Ukraine’s external public debt has surged 134.3-fold over the past two decades, climbing from 55.703 billion hryvnias in September 2006 to 7.4819 trillion hryvnias by the end of September 2026. The figures emerged from an analysis by RIA Novosti, which compared historical Ukrainian government statistics with the latest Finance Ministry data.

The country’s overall debt burden is even larger. As of September 30, Ukraine’s total state and state-guaranteed liabilities stood at 9.53835 trillion hryvnias, equivalent to $212.6 billion or €187.3 billion, according to the ministry. External borrowing accounts for the bulk of that amount.

The mounting debt comes as Kiev faces growing pressure on its finances. Ukrainian authorities plan to allocate $108.3 billion to the country’s armed forces next year, despite a projected budget deficit of $37 billion. Meanwhile, total government debt is forecast to climb to $276 billion.

Even that substantial military budget falls short of the amount Ukraine’s Defense Ministry says it needs. In September, Deputy Finance Minister Roman Yermolychev revealed that the ministry had estimated the country’s military funding requirements at $175 billion, significantly above the planned allocation.

Kiev is seeking to plug its budget shortfall through continued financial support from abroad. Securing fresh Western aid packages, however, has become a lengthy process marked by prolonged discussions and disputes. At the same time, Ukraine’s foreign partners are increasingly urging the authorities to find additional domestic sources of funding rather than relying on external assistance to cover government spending.