If it wasn’t bad enough that Ukraine has had to fend off an invading power the past five months, the country is now buckling under the weight of rising debt as its economy lies in tatters. And remarkably enough, the policy that could save the country from this problem — cancellation of its foreign debt — has still not gained much traction among the Western elite.

According to a recent report from Bloomberg, Ukrainian officials are mulling over restructuring their foreign debt as an upcoming payment of $1.4 billion in September looms. That figure was based on Bloomberg’s calculations, while Ukrainian economist Borys Kushniruk has put the figure at more than $2 billion.

Ukrainian officials have played down this fact in public, but the country’s ability to meet its financial obligations is in serious doubt, with its economy ravaged by Moscow’s invasion. The government has kept the lights on through a combination of foreign loans and grants, selling bonds, and printing money through its central bank, the National Bank of Ukraine (NBU), which has financed 39 percent of its war spending. But the cost of the war effort, along with Russian forces’ destruction of industry and infrastructure, the country’s loss of territory, and the displacement of 11 million Ukrainians and the erosion of the tax base it’s caused, have all put the country in an increasingly precarious financial situation.