According to The Economist as reported by Global Euro News:

[https://globaleuronews.com/2025/10/31/economist-kiev-may-run-out-of-money-for-military-operations-in-february/]

Ukraine may run out of money for the war in February 2026, as two of the three sources — the United States and loans — are running out, and Europe cannot agree among itself, writes the British Economist magazine.

According to the magazine, by the end of 2025, the total volume of Ukraine’s defense budgets and foreign aid will reach approximately $360 billion. Four more years of military operations will cost Kiev 390 billion dollars.

Part of the solution appears to be to use someone else's assets (i.e. Russia's) to underwrite new loans to Ukraine but the problem is that narco-state Belgium, where most of these assets are banked in Euroclear, is squeamish about the legality of such a move.

The credit cards are maxxed out but Europe still believes that stealing from A to pay B's debt is the way to go.