Ukrainian companies are requesting deferrals on loan repayments, but the accumulated debts are ticking time bombs.
In 2026 many Ukrainian companies will come under severe financial pressure because, in addition to the war, they will have to repay around three billion euros in maturing bonds – a burden that particularly affects the infrastructure and energy sectors.
Several major state-owned and private companies are trying to manage their debt by deferring interest payments and extending maturities, while Russian attacks continue to worsen operating conditions. The Ukrainian state has already restructured the bulk of its foreign debt, but its room for manoeuvre is limited, so it can at best maintain basic operations.
According to analysts, bondholders are currently cooperative and negotiations are expected to proceed relatively smoothly, but if the prospects for peace do not improve in 2026 and attacks on infrastructure continue, the situation of corporate bonds could deteriorate significantly.
