Ukraine’s state and state-guaranteed debt climbed to $215.55 billion by the end of August 2026, according to Ukraine’s Finance Ministry. The figure rose by $1.36 billion in dollar terms in August alone, while the total had increased by $2.22 billion since the start of the year. With the war against Russia continuing, Kyiv remains heavily dependent on international financing, with concessional loans accounting for around 64.6% of its debt portfolio. The European Union remains Ukraine’s largest creditor, accounting for approximately 39.2% of the total. How sustainable is Ukraine’s growing financial burden as the war drags on? We examine the numbers, the reliance on foreign lenders and the economic pressure facing Zelensky’s government.
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