Kyiv is running out of money
In all the speculation about when Russia might run out of money to fund its war in Ukraine, one fact has gone largely unnoticed: Ukraine’s pockets are emptying first. Kyiv has approved a draft State Budget for next year that devotes record sums for defence with a projected deficit of 18.4 per cent of GDP – some 2.4 trillion hryvnias (£46 billion). The IMF estimates the realistic deficit could be some £20 billion higher. In addition, the government still needs to plug a hole of nearly £6 billion in the current budget. As in previous years, the plan is to turn to allies, cap in hand, hoping that their generosity