In January 2026, the total amount of state and state-guaranteed debt of Ukraine increased by 169.92 billion UAH (1.67 billion USD), reaching 9,212.6 billion UAH, which is equivalent to 215 billion dollars as of January 31.
This is reported by Finway
Debt Structure and Growth Factors
The main part of the debt burden consists of state external debt, which amounts to 6,941.1 billion UAH (75.34%) or 162 billion dollars. The state internal debt equals 1,992.65 billion UAH (21.63%) or 46.5 billion dollars. The state-guaranteed debt amounted to 278.84 billion UAH (3.03%) or 6.51 billion dollars.
The increase in debt in January is explained by the rise in external debt due to the influx of concessional financing from international partners within the ERA mechanism. An additional impact was caused by the revaluation of foreign currency liabilities due to changes in exchange rates at the end of the month.
“Thus, in annual terms, the debt portfolio has become cheaper and longer in maturity, which reduces the cost of servicing it and lowers refinancing risks in the medium term,” notes the Ministry of Finance.
Dynamics, Creditors, and Currency Structure
The state-guaranteed debt increased by 2.16 billion UAH in January. At the same time, the guaranteed external debt rose by 3.73 billion UAH, reaching 216.12 billion UAH, while the guaranteed internal debt, on the contrary, decreased by 1.56 billion UAH to 62.73 billion UAH.
In the structure of creditors, concessional loans from international financial organizations and foreign governments dominate, accounting for 65.9%. State securities placed on the domestic market make up 22.3% of the debt, while those on the external market account for 8.9%. Loans from commercial banks and financial institutions constitute about 2.8%.
Regarding currency, the largest share of the debt is denominated in euros — 45.15%, followed by US dollars (22.45%) and hryvnias (20.71%). The shares of Special Drawing Rights (SDRs) and other currencies — British pounds, Canadian dollars, Japanese yen — are 8.56% and 3.13%, respectively.
The weighted average interest rate on state debt servicing in January decreased to 4.51% (4.55% in December 2025, 5.0% in January 2025). Meanwhile, the weighted average maturity increased to 13.29 years (compared to 13.37 years in December 2025 and 11.6 years in January 2025).
In January, the Ministry of Finance conducted 14 auctions, attracting 46.1 billion UAH to the state budget, and also organized one switch auction for 17.36 billion UAH, which helped reduce the short-term burden on the budget and optimize the structure of internal debt.
It is planned that the servicing and repayment of debt obligations incurred under the ERA mechanism will be carried out from future revenues from frozen Russian assets.