The prolonged war with Russia has pushed Ukraine's economy to a breaking point, and the strain is now showing starkly in the numbers. According to a report by the Russian news agency TASS, since fighting erupted in February 2022 the debt piled on Ukraine has grown by a further $110 billion — roughly 10,46,215 crore Indian rupees. That increase has lifted the country's total debt to $208.97 billion, or about 19 lakh crore Indian rupees. The report attributes the sharp climb to the war that has continued since February 2024, relentlessly rising defence spending, and Ukraine's deepening reliance on outside financial support.
Debt More Than Doubled in Two Years
TASS made the claim on Saturday, citing figures from Ukraine's finance ministry. The agency says the debt has swelled by $110 billion — 10,46,215 crore Indian rupees — since 2022, a figure that bundles together both foreign and domestic liabilities. What stood at $97.96 billion earlier has now reached $208.97 billion, an overall jump of about $111.01 billion that has more than doubled the country's debt in barely two years.
Foreign Borrowing Saw the Steepest Surge
The report notes that the heaviest blow came on the foreign-debt front. That portion has soared from $57.2 billion to $162.73 billion — more than 15 lakh crore Indian rupees, almost triple the 2022 level. Of this amount, the agency says roughly $10 billion is owed to the International Monetary Fund alone, while the rest must be repaid to the various allied nations that backed Ukraine during the war.
Every Ukrainian Now Carries Over ₹7 Lakh
Strikingly, the debt kept mounting even as Ukraine received military assistance and grants from Western countries. Citing the 'Institute for Demography and Social Studies', TASS calculated that, based on a population of about 2.8 crore, each Ukrainian citizen now shoulders an average government debt of roughly $7,500 — close to 7,13,328 Indian rupees. That burden is spread across everyone, from children to the elderly.
An Entire Generation May Pass Before It Is Cleared
The scale of the pressure is best captured by the lawmakers themselves: members of Ukraine's unicameral legislature, the Verkhovna Rada, reckon it could take around 35 years just to clear the current debt. That is why the country keeps knocking on the West's door for help. The European Union recently announced a 90 billion euro loan package for Ukraine, which is set to begin soon. For now it offers relief, but in the long run this swelling debt could turn into the country's biggest headache.
