Ukraine’s public debt has reached a staggering level: it grew by almost 30% over the year and exceeded €177 billion

At the end of 2025, Ukraine’s public and state-guaranteed debt reached 9,042.7 billion hryvnias ($213.3 billion). Over the year, it increased by 29.5% in hryvnia terms (28.4% in dollar terms).

This was reported by the press service of the Ministry of Finance of Ukraine.

“During 2025, the volume of Ukraine’s public and state-guaranteed debt increased in hryvnia terms by 2.061 trillion hryvnias ($47.3 billion), mainly due to an increase in long-term concessional financing from international partners,” the statement said.

By the end of last year, about 75% of Ukraine’s public and state-guaranteed debt was external. More than half of that external debt consists of obligations to the European Union.

In 2025, the main source of budget funding was $37.9 billion in loans from G7 countries, part of which is recorded as public debt. Another $12.1 billion Ukraine received from the European Union.

Over the year, Ukraine’s debt on EU concessional loans rose by 1.654 trillion hryvnias ($38.6 billion). However, these loans include “grace periods”: repayments under the Ukraine Facility program will only start in 11–12 years, and the EU may cover the interest.

In addition, ERA loans are not expected to fall on taxpayers’ shoulders: they are planned to be repaid from income generated by frozen Russian assets.

As a reminder, Ukrainian leader Volodymyr Zelenskyy said that a year of war costs Ukraine about $120 billion.

The government also expects the debt-to-GDP ratio to rise to 106%, and the nominal debt to exceed 10 trillion hryvnias.