The Indian Ocean island seems to have turned the corner and is pushing higher in Euromoney’s country risk survey rankings.

The world’s northernmost borrower is beginning to look like a decent credit again, thanks to stronger financial safeguards and a plan to remove capital controls cementing a recovery now delivering impressive macro-fundamentals.

Only time will tell if snapping up Ukrainian bonds before its creditor negotiations are complete is fortuitous or foolhardy, but what cannot be denied are the enormous risks involved.