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Chart of the week: Lending boom suggests war is new normal for Ukrainians

Ukrainians continued a borrowing spree in 2025, suggesting that households and companies are settling into a new normal as the country approaches the fifth year of Russia's full-scale invasion. While new loans plummeted in the first few years of the full-scale invasion, borrowing started to pick up in 2024. By last year, the total value of loans taken out by Ukrainian households and companies was 50% and 27% higher than in 2023, respectively, according to data from Ukrainian think tank Center f

Lending in Ukraine is booming.

About Ukraine

The Kyiv Independent delivers reliable news, context, and on-the-ground reporting from Ukraine. The largest country located entirely in Europe, Ukrainian territory covers 603,628 square kilometers (233,062 square miles), and is bordered by bordered by seven countries, namely Russia, Belarus, Poland, Slovakia, Hungary, Romania, and Moldova. Ukraine traces its history back to the medieval state of Kyivan Rus.

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