recovery. Recently, the World Bank announced a significant funding package aimed at bolstering Ukraine's economic stability. This financial assistance underscores the importance of coordinated efforts to address the pressing challenges faced by the nation amid the conflict.