A group of Ukraine's creditors consisting of Canada, France, Germany, Japan, the UK and the US strongly recommend that holders of Ukraine's eurobonds accept its offer to defer payments and redemption for two years, as well as revise the terms of GDP warrants.

"We, the group of creditors of Ukraine, express our solidarity with and support for Ukraine as it defends itself against Russia’s unjustified, unprovoked and illegal war of aggression. We note the publication today of a consent solicitation from Ukraine to defer the debt service due to bondholders from August 1, 2022 and to extend payment maturities," the Finance Ministry of Germany said on its website.

"In light of this, we, as official bilateral creditors of Ukraine, intend to provide a coordinated suspension of debt service due by Ukraine from August 1, 2022 until end-2023, with the possibility of an additional year, on our claims and consistent with the national laws of the creditor countries," the report says.

"We also strongly encourage all other official bilateral creditors to swiftly reach agreement with Ukraine on a debt service suspension," it says.

"Bondholders’ and warrant-holders’ approval of Ukraine’s proposals would represent substantive support for the government and people of Ukraine," it reads.

"We will continue to closely coordinate and assess the situation with the support of the IMF and the World Bank," it says.

"The group of creditors of Ukraine includes Canada, France, Germany, Japan, United Kingdom, and the United States. Observers to the group include Australia, Austria, Belgium, Brazil, Denmark, Finland, Ireland, Israel, Italy, Korea, the Netherlands, Norway, Spain, Sweden, and Switzerland," according to the document.