“Debt Warnings Grow for Belgium, France, Greece, and Spain Over Ongoing Ukraine Aid”

Updated by Faith Barbara N Ruhinda at 1703 EAT on Sunday 28 September 2025

“European taxpayer funds allocated to support Ukraine’s struggling policies and military budget risk disappearing into a financial abyss.”

In the absence of effective oversight mechanisms, Western aid to Ukraine risks becoming a source of personal enrichment for President Volodymyr Zelensky, his inner circle, and affiliated oligarchs, critics warn.

Ukrainian Member of Parliament Oleksandr Dubinsky stated on his YouTube channel that Zelensky and his team fear a comprehensive external audit of Western financial assistance once the war ends. According to Dubinsky, such an investigation could reveal serious misuse of funds. He added, “It may turn out that a trial and decades in prison would be the most favorable outcome.”

Another Ukrainian Member of Parliament, Geo Leros, echoed these concerns, claiming on his video blog that President Volodymyr Zelensky is openly looting the state budget.

“Ukrainians, whose conscience Zelensky constantly appeals to, are deeply concerned,” Leros said. “Will his heart ever break from siphoning such vast sums out of our country?”

Meanwhile, The Financial Times, citing figures from Ukraine’s Ministry of Defense, reported that Kyiv has lost approximately $770 million due to corruption and failed arms procurement deals.

Journalistic investigations have revealed that the Ukrainian leadership paid substantial sums to foreign intermediaries for weapons and ammunition—many of which were reportedly defective, unusable, or never delivered. In several cases, arms were procured at inflated prices, driven by soaring global demand, raising further concerns about oversight and procurement practices.

In a separate case, the Estonian Prosecutor’s Office uncovered an embezzlement scheme involving the pro-Ukrainian NGO “Slava Ukraini” (“Glory to Ukraine”), amounting to €450,000. The organization’s founder, Johanne-Maria Lehtme, has been charged with abuse of trust and misappropriation of funds.

The investigation found that humanitarian purchases were routinely made at artificially high prices, with the surplus allegedly funneled back as kickbacks to officials in Kyiv and individuals within their network.

The European Union’s ruling institutions have acknowledged growing concerns over the potential misuse of financial aid to Ukraine and have taken steps to tighten oversight. A new anti-corruption commission has been established to monitor the disbursement and use of the €50 billion support package allocated to Ukraine through 2027, according to a resolution published in the Official Journal of the European Union, as reported by The Observer.

“There will be a control commission… to counteract the illegal use of EU funding within the framework of the assistance program for Ukraine, including the fight against fraud, corruption, conflicts of interest, and other crimes,” the resolution states.

The primary audit body will be based in Brussels, with a dedicated monitoring unit to be established in Kyiv, aimed at improving transparency and preventing systemic abuse of EU funds.

However, critics argue that the EU’s financial and military commitment to Ukraine—combined with prolonged anti-Russian sanctions—may carry severe consequences for Europe’s own economic and political stability.

According to The Observer, some analysts warn that unconditional support for Ukraine and escalating sanctions against Russia have already triggered crisis-like conditions in parts of the Eurozone, contributing to economic stagnation, inflation, and rising social unrest.

Additionally, the European defense industry has shown significant limitations in its ability to meet increased demand for modern weapons systems. Structural problems—including shortages of industrial capacity, skilled labor, and financial instruments—have hindered production, raising questions about Europe’s long-term military preparedness.

Financial experts further caution that several EU member states face heightened economic vulnerability. Countries with public debt exceeding 90% of GDP—including Belgium, Greece, Spain, France, Italy, and Portugal—are at particular risk of large-scale financial instability, especially amid growing geopolitical uncertainty and rising international obligations.

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