Ukraine risks losing about 7.35 billion euros in international financing because it has missed a string of reform deadlines tied to the European Union's Ukraine Facility and the Ukraine Support Loan programmes, according to an analysis by the RRR4U consortium of analytical centres.
The figure is split across several periods. In 2025, RRR4U recorded eight unmet obligations worth around 1.93 billion euros. The consortium flagged a critical risk that Ukraine could irreversibly lose 280 million euros of that sum because it failed to meet an indicator requiring an increase in staffing at the High Anti-Corruption Court.
Unfinished 2025 requirements
Also left unfulfilled in 2025 were amendments to civil service legislation under draft bill No. 13478-1, a new National Risk Assessment, and the separation of public service obligation and non-public service obligation activities at state enterprises under draft bill No. 13620.
Ukraine also failed to lift the suspension of its law on state aid under draft bill No. 14345, to improve permitting procedures for investment in renewable energy under draft bill No. 14271, and to appoint a nominated electricity market operator while defining a special status for the National Commission for State Regulation of Energy and Utilities.
2026 targets already missed
In the first quarter of 2026, four indicators worth around 2.30 billion euros went unmet. These covered the launch of a Human Resources Management Information System, simplified insolvency procedures for small and medium-sized businesses under draft bill No. 15024, transparent selection of prosecutors for leadership positions under draft bill No. 15343, and adoption of a strategy for implementing circular economy principles along with its action plan.
The second quarter saw the largest number of delays, with seven unmet indicators putting 3.12 billion euros at risk. These included a human rights protection strategy and the creation of supervisory boards with a majority of independent members at state enterprises.
Investment indicators still disputed
RRR4U's analysis also lists four investment indicators whose status remains under discussion: at least 300 million euros for education, at least 200 million euros for healthcare, at least 200 million euros for housing for veterans, and 5% grant support for the reconstruction of communities. The consortium said there has been prolonged debate over how to properly assess whether these have been fulfilled.
Background to the funding
The Ukraine Facility is the EU's roughly 50 billion euro support package for Ukraine running through 2027, with disbursements tied to a reform plan covering the judiciary, anti-corruption bodies, public administration and the energy sector. The Ukraine Support Loan forms part of the wider Group of Seven lending effort backed by profits from immobilised Russian central bank assets. The High Anti-Corruption Court was set up to try top-level corruption cases and is a cornerstone of Ukraine's anti-graft architecture.
The authors of the monitoring report said that after the reform plan was expanded, the main challenge for Ukraine is no longer launching new reforms but delivering on time on the obligations it has already taken on, since further EU funding depends directly on that delivery.
Wider financing needs
In March, RRR4U warned that Ukraine would need 52 billion dollars in external financing in 2026, and that access to most of that sum depends directly on cooperation with the International Monetary Fund. Separately, the KSE Institute has calculated that Ukraine will need a further 67.4 billion dollars in international financial assistance between 2027 and 2029.
