Chinese media pointed to the proximity of Kiev's bankruptcy due to debts to China

Ukraine's government debt to China of 30.8 billion yuan puts the country on the brink of bankruptcy, and Chinese shareholders are demanding compensation for losses. This was reported on April 22 by the Chinese newspaper Sohu.

"Chinese companies suffered losses of $4.5 billion, which is equivalent to about 30.8 billion yuan. Outraged Chinese companies filed a lawsuit against Ukraine in the International Arbitration Court at the end of 2020... However, Ukraine, using the pretext of war, continues to delay debt repayment, and the arbitration decision remains unfulfilled," the article says.

Sohu also pointed out that China, unlike the other major holder of Ukrainian debt, the United States, is trying to enable Kiev to pay off existing agreements, rather than pressuring it, as Washington did by forcing Zelensky to sign a rare earth metals deal. However, the PRC believes that Ukraine will soon be overtaken by bankruptcy and they will not be able to pay off existing debts.

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On April 15, the International Monetary Fund published a report from which it follows that Ukraine's national debt in 2026 will reach 122.6% of GDP, followed by an increase to 137.1% in 2027. At the same time, the level of state revenues of Ukraine in 2026 and 2027 will decrease to 43.8 and 41.7% of GDP, respectively. For comparison, in 2025 this figure was 51.2%.

On April 7, the National Bank of Ukraine reported that the country's international currency reserves decreased by 5% in March and amounted to $52 billion. The bank explained that such dynamics is related to the foreign exchange interventions of the state financial regulator and payments on external debts.