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

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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No, Russia's attacks on energy infrastructure are not 'retaliation' for Ukraine's strikes on oil refineries

After its largest winter mass attack on Feb. 3, Russia's Defense Ministry said the strikes on Ukrainian energy infrastructure were carried out "in response to terrorist attacks by Kyiv on civilian objects" in Russia. Some state media described the attack as "another act of retribution." It's an old story — the first mass Russian strike on Ukraine's civilian infrastructure in October 2022 was framed by Russian President Vladimir Putin as retaliation for Kyiv's first successful strike against the

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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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Russia appeared to confirm on Feb. 13 the existence of a sweeping U.S.-Russia economic proposal known in Kyiv as the "Dmitriev package," days after President Volodymyr Zelensky first disclosed it publicly. The Ukrainian president said on Feb. 6 that intelligence had briefed him on what he described as a roughly $12 trillion framework for large-scale economic cooperation between Moscow and Washington. "Intelligence showed me the so-called 'Dmitriev package' that he presented in the U.S. — it am

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