The agreement, signed on April 30, establishes a joint investment fund between Kyiv and Washington and grants the U.S. special access to projects developing Ukraine's natural resources.
Ukraine is considering moving away from the U.S. dollar and closer to the euro as a benchmark for the hryvnia, National Bank Governor Andrii Pyshnyi told Reuters.
The Atesh partisan group claims it disabled communication at several Russian military facilities when it allegedly destroyed equipment at a transformer substation in the village of Mogiltsy in Russia's Moscow Oblast.
Chinese aerospace company Skyrizon filed a lawsuit against Ukraine and demands $4.5 billion over its scuttled attempt to take over Ukraine's Motor Sich, an advanced military aircraft engine manufacturer. (Motor Sich/Facebook)
China’s aerospace firm Skyrizon is taking the Ukrainian government to an international tribunal, demanding $4.5 billion in compensation over the failed purchase of Motor Sich, an advanced aircraft engine manufacturer based in the regional capital of Zaporizhia.
Beijing Skyrizon Aviation explained in the statement on its WeChat account on Nov. 29 that its Chinese investors have experienced significant losses due to unfair treatment and implementation of illegal measures in Ukraine for the past five years.
The company said a group of Chinese investors including Skyrizon’s founder Wang Jing filed a lawsuit against Ukraine in the Hague-based Permanent Court of Arbitration.
Skyrizon, which has sought to acquire a controlling stake in Motor Sich, accused the Ukrainian government of violating the agreement signed to protect two-way investment between Kyiv and Beijing in 1992.
The Chinese firm vowed that it will use “all possible legal weapons to resolutely defend our legitimate rights and interests.”
The arbitration request comes months after the Ukrainian government seized the assets and all the shares of Motor Sich in March, transferring the firm to state ownership for national security reasons.
Ukraine yielded to pressure from Washington, as China’s rapid military modernization during the last two decades has been a growing concern for policymakers in the United States.
The Ukrainian government kicked Skyrizon out of Motor Sich without returning the hundreds of millions of dollars that the Chinese firm had invested.
In January, former U.S. President Donald Trump's administration said it blacklisted Skyrizon over its efforts to gain foreign military technologies.
Days later, Ukraine’s President Volodymyr Zelensky signed an order to impose sanctions on the Chinese company, restricting its trade operations and preventing it from transferring its capital outside the country.
Asami Terajima is a reporter at the Kyiv Independent covering Ukrainian military issues, front-line developments, and politics. She is the co-author of the weekly War Notes newsletter. She previously worked as a business reporter for the Kyiv Post focusing on international trade, infrastructure, investment, and energy. Originally from Japan, Terajima moved to Ukraine during childhood and completed her bachelor’s degree in Business Administration in the U.S. She is the winner of the Thomson Reuters Foundation's Kurt Schork Award in International Journalism 2023 (Local Reporter category) and the George Weidenfeld Prize, awarded as part of Germany's Axel Springer Prize 2023. She was also featured in the Media Development Foundation’s “25 under 25: Young and Bold” 2023 list of emerging media makers in Ukraine.
