Ukraine has stopped servicing GDP warrants and some other external obligations.

The Cabinet of Ministers adopted a resolution suspending the servicing of Ukraine’s obligations to several creditors under loans and Eurobonds and obligations under GDP warrants. In particular, it refers to scheduled payments for the following debt instruments:

• September 3 –a loan from Cargill Financial Services International, Inc (as of July 31, Ukraine’s debt to Cargill amounted to about $700M)
• November 9 – the state’s guaranteed obligations regarding the debt for Ukrenergo’s green bonds, issued under the guaranty of the state in 2021 (about $830M)
• May 31, 2025 – payments for Ukraine’s GDP warrants (an instrument that Ukraine issued within the restructuring framework in 2015)

Also, the resolution allows the Ministry of Finance to make “payment for consent” to investors who have agreed to the Ukrainian debt restructuring terms. The corresponding fee should not exceed $246M. The day before, the Ministry of Finance paid $200.6M for Ukraine’s GDP warrants. Ukraine had to pay part of the amount in 2023.