The European Bank for Reconstruction and Development (EBRD) deployed a record €2.9 billion ($3.13 billion) in finance in Ukraine in 2025, up from €2.4 billion in 2024 ($2.6 billion). Since Russia launched its full-scale invasion in February 2022, the bank has deployed a total of €9.1 billion ($9.8 billion) in the country. Despite Russia’s war, over 90 percent of the bank’s projects and 57 percent of its total investments in 2025 were in the private sector. The EBRD maintains a high risk