UK Defense Ministry: Ukraine's economy to grow by 3% in 2024
"Despite attacks by Russia on Ukraine's energy infrastructure, it is likely that Ukraine will see real economic growth of around 3 percent in 2024," the ministry said.
Business
Reuters: G7 will support using frozen Russian assets revenue to fund Ukraine
The G7 finance ministers are set to meet on May 24, where they will work out the details to come to a final decision before a summit in Italy in June.
Minister: Ukraine exported agricultural products worth $22 billion in 2023
According to Vysotskyi, 87% of all agricultural products are being exported from Odesa and adjacent ports.
Economy minister cancels conscription exemption for Glovo, Favbet Tech employees
Last month, Ukraine's government decided to exempt from conscription employees at Favbet, Glovo, and the American-owned payment corporation Visa for six months.
Foreigners have opened over 2,600 businesses in Ukraine since start of full-scale war
Businesspeople from Turkey represent the largest share, data shows, as they own 354 new Ukrainian businesses, or 13% of the total.
Ukraine Business Roundup — (Not) getting away with murder
The following is the May 14, 2024 edition of our Ukraine Business Roundup weekly newsletter. To get the biggest news in business and tech from Ukraine directly in your inbox, subscribe here. Ukrainian businesses and industry will face more restrictions in energy use due to "significant shortages of electricity” amid
Shares in Georgia's largest banks plummet after US threatens sanctions against top Georgian officials
London-listed shares in the two banks, TBC and Bank of Georgia, plummeted to their lowest single-day declines since the spring of 2020, at the height of the Covid-19 pandemic.
Estonian parliament passes bill allowing use of frozen Russian assets for war reparations for Ukraine
"We're one step closer to setting a historic precedent in Europe," said Prime Minister Kaja Kallas.
European Commission predicts Russia's GDP growth in 2024 to reach almost 3%
The forecast was still lower than the one reported by Russian Finance Minister Anton Siluanov in April, who claimed that the country's GDP would grow by 3.6% in 2024.
Reuters: US warns Raiffeisen that access to dollar system could be restricted due to Russia presence
Austria's Raiffeisen Bank International (RBI) was warned by the U.S. Treasury that its access to the U.S. financial system could be curbed due to its continued presence in the Russian market, Reuters reported on May 15.
Energy Ministry warns of blackouts due to 'significant' power shortage
Russian attacks and cold weather have caused a "significant capacity deficit" in Ukraine's power system, leading to blackouts and energy restrictions for consumers across the country, the Energy Ministry reported on May 15.
Reuters: France, Netherlands want EU to sanction financial institutions that help Russian army
The proposed sanctions would prohibit anyone in the EU from doing business with any financial institution that helps the Russian military purchase dual-use goods and technologies.
Ukraine introduces emergency power cuts throughout country amid 'significant' shortage
Ukraine's state-owned energy operator Ukrenergo said it had to introduce additional restrictions due to the damage from the recent Russian strikes against Ukrainian energy infrastructure and the increase in electricity consumption after the temperature drop.
Ukraine state-owned enterprises weekly — Issue 131
Editor’s Note: This is issue 131 of Ukrainian State-Owned Enterprises Weekly, covering events from May 4-10, 2024. The Kyiv Independent is reposting it with permission. Corporate governance of SOEs Cabinet appoints new acting CEO for Ukrspyrt. On May 3, Stanislav Banchuk was appointed to the position. On May 6,
MP Yaroslav Zhelezniak: Developments in Ukraine’s parliament on economic reforms, international obligations — Issue 55
Editor’s note: This is issue 55 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly “Ukrainian Economy in Brief” newsletter, covering events from May 6–12, 2024. The digest highlights steps taken in the Ukrainian parliament related to business, economics, and international financial programs. The Kyiv Independent is republishing with permission.
National Bank: Ukraine's losses from Polish blockade partially offset by maritime trade
Losses caused by the Polish blockade of the Ukrainian border amounted to $500 million in lost imports and $160 million in exports in its first month, the National Bank of Ukraine said on May 14.
EU Council approves Ukraine Plan needed for $54 billion support program
The approval of the plan will allow the European Commission to disburse up to 1.89 billion euros ($2 billion) in an additional pre-financing tranche until the start of regular payments tied to the implementation of the reforms.
European Council extends export tariffs suspension for Ukraine for another year
The extension of the free-trade regime also included two new "safeguard mechanisms to protect the EU market."
Russia to increase taxes on struggling energy giant Gazprom this year
Gazprom’s revenue fell by 30% last year with a net loss of $6.9 billion, the largest in 25 years. Russia’s full-scale invasion of Ukraine led to worsening relations with Europe, limiting the operations of the company.
Minister: 3 billion euros of Russian assets revenue 'almost nothing' in war's context
"If we are talking about the needs of Ukraine and the needs of the war, military and non-military, 3 billion euros is actually almost nothing— we need hundreds of billions in order to win the war," Justice Minister Denys Maliuska told Politico at the G7 justice ministers' meeting in Venice on May 9.
Source: Military intelligence drones strike oil refinery in Russia's Kaluga Oblast
The strike against the Pervyy Zavod plant was reportedly carried out with kamikaze drones.
US includes 37 Chinese entities to trade blacklist due to national security concerns
Apart from 11 companies reportedly connected to the 2023 spy balloon incident, 22 were added to the list because they were linked to China's efforts to improve its quantum technology.
Ukraine increases restrictions on energy supply for business, industry amid power shortage
Ukrainian businesses and industry will face more restrictions in energy use due to a "significant shortage of electricity," Ukraine's state-owned energy operator Ukrenergo reported on May 10.
Bloomberg: Russian tycoons move assets home amid Western sanctions
Increasingly cut off from western banking and financial services, Russia's wealthiest individuals are facing a dilemma when it comes to handing their fortunes to the next generation, according to Bloomberg. Most of the billionaires who were sanctioned have opted to move assets home, the news agency reported.
Kolomoisky remanded in custody until July 7 in murder case
On May 9, the Prosecutor General's Office announced he was suspected of ordering the murder of the head of a law firm more than 20 years ago in Crimea.
Source: SBU hits 2 oil depots in Russia's Krasnodar Krai
Ukraine's State Security Service (SBU) hit two oil depots in Russia's Krasnodar Krai overnight on May 9, a source privy to the information told the Kyiv Independent.
Shmyhal: Russian attacks have damaged over 800 heating facilities in Ukraine
Russian attacks have damaged or destroyed over 800 heating facilities across Ukraine since the start of Russia's full-scale invasion in February 2022, Prime Minister Denys Shmyhal said on May 8.
Media: Investigation shows Russian forces may use satellite systems made in Ukraine
About 22,000 Gilat SkyEdge internet communications systems, valued at $5 million, were imported to Russia in 2023. The systems were manufactured at a facility in Uzhhorod, Ukraine.
Parliament summons Bureau of Economic Security head over alleged pressure on business
CEO Club Ukraine said on May 6 that last month, the bureau's officials searched the association's premises.
Court arrests State Property Fund's ex-head in absentia
The High Anti-Corruption Court on May 8 arrested in absentia Dmytro Sennychenko, the former head of the State Property Fund, Ukraine's Specialized Anti-Corruption Prosecutor's Office (SAPO) reported.
Prosecutor's Office: Ukrainian oligarch Kolomoisky suspected of ordering murder of lawyer in 2003
Jailed Ukrainian oligarch Ihor Kolomoisky is suspected of ordering the murder of the head of a law firm more than 20 years ago in Crimea, the Prosecutor General's Office reported on May 8.
Ukraine is facing a cement crisis: Could a deal between two cement giants worsen the situation?
As Russia’s war drags on, it’s still early days for Ukraine’s reconstruction but issues are already lurking around one crucial component: cement. Rebuilding Ukraine after the war, which is unlikely to end any time soon and will continue to cause widespread destruction, is expected to cost $487
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