The dollar tranche will be issued for a period of 10 years, and the soum tranche for 3 or 5 years. The organisers of the issue are Citi, Gazprombank, J.P. Morgan and MUFG.

From the very beginning, Ukraine’s post-Soviet nation-building journey has been defined by competition between rival narratives that have sought to place the country within Russia itself. Conversely, the Western world has never quite managed to make up its mind about Ukraine and has generally adopted a cautious approach.