Ukraine has secured
permission from a majority of its investors to freeze about $20 billion of payments on its international bonds for two years, covering both principal and interest. The debt process is backed by Ukraine’s key allies, including the US and the International Monetary Fund, as the country needs cash for everything from paying pensions to defending against its much bigger and richer aggressor. Ukraine has mostly relied on central bank funding and sales of so-called
war bonds and has depleted its foreign-currency reserves during the
conflict.