Economist Podcasts War-chest X-ray: how to finance Ukraine
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Oct 29, 2025 
Join Callum Williams, a Senior economics writer, and Michelle Hennessy, Graphic detail editor at The Economist, as they delve into pressing global issues. They analyze the potential use of seized Russian assets to support Ukraine's financial needs amid winter challenges. Callum reveals alarming trends on AI's effect on junior hiring, indicating no impending jobs apocalypse yet. Michelle shares insights from Henley & Partners’ passport rankings, showcasing how Asian passports are gaining power while the US passport declines.
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Scale Of Ukraine's Funding Shortfall
- Ukraine faces a severe multi-year funding gap approaching $100bn a year and roughly $400bn for four years of stability.
- Seized Russian reserves (€140bn) help but fall far short of what Europe must provide to sustain Ukraine.
EU Shifts Toward Using Frozen Russian Assets
- EU debate has shifted from protecting Russian capital to accepting use of frozen Russian assets for Ukraine.
- Major institutions and countries have changed positions though some holdouts, like Belgium, remain cautious.
Issue Common European Debt
- Europe should issue common debt to finance a multi-year support package rather than rely solely on seized Russian assets.
- Prioritise short-term purchases Europe cannot produce (eg air defences) while building longer-term European and Ukrainian production.