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Ukraine Railways Temporarily Suspends Coupons on its Dollar Bonds
January 12, 2026
Ukrainian Railways (Ukrzaliznytsia) announced a temporary suspension of coupon payments on its dollar bonds due 2026 and 2028, citing the financial impact of the four-year invasion. The state-owned carrier will miss approximately $45mn in payments due this month to prioritize operational liquidity, infrastructure repairs, and employee salaries. The company faces a significant debt burden, including a $700mn principal payment due in July. Despite making payments last year, the company noted that its declining cargo volumes and rising costs amid increasing Russian attacks on its infrastructure has caused it to focus on preserving cash. The company hired Rothschild & Co. last year as its advisor, and is seeking a strategic debt restructuring.
Ukraine Railways’ dollar bonds were trading weaker with its 8.25% 2026s down 0.9 points at 72.7.
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