1. Definition of Default:

• Ukraine fails to make a scheduled payment on its sovereign debt (principal or interest) by the due date.

• A restructuring of debt occurs that includes a haircut or rescheduling due to inability to pay.

• A credit rating agency (e.g., S&P, Moody’s, Fitch) declares Ukraine to be in default.

2. Time Frame:

• The criteria must be met between January 1, 2024, and December 31, 2024.

3. Exclusions:

• Temporary delays due to technical issues or administrative errors, provided the payment is made within a grace period defined in the debt agreement.

4. Sources for Verification:

• Official statements from the Ukrainian government.

• Reports from major credit rating agencies (S&P, Moody’s, Fitch).

• Verified news reports from reputable financial news outlets (e.g., Bloomberg, Reuters).

5. Outcome:

• If any of the above criteria are met within the specified time frame, it will be considered that Ukraine has defaulted on its debt in 2024.