As Ukraine fights against Russian invasion, it faces a battle on two fronts: military and financial. Global attention understandably focuses on battlefield developments, where Russian troops are pushing towards Ukraine’s second city, Kharkiv. But Ukraine is simultaneously experiencing financial struggles.
With its economy damaged by war and the year’s defence cost estimated to be £35 billion, Ukraine is on the brink of defaulting on £18 billion in debt. For Ukraine, debt is not an accounting exercise – it represents the ability to defend its sovereignty and secure its future.
