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Russia-Ukraine war latest updates: European Council discusses Ukraine

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  • December 15, 2022

Russia is destroying Ukraine’s economy, raising costs for U.S. and allies: Months of relentless attacks by Russia have damaged Ukraine’s infrastructure and economy so severely that the Ukrainian government may face a balance-of-payments crisis if Russian attacks intensify in the coming weeks, leaving it without international reserves to pay for imports and unable to service its foreign debt, write Jeff Stein and David L. Stern. Political leaders have begun trying to brace Western supporters for worst-case scenarios.

Foreign aid will be invaluable to helping Ukraine stabilize its economy — but this aid can be fickle. The European Union and United States have collectively pledged to send Ukraine more than $30 million next year, but none of that money has yet been approved in Brussels or Washington. Meanwhile, delays in aid delivery this year forced Kyiv to print money and devalue its currency to ensure its economy remained competitive, contributing to a spike in inflation of more than 20 percent.

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