Ukraine is deferring payments on $19.6 billion worth of international bonds until 2024 as Kyiv depletes its foreign-currency reserves

The deferral of payments on the country's foreign bonds was approved by investors.

Roughly 75% of the foreign bonds outstanding were given permission to be deferred. The move is supported by allies including the International Monetary Fund and the US.

As it defends itself against Russia, Ukraine has drained its foreign currency reserves and relied on funding from its central bank. As the country recovers from the war, it could shrink its economy by one third.

On Tuesday, the country was given permission to re-negotiate terms on $3.2 billion worth of GDP warrants, debt payments which are linked to the economy.