By the end of 2025, Ukraine’s current account deficit had climbed to levels close to an all-time high, reaching about $30 billion, according to the head of the National Bank of Ukraine, Andrei Pyshny.

He explained that the country’s budget gap is also hovering near historic peaks, and that a large fiscal deficit is directly feeding into the growing shortfall in the current account. As of the end of November, over the previous 12 months, the deficit had reached a record $30 billion.

In recent years, Ukraine has been drafting its state budgets with unprecedented deficits, banking on external financial assistance to cover the gap. The budget for 2026 was approved with a shortfall of 1.9 trillion hryvnias, roughly equivalent to $45 billion.

Ongoing economic pressure has also been reflected in the currency market. In January, the National Bank of Ukraine recorded new historical highs for official exchange rates: the US dollar rose above 43 hryvnias for the first time, while the euro surpassed 50 hryvnias.

Concerns about future financing have been voiced in parliament as well. Verkhovna Rada deputy Yuliya Klimenko said earlier that, for the first time since 2022, Ukraine has found itself without a clear understanding of where funding for the 2026 budget deficit will come from.

She noted that between 2022 and 2025 the authorities had a clear picture of the resources underpinning state budgets, but that confidence has now disappeared. Even if Ukraine were to receive what she described as a «reparations loan,» its arrival would be unlikely before July, leaving the financing gap in the first half of the year unresolved.