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Ukraine

Ukraine's debt burden is high: the BoC-BoE database counts US$32,378m of debt in default or under restructuring in 2025, 15.11% of GDP, and IMF credit equals 6.64% of GDP. Approved reading

This page answers: Which questions do our briefs address about Ukraine?

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Your exposure

Ukraine in our readings

Ukraine is in 3 of our country readings; High in 3.

Each band as published in its reading, against that reading’s stated lines; the readings are never combined into one band.

Outlook to November 2027

  • Geopolitics and conflict Severe
  • Trade, tariffs and sanctions Elevated
  • Supply chains and chokepoints High
  • Energy and resources Not yet set
  • Technology and cyber Not yet set
  • Regulation and compliance Not yet set
  • Finance and markets High
The seven outlooks in full: why, and the index

Seven categories, 12 months ahead. The outlook is our judgement, approved by the Principal. The index measures open data on 0–10; higher means more risk. How they are set

Compare Ukraine on the outlook map

Risks that reach Ukraine

  • Sovereign debt High

    No forecast in our register is attached to this reading.

    Our reading

Show all 3 risks that reach Ukraine
  • Food and fertiliser High

    No forecast in our register is attached to this reading.

    Our reading

  • Europe's right turn High

    No forecast in our register is attached to this reading.

    Our reading

Each forecast is our estimate, scored when it resolves, in the register’s own words.

World risks for Ukraine

Ukraine's five risks each hold a different score pair.

Russia and Ukraine sign ageneral ceasefire on thecurrent front lineNo EU legal act funds Ukrainefor 2028 by late October 20271234567891012345678910LowLowElevatedElevatedHighHighSevereSevereImpactLikelihood

Area is the count.

Solid arc: share under way. Dashed arc: share low confidence.

Tint and lines are the card counts smoothed, each line double the last. They follow the cards; they are not a score.

Every card is in the list below, with its scores.

SourceStrature world-risk cards, approved, as of 11 Nov 2026. Scores are judgements, not probabilities. The two scores are never multiplied.
Exhibit R-5 · UKRAINE · strature.net
Show all 5 world risks for Ukraine

All world risks that touch Ukraine

Goods and chokepoints

Exhibit S-1 · Supply balance

How much Ukraine makes, buys and sells, good by good

Consumption = production + imports − exports (± stock change).
Reading the supply balance

Supply balance first, suppliers second.

One card per good, each in its own unit. Goods are never added together.

Each card shows the latest complete period: the newest with consumption and at least one of production, imports and exports on file.

Figures of 1,000 kb/d or more show in million barrels a day (mb/d).

Periods are marketing years, as published.

What to watch

  • Dec 2026 IMF Board consideration of the combined second and third EFF reviews (target as reported). Sovereign debt
  • 2029 The four-year EFF of US$8.1bn, approved in Feb 2026, is scheduled to end. Sovereign debt
  • Monthly IMF credit outstanding for Ukraine (IMF balmov2 table). Sovereign debt
  • Annual BoC-BoE Sovereign Default Database: the debt counted in default or under restructuring. Sovereign debt
  • 4 Dec 2026 FAO Food Price Index for November. Food and fertiliser
  • Weekly Ministry of Agrarian Policy and Food export tallies for the season. Food and fertiliser

Questions firms in this position often review

  • Which of the risks above reach our own suppliers, customers or assets in Ukraine?
  • Which dated items under What to watch fall inside our next planning cycle?

General research, not advice. Request a free pilot

Full analyst view

Open Ukraine on the map of brief questions

Questions our briefs address

Questions our briefs address

The questions our published briefs address that touch Ukraine.

HighEurope's right turn: what is at stake for UkraineEuropeEurope's right turn

Strature analysis, not from the brief

Europe's right turn: what is at stake for Ukraine

EU money is Ukraine's largest stake: the Support Loan's 2026 ceiling equals 26.6% of 2024 GDP, and the EU took 64.1% of goods exports. Both rest on member-state votes. High band.

Theme band High

26.6%

EU Ukraine Support Loan, 2026 ceiling, % of 2024 GDP

64.1%

Share of goods exports sold to the EU27, 2024

11.5%

People under EU temporary protection, Aug 2026, % of 2024 home population

7.09%

Ukraine Facility per year, % of GDP, 2024-2027

Read the full panel

Risks

  • The EUR 90bn Support Loan covers 2026-2027 only; money for 2028 depends on the 2028-2034 EU budget, which needs unanimity, or a new act.
  • Politico reported in Oct 2026, citing diplomats, that EU lending of EUR 45bn for 2027, raised on markets, was expected to go ahead without Hungary, Slovakia and the Czech Republic (estimate from press, via Daily News Hungary); how it relates to the EUR 90bn loan is not stated. Estimate from press or commentary
  • The EU steel regime in force from 1 Jul 2026 cut total duty-free quota volume by about 47%; EU imports of Ukrainian iron and steel were EUR 2.16bn in 2025.
  • EU cereal purchases from Ukraine fell to EUR 2.3bn in 2025 from EUR 4.5bn in 2024. Revised trade terms, with changed farm quotas, have applied since 29 Oct 2025.

Opportunities

  • Accession talks moved in 2026: clusters 1, 6, 2 and 3 opened between 15 Jun and 13 Oct 2026, and the Council presidency aims to open clusters 4 and 5 before end-2026 (press report, Kyiv Post). Estimate from press or commentary
  • Temporary protection in the EU was extended to 4 Mar 2028 for nearly 4.4 million people.
  • EU purchases of Ukrainian fats and oils rose to EUR 3.4bn in 2025 from EUR 3.1bn in 2024.

Uncertainties

  • The Ukraine Facility's 7.09% of GDP a year assumes an even spread of EUR 50bn over 2024-2027; payouts depend on reforms.
  • The Commission says Ukraine's candidate status and security situation will be taken into account in country steel quotas; Ukraine's quota was not checked in an official source.

What to watch

  • 26-27 Nov 2026 (tbc)Special European Council on the 2028-2034 EU budget.
  • 17-18 Dec 2026European Council with the 2028-2034 EU budget on its agenda.
  • End-2026Council presidency target for opening accession clusters 4 and 5.
  • 1 Jan 2027Next quarterly EU steel quota window opens.
  • 18 Apr 2027French presidential election, first round; second round on 2 May 2027. Strature's world-risk card names this vote as the most likely route for the shift.

Exposure by channel

Exposure band per channel, with the figure and the published line
ChannelFigureBandPublished line
Ukraine supportSecurity and policy26.6% of GDP 2026Ukraine Support Loan tranche for 2026, % of 2024 GDPHighHigh ≥3.0% of GDP · Medium 2.0–3.0% of GDP · Low 1.0–2.0% of GDP
AccessionRevenue7.09% of GDP 2024-2027Ukraine Facility, average per year, % of GDPHighHigh ≥1.0% of GDP · Medium 0.25–1.0% of GDP · Low candidate status, money below 0.25% of GDP or not found
Eu marketTrade64.1% 2024Share of goods exports sold to the EU27 (EU mirror imports / own exports)HighHigh ≥50% · Medium 33–50% · Low 20–33%
Nationals in euOther:migration11.5% of population 2026-08 / 2024Citizens under temporary protection in the EU27, % of home populationHighHigh ≥10% · Medium 5–10% · Low 2–5%
Climate car rulesTrade1.56% of GDP 2024EU imports of CBAM-chapter goods from the country, % of its GDPLowHigh (a) ≥4.0% of GDP or (b) ≥10% of GDP · Medium (a) ≥2.0% of GDP or (b) ≥5% of GDP · Low (a) ≥1.0% of GDP or (b) ≥2% of GDP

Bands follow the published materiality lines for this theme. A low-confidence figure alone caps a band at Medium.

EU stakes for Ukraine (% of GDP)
Ukraine Support Loan tranche for 2026, % of 2024 GDP: 26.6% of GDP (2026) (our calculation)Ukraine Support Loa…*26.6Ukraine Facility, average per year, % of GDP: 7.09% of GDP (2024-2027) (our calculation)Ukraine Facility, a…*7.1EU imports of CBAM-chapter goods from the country, % of its GDP: 1.56% of GDP (2024) (our calculation)EU imports of CBAM-…*1.6

Drawn to scale from zero. * Our calculation from the cited figures.

Sources cited

Estimates from press or commentary

Our calculations

  • Ukraine Support Loan tranche for 2026, % of 2024 GDP: 26.6% of GDP (= EUR 45bn × ECB 2025 rate / GDP 2024 (US$) × 100)
  • Share of goods exports sold to the EU27 (EU mirror imports / own exports): 64.1% (= EU27 imports from the country (EUR) × ECB 2024 rate / merchandise exports (US$) × 100)
  • Citizens under temporary protection in the EU27, % of home population: 11.5% of population (= persons under temporary protection / population × 100)
  • Ukraine Facility, average per year, % of GDP: 7.09% of GDP (= EUR 50bn / 4 years × ECB 2024 rate / GDP 2024 (US$) × 100)
  • EU imports of CBAM-chapter goods from the country, % of its GDP: 1.56% of GDP (= CBAM-chapter imports (EUR) × ECB 2024 rate / GDP (US$) × 100)

Eurostat data: © European Union, CC BY 4.0; shares and sums computed by Strature.

Strature analysis, not from the brief: researched by Strature from public sources and kept in our country dossier, updated 3 Nov 2026. General research, not advice.

HighFood and fertiliser: what is at stake for UkraineFoodFood and fertiliser

Strature analysis, not from the brief

Food and fertiliser: what is at stake for Ukraine

Ukraine sold 34.7% of the world's sunflower oil exports in 2024/25 and 10.7% of maize exports. Grain shipments in the 2026/27 season to early October were 24.3% below a year earlier.

Theme band High

34.7%

of world sunflower oil exports (2024/25)

10.7%

of world maize exports (2024/25)

7.5%

of world wheat exports (2024/25)

5.439

Mt of grain and pulses exported, 2026/27 season to early Oct

Read the full panel

Risks

  • Grain and pulse exports in the 2026/27 season to early October were 5.439 Mt, down 24.3% on a year earlier (ministry data as reported by UkrAgroConsult).
  • Wheat shipments fell 42.2% to 2.955 Mt and barley 51.4% to 483 kt over the same period.
  • An attack on ships or ports on the Black Sea could hit sales of sunflower oil, maize and wheat.
  • USDA puts wheat exports at 14.104 Mt in 2025/26, 6.2% of world exports, against 15,751 kt in 2024/25.

Opportunities

  • Maize shipments doubled to 1.961 Mt over the same weeks of the 2026/27 season.
  • Ukraine had 34.7% of world sunflower oil exports (4,744 kt in 2024/25); a cut in other vegetable oil supply could raise demand for its oil.
  • Barley adds a third grain: 2,256 kt of exports in 2024/25, 7.4% of world trade.
  • The FAO vegetable oils price index was 198.6 points in Sep 2026, above the cereals index at 122.8.

Uncertainties

  • The export reports reached give no cause for the fall in wheat and barley shipments.
  • Rice is mostly imported, 95.2% of use, but the volume is small: 100 kt in 2024/25.
  • Fertiliser imports from Russia, Belarus and China rest on an internal-only trade source and are not shown here.

What to watch

  • 6 Nov 2026FAO Food Price Index for October: the cereals and vegetable oils sub-indices.
  • 10 Nov 2026USDA WASDE and PSD update: Ukraine's export estimates for the new season.
  • 4 Dec 2026FAO Food Price Index for November.
  • WeeklyMinistry of Agrarian Policy and Food export tallies for the season.

Exposure by channel

Exposure band per channel, with the figure and the published line
ChannelFigureBandPublished line
Staple exporterProcurement34.7% 2024/25Share of world sunflowerseed oil exportsHighHigh ≥10% · Medium 5–10% · Low 3–5%
Cereal import dependenceDependence1% 2024/25Cereal imports as a share of domestic cereal consumption (wheat, maize, rice, barley)Below lineHigh ≥70% · Medium 40–70% · Low 25–40%
Staple import billRevenue0.11% of GDP 2024/25 volumes, 2024 pricesStaple import bill (wheat, maize, rice, barley, palm, soybean, sunflower and rapeseed oil) as % of GDPBelow lineHigh ≥4% of GDP · Medium 2–4% of GDP · Low 1–2% of GDP

Bands follow the published materiality lines for this theme. A low-confidence figure alone caps a band at Medium.

Share of world exports, 2024/25 (%)
Share of world sunflowerseed oil exports: 34.7% (2024/25) (our calculation)Share of world sunf…*34.7Share of world corn (maize) exports: 10.7% (2024/25) (our calculation)Share of world corn…*10.7Share of world barley exports: 7.4% (2024/25) (our calculation)Share of world barl…*7.4Share of world wheat exports: 7.5% (2024/25) (our calculation)Share of world whea…*7.5

Drawn to scale from zero. * Our calculation from the cited figures.

Sources cited

Our calculations

  • Share of world sunflowerseed oil exports: 34.7% (= 100 × country exports / sum of exports of every country PSD reports (EU as one bloc))
  • Share of world corn (maize) exports: 10.7% (= 100 × country exports / sum of exports of every country PSD reports (EU as one bloc))
  • Share of world wheat exports: 7.5% (= 100 × country exports / sum of exports of every country PSD reports (EU as one bloc))
  • Cereal imports as a share of domestic cereal consumption (wheat, maize, rice, barley): 1% (= 100 × sum of imports / sum of domestic consumption, four grains, capped at 100)
  • Staple import bill (wheat, maize, rice, barley, palm, soybean, sunflower and rapeseed oil) as % of GDP: 0.11% of GDP (= sum(PSD imports × Pink Sheet 2024 annual price) / GDP 2024)
  • Share of world wheat exports: 6.2% (= country wheat exports / world wheat exports × 100)
  • Share of world barley exports: 7.4% (= 100 × country exports / sum of exports of every country PSD reports (EU as one bloc))
  • Milled rice imports as a share of domestic consumption: 95.2% (= 100 × imports / domestic consumption)

Strature analysis, not from the brief: researched by Strature from public sources and kept in our country dossier, updated 3 Nov 2026. General research, not advice.

HighSovereign debt: what is at stake for UkraineDebtSovereign debt

Strature analysis, not from the brief

Sovereign debt: what is at stake for Ukraine

Ukraine's debt burden is high: the BoC-BoE database counts US$32,378m of debt in default or under restructuring in 2025, 15.11% of GDP, and IMF credit equals 6.64% of GDP.

Theme band High

15.1%

debt in default or under restructuring, % of GDP (2025, BoC-BoE)

6.64%

IMF credit outstanding, % of GDP (Nov 2026)

US$52.6bnest.

US$bn external financing needed for the 2027 budget (reported)

US$32.4bn

US$m in default or under restructuring (2025)

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Filter the questions Domain · Series · Topic
Domain Series Topic

Where Ukraine acts · 1 question

Decision Brief · Q-030 · 1 questionWhat the President can still do before 3 January, and what Congress can limit
Geopolitical · Geoeconomic
Does Canada still bargain with him while Europe looks to the new Congress on Ukraine?

“Canada still bargains with the President; Europe looks to the new Congress.”

The brief’s reading of the evidence; not a registered forecast.
Primary United States Affected Canada +1

What it says about UkraineActor: takes the action

“The Commission's payment to Ukraine on 5 November was not stated as a response.”

From the brief

Each answer is quoted verbatim from the brief, and so is each sentence under “What it says”; anything labelled “Context, not from the brief” comes from the public source named beside it. Answers with a register ID are our estimates, scored when they resolve; the others are the brief’s reading of the evidence, not forecasts.

Regions in these questions Europe · North America

ISO 3166-1 name: Ukraine (UKR). Country and territory names follow common usage and imply no position on sovereignty.

Published briefs

Briefs with Ukraine as their subject.

No published brief has Ukraine as its subject yet; the questions above name it in another role.

Forecast register

Forecasts on the register attached to the questions above.

Each is our estimate, scored when it resolves. Published briefs only; the full register lists every one.

No registered forecast is attached to these questions yet.

The forecast register

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General research for general circulation; not investment, legal or tax advice and not tailored to any reader. Every probability is our estimate, scored when it resolves.

Sources and licences

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Cite this page Strature, “Ukraine”, Strature GPS, https://strature.net/gps/ukr/, 11 Nov 2026.

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