Ukraine will become a major military equipment supplier to European countries following the end of its war with Russia, US Ambassador to NATO Matthew Whitaker said in an interview with Fox News.

The diplomat said that Ukraine would become a major supplier of military equipment to Europe against the backdrop of increased defense spending by its countries.

Whitaker said that substantial financial resources will flow into Ukraine, primarily from Europe, to assist with the country’s post-war reconstruction.

The ambassador’s comments follow December 2024 statements by Donald Trump, who warned the United States could withdraw from NATO if European countries failed to increase their defense spending from the then-current 2% to 5% of GDP.

During the NATO summit in The Hague in June, alliance leaders agreed to raise defense expenditures to 5% of GDP over the next 10 years.

The Stockholm International Peace Research Institute (SIPRI) previously calculated that global defense spending reached record post-Cold War levels last year.

Kharkiv stands in ruins after Russia attacks. Daily strikes have devasted the city and caused over €10 billion in damage to Kharkiv, Mayor Ihor Terekhov told Report.

According to the city’s head, Russia has been systematically targeting Kharkiv’s civilian infrastructure for over three years. More than 12,000 sites have been destroyed or damaged, and most of them are residential buildings.

“160,000 Kharkiv residents have lost their homes. Explosions every day, destruction every day, and sadly, deaths and injuries,” says Terekhov. 

Thousands of residents are left homeless

The mayor notes that over 9,500 of the destroyed sites are residential buildings, meaning Russian missiles and drones are primarily targeting civilians. Since February 2022, Kharkiv has not seen a single day without shelling.

“Currently, the need for windows exceeds 50,000. Every strike increases this number by another thousand, one and a half, two. The record was more than five thousand in one attack,” the mayor revealed in June.

Reconstruction will require billions

“We are facing massive destruction. The city will need even more funds to rebuild,” Terekhov states, estimating the damage at around €10 billion.

Still, he stressed, “no amount of money can bring back the lives and health lost.”

Terekhov underscored that Kharkiv is under constant attack and that “civilian targets are primarily being hit.”

The scale of destruction and number of victims make it clear: Russia is deliberately devastating Ukraine’s largest city near the border.

Earlier, Russia tested its new modified bomb in an attack on Kharkiv. Children, an infant, and a pregnant woman were among the wounded. A new type of aerial bomb, the UMPB-5, with 250-kg warhead, hit the central part of the city in the first known use of this weapon.

Two airstrikes were launched from over 100 kilometers away. The strikes damaged 20 residential buildings, including 17 apartment blocks in the Shevchenkivskyi and Kholodnohirskyi districts. The blast wave shattered over 600 windows, forming a crater in the street. Seven cars were destroyed by fire, and 18 more were damaged. One industrial facility caught fire, resulting in a large-scale blaze.

BlackRock, a U.S. investment firm, suspended work on a multibillion-dollar Ukraine recovery fund following U.S. President Donald Trump's election victory, prompting France to work on a replacement, Bloomberg reported on July 5.

The plan nearly secured the initial support of institutions backed by the governments of Germany, Italy, and Poland, people familiar with the matter told Bloomberg.

Kyiv has sought to secure investment in Ukraine's reconstruction as Russia's war continues to destroy infrastructure across the country.

BlackRock halted its search for institutional investors in January, causing the planned funding that sought to secure $500 million from governments, development grants, and investment banks, and another $2 billion from private investors, to fall through.

The investment firm halted talks with institutional investors in January due to a lack of interest amid perceived uncertainty in Ukraine.

The fund was set to be unveiled by BlackRock at the upcoming Ukraine Recovery Conference on July 10-11 in Rome, Bloomberg reported.

A spokesperson for BlackRock said the investment firm completed advisory work for the recovery fund pro bono in 2024 and no longer has "any active mandate."

France is working on a proposal to replace the recovery fund led by BlackRock, people familiar with the matter told Bloomberg, adding that it remains uncertain how effective the plan will be without Washington's backing.

President Volodymyr Zelensky and Italian Prime Minister Giorgia Meloni are expected to attend the Ukraine Recovery Conference next week.

Despite a partial rebound from a 30% economic slump in 2022, foreign investment in Ukraine remains underwhelming.

As US aid to Ukraine dries up, new platform connects Americans investors with Ukrainian startups

Ukraine’s startup ecosystem has tripled in five years, even during Russia’s full-scale invasion, to become the second most valuable in Central and Eastern Europe at $28 billion.

The Kyiv IndependentDominic Culverwell