The international agency Fitch Ratings does not rule out that Russia’s war against Ukraine may continue into 2025. Ukraine’s ratings reflect a still significant credit risk given the protracted nature of the war, citing a Fitch statement. According to the agency’s forecast, the continuation of the war will lead to a large budget deficit (projected at 17.5% of GDP in 2024 and 15.3% in 2025) and financing uncertainty from 2025 onwards. Fitch notes the impact of the US electoral cycle on aid to Ukraine, potential donor fatigue, residual risks related to EU financing plans, and the limited capacit…