Ukraine financial crisis – NEW

Ukrainian President Volodymyr Zelensky has signed a law to suspend debt payments to Western creditors for two months, starting August 1, as Ukraine seeks to restructure $20 billion of international debt. This follows the expiration of a two-year debt repayment moratorium. Credit rating agency Fitch downgraded Ukraine’s credit rating and warned of an imminent default, projecting the state deficit to remain high and debt to surge to 92.5% of GDP in 2024.