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PoliticsUkraine invasion

Ukraine amasses $43 billion for defense industry, Zelenskiy says

By
Olesia Safronova
Olesia Safronova
,
Daryna Krasnolutska
Daryna Krasnolutska
, and
Bloomberg
Bloomberg
Down Arrow Button Icon
By
Olesia Safronova
Olesia Safronova
,
Daryna Krasnolutska
Daryna Krasnolutska
, and
Bloomberg
Bloomberg
Down Arrow Button Icon
June 21, 2025, 11:45 AM ET
Ukrainian President Volodymyr Zelensky during the G7 summit in Alberta, Canada on June 17.
Ukrainian President Volodymyr Zelensky during the G7 summit in Alberta, Canada on June 17.Teresa Suarez—POOL/AFP via Getty Images

Ukraine has accumulated $43 billion for its defence industry so far this year between local funding and aid from allies, using it to ramp up the production and purchase of drones, artillery and other weaponry, said President Volodymyr Zelenskiy.  

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Kyiv has also launched a “Build with Ukraine” program and announced new agreements to be signed this summer, including opening production lines in European countries. 

“We will provide the relevant technologies and will produce weapons in their countries for us and for them,” including drones, missiles and possibly artillery, Zelenskiy told reporters in Kyiv late Friday, adding that steps would be taken to prevent any of the technology ending up in Russian hands. 

Ukraine is looking to develop its domestic military capabilities as it attempts to repel Russia’s invasion, well into its fourth year, and wean off dependence on military aid from allies, especially the US. 

“It is our priority to maintain America’s support,” Zelenskiy said, adding that while some European counties have indicated they’ll stick with Ukraine at all costs, “the most difficult situation is without America’s participation.”  

Zelenskiy is expected to attend the NATO summit at The Hague that starts on Tuesday. He’s denied that Ukraine faces the destruction of many of the Patriot air defense systems supplied by the US and other allies since 2022, or lacks weaponry to successfully operate them.  

Read more: Russia Says It Struck Kremenchuk Oil Refinery in Ukraine 

Ukraine’s air defenses have also been shored up by the heavy use of interceptor UAVs, which can shoot down Shahed-type drones used by Russia, he said.  

Kremlin forces continue massive air bombardments across Ukraine. Moscow launched 272 drones and eight missiles overnight, according the regular update from Ukraine’s General Staff. Kremenchuk in the Poltava region, site of a key oil refinery, was again a target after sustaining new damage a week ago.  

Russia also continues to use glide bombs and other weaponry across the front line in Ukraine’s east, as well as in northeastern Sumy and Kharkiv, close to the nations’ border, and in Dnipropetrovsk and other regions. 

Read more: EU Abandons Proposal to Lower Price Cap on Russian Oil to $45

Zelenskiy repeated a call for energy restrictions like lower oil price caps on Russian oil — a plan shelved by the European Union this week — as well as sanctions against companies working directly and indirectly with Russia’s defense industry. 

Some 39 defense companies are involved in the production of Russia’s experimental Oreshnik ballistic missile, of which 21 aren’t currently sanctioned, he said. 

The Fortune 500 Innovation Forum will convene Fortune 500 executives, U.S. policy officials, top founders, and thought leaders to help define what’s next for the American economy, Nov. 16-17 in Detroit. Apply here.
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