The money is to be paid to the central bank on 23rd August, just before Ukraine faces $3 billion in debt payments due in September.

The illicit business has boomed as bicycles become a market increasingly being filled with high-end models costing thousands of Euros.

The central bank and government officials had confidently predicted through the spring that a new tranche – Ukraine had requested $700 million – would be forthcoming in September.

Ukraine's President Volodymyr Zelensky has cried foul over the $11 billion route, calling it a sell-out to the Kremlin leader, though his rhetoric has calmed of late.