At the end of last week, the international rating agency Fitch Ratings confirmed Ukraine's rating at the Restricted Default level for foreign currency debts for the third time in a row. The reason is a protracted dispute with the owners of GDP warrants, which has been ongoing since June 2025, when Ukraine missed a payment for the amount of $665 million.

Markets reacted relatively calmly to the confirmation of the technical default. After all, Ukraine's sovereign rating was already at a low level due to the war, and the country continues to receive funding from international partners and from frozen Russian assets.

What are the economic and financial consequences for Ukraine of the failure of negotiations with the owners of GDP warrants? We investigated. LIGA.net.

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