War Balance

Denmark vs Finland: support for Ukraine and trade with Russia since 2022

Denmark: Toward Ukraine by 4.0% of a year's GDP since 2022 (likely 3.3% to 5.0% toward Ukraine; very likely · >99%). Finland: Toward Ukraine by 8.5% of a year's GDP since 2022 (likely 5.4% to 12.6% toward Ukraine; very likely · >99%).

Support for Ukraine in euros: Denmark €11.2bn, Finland €5.3bn. More in euros: Denmark; more as a share of GDP: Denmark.

Denmark → Finland →

These numbers measure money: aid to Ukraine and the change in what Russia keeps from trade, against a world without the war. Weapons count at their money value: aid at market value when delivered, weapons and troops sent to Russia at the seller's gain where Russia paid and in full where it did not. Votes, diplomacy and intent are not in them.

Side by side

#CountryNetSupport for UkraineRussia kept from trade, vs no warRussian money frozen (return lost)Paid Russia since 2022
Denmark+4.0%+€15.5bn · +€2,586 per personlikely 3.3% to 5.0% toward Ukrainevery likely · >99%+€11.2bn+2.9% of GDPvery likely · >99%€3.7bn less0.98% of GDP lessvery likely · >99%€0.49bn0.13% of GDP€3.2bn0.85% of GDP
Finland+8.5%+€23.1bn · +€4,108 per personlikely 5.4% to 12.6% toward Ukrainevery likely · >99%+€5.3bn+1.9% of GDPvery likely · >99%€17.4bn less6.4% of GDP lessvery likely · >99%€0.40bn0.15% of GDP€10.7bn3.9% of GDP

Each row: the best estimate, then its range and the chance of its direction, as in the country's panel.

What makes up each number

MeasureDenmarkFinland
Government aid to Ukraine+€9.1bn+2.4% of GDP+€2.7bn+1.0% of GDP
Share of EU aid to Ukraine+€1.2bn+0.31% of GDP+€0.95bn+0.35% of GDP
Cost of hosting refugees from Ukraine+€0.92bn+0.24% of GDP+€1.5bn+0.56% of GDP
Private donations to Ukraine+€0.15bn+0.04% of GDP+€77m+0.03% of GDP
Aid to Ukraine spent at home−€88m−0.02% of GDP−€9m<0.01% of GDP
Share of IMF and World Bank lending to Ukraine+€17m<0.01% of GDP+€14m<0.01% of GDP
Aid spent here on energy, relief and rebuilding−€12m<0.01% of GDP−€6m<0.01% of GDP
Purchases from Ukraine vs no war+€5m<0.01% of GDP+€6m<0.01% of GDP
Extra services sold to Ukraine−€2m<0.01% of GDP−€4m<0.01% of GDP
Refugee spending kept in the host economy–−€14m<0.01% of GDP
Other countries' aid to Ukraine spent here–−€3m<0.01% of GDP
Russia's gain on fuel and goods it sold+€2.3bn+0.61% of GDP+€15.2bn+5.6% of GDP
Company profits in Russia+€0.48bn+0.12% of GDP+€1.2bn+0.43% of GDP
Company taxes paid in Russia+€0.38bn+0.10% of GDP+€0.75bn+0.28% of GDP
Russian oil bought via other countries+€0.28bn+0.07% of GDP+€0.39bn+0.14% of GDP
Sellers' gain on sales to Russia+€0.17bn+0.05% of GDP+€0.14bn+0.05% of GDP
Services bought from Russia+€56m+0.01% of GDP+€39m+0.01% of GDP
Services sold to Russia+€34m<0.01% of GDP+€58m+0.02% of GDP
Russia's gain from war-time fuel prices+€5m<0.01% of GDP−€0.45bn−0.16% of GDP
Shipping and insuring Russian oil+€3m<0.01% of GDP–
Profits of Russian-owned companies abroad–+€69m+0.03% of GDP
Extra price Russia paid because of sanctions–−€15m<0.01% of GDP
Frozen Russian central bank reserves€0.32bn0.08% of GDP€0.26bn0.09% of GDP
Frozen Russian private assets€0.17bn0.05% of GDP€0.14bn0.05% of GDP

+ toward Ukraine, − toward Russia

Year by year

YearCountrySupport for UkraineTrade: toward Ukraine (+) / toward Russia (−)Russian money frozenNet
2022Denmark+€1.2bn+€781m+€36m+€2.1bn
Finland+€653m+€2.8bn+€29m+€3.5bn
2023Denmark+€2.5bn+€775m+€157m+€3.4bn
Finland+€1.7bn+€4.6bn+€127m+€6.4bn
2024Denmark+€1.5bn+€764m+€136m+€2.4bn
Finland+€1.4bn+€4.0bn+€110m+€5.5bn
2025Denmark+€4.0bn+€775m+€102m+€4.8bn
Finland+€906m+€3.2bn+€83m+€4.2bn
2026*Denmark+€2.0bn+€646m+€61m+€2.7bn
Finland+€642m+€2.8bn+€50m+€3.5bn

Each year's amount: + toward Ukraine, − toward Russia. *2026: to August.

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Cite as: War Balance, figures to August 2026, https://warbalance.org/compare/denmark-vs-finland/