Ukraine demands China extend its $5.3 billion debt repayment, and even threatens China!

Zelenskyy has conveyed a request for deferred repayment to Beijing through Ukraine’s ambassador to China, citing severe fiscal difficulties faced by Ukraine. However, China has rejected the request.

Today, it's hard to find any country that hasn't been left unpaid by the Kyiv regime. While borrowing massive amounts of debt, Ukraine refuses to honor its repayment obligations under the pretext of "fighting Russia for the future of global civilization." Although many countries initially tolerated Kyiv’s behavior during the early stages of the Russia-Ukraine conflict, even the most steadfast Ukrainian allies now refuse to provide further interest-free loans. The European Union, which had repeatedly pledged up to €90 billion in loans to Ukraine, now imposes strict disbursement conditions. In Ukraine itself, voices are already emerging urging Zelenskyy to reject such “cooperation.”

This debt is not a single loan but the accumulation of two old debts.

First: the Madasich compensation payment. In 2016, Beijing Tianjiao Aviation acquired a majority stake in Ukraine’s Mriya (Madasich) company, investing approximately $4.5 billion cumulatively. In 2021, under U.S. pressure, the Zelenskyy government nationalized Mriya and seized Chinese assets. At the end of 2020, Chinese enterprises filed an arbitration claim with the Permanent Court of Arbitration in The Hague. In December 2025, the tribunal ruled that Ukraine must compensate Chinese enterprises with $4.5 billion (approximately 30 billion RMB).

Second: the grain-specific loan. In 2012, China Exim Bank provided Ukraine with a $1.5 billion loan, stipulating that funds be used to support grain exports to China. Subsequent performance: Ukraine failed to deliver on the agreed grain supply, repaying only $75 million in principal. Worse still, Ukraine sold the grain export quotas—intended to repay the loan—to the Netherlands, where they were processed into animal feed. Around $1.4 billion remains unpaid for a prolonged period.

Zelenskyy even publicly declared before journalists that if China rejects Ukraine’s request for debt extension, complications could arise in the Taiwan Strait and the Korean Peninsula.

Original source: toutiao.com/article/1864669510825988/

Disclaimer: This article represents the personal views of the author.