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A Ukrainian flag flies above the headquarters of the Ukrainian Finance Ministry in Kyiv, Ukraine, on Feb. 8, 2017.
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What Ukraine's ballooning debt means for its economy, and future

by Luca Léry Moffat

Ukraine's debt is ballooning. By the end of last year, the country owed over $213 billion to creditors — a hair's breadth away from the size of the country's entire economy. That doesn't include a new 90-billion-euro loan to Kyiv agreed by European leaders at a summit on Dec. 19, of which a sizable chunk will add to Ukraine's debt pile. As Russia's full-scale invasion approaches its fifth year and progress towards a peace deal remains uncertain, the anticipated postwar reconstruction boom is o

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Zelensky won't announce elections on war anniversary amid talks of US-driven timeline, source says

As of now, President Volodymyr Zelensky does not plan to announce presidential elections or a referendum on a possible peace deal with Russia on Feb. 24, a source in the President's Office familiar with the matter told the Kyiv Independent on Feb. 11. The comment came after the Financial Times reported that Kyiv was preparing to hold both votes this spring and that Zelensky could unveil the plan on the fourth anniversary of Russia's full-scale invasion. "He wasn't planning to," the source said

The hidden cost of Putin’s war: A more dependent Russia

Russian President Vladimir Putin has increasingly characterized his all-out war against Ukraine as a struggle for "sovereignty," yet what limited territorial gains Russia has achieved since 2022 pale in significance to the staggering dependence on China that has emerged. While the Kremlin had already been pursuing a "pivot to the East" for some time, this was never presented as the rapid wholesale embrace of Beijing necessitated by the protracted conflict. In fact, Western sanctions have left M

What Ukraine's ballooning debt means for its economy, and future

Ukraine's debt is ballooning. By the end of last year, the country owed over $213 billion to creditors — a hair's breadth away from the size of the country's entire economy. That doesn't include a new 90-billion-euro loan to Kyiv agreed by European leaders at a summit on Dec. 19, of which a sizable chunk will add to Ukraine's debt pile. As Russia's full-scale invasion approaches its fifth year and progress towards a peace deal remains uncertain, the anticipated postwar reconstruction boom is o

A Ukrainian flag flies above the headquarters of the Ukrainian Finance Ministry in Kyiv, Ukraine, on Feb. 8, 2017.

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The Kyiv Independent’s Business Desk covers the biggest news in business, economics, and tech from Ukraine, as well as global developments that shape the economy of the region.

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