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."
Business
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
MP Yaroslav Zhelezniak: Developments in Ukraine’s parliament on economic reforms, international obligations — Issue 54
Editor’s note: This is issue 54 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly “Ukrainian Economy in Brief” newsletter, covering events from April 29- May 5, 2024. The digest highlights steps taken in the Ukrainian parliament related to business, economics, and international financial programs. The Kyiv Independent is republishing with
Ukraine state-owned enterprises weekly — Issue 130
Editor’s Note: This is issue 130 of Ukrainian State-Owned Enterprises Weekly, covering events from April 27 – May 3, 2024. The Kyiv Independent is reposting it with permission. Corporate governance of SOEs Ukreximbank appoints a new CEO. On May 3, Ukreximbank reported that its supervisory board had elected Viktor Ponomarenko
Reuters: Tuapse refinery hit by drone resumes work after 3 months of repairs
Rosneft's Tuapse oil refinery has resumed processing after sustaining damage from a drone strike in January. Repairs were reportedly completed at the facility's primary oil refining unit at the end of April.
Business association CEO Club says it was searched, complains of smear campaign
CEO Club Ukraine, a club of Ukrainian business leaders, said on May 6 that its premises were searched by the Bureau of Economic Security (BEB) in April and linked it to a supposed smear campaign against the club.
Rheinmetall CEO promises to send Kyiv 'hundreds of thousands' of shells this year
The German arms manufacturer Rheinmetall will supply Ukraine with "hundreds of thousands" of shells in 2024, including prototypes of artillery shells with a range of 100 kilometers, CEO Armin Papperger said.
Energy Minister: Russian attacks on Ukraine's energy infrastructure cause over $1 billion in damage
The most damage was caused by the attacks on thermal, and hydro electricity generation facilities.
Ukraine expects $38 billion in external financing after fulfilling IMF requirements
Foreign aid is crucial for Ukraine as the economic pressure caused by the full-scale Russian invasion mounts. The besieged country received $42.5 billion in external financing last year, allowing it to function amid the ongoing war.
National Bank institutes largest package of currency liberalization measures since February 2022
"This move, together with other measures by the NBU, should allow Ukrainian businesses to 'breathe to their full potential' and help attract private capital to recover the economy," said NBU Governor Andriy Pyshnyy.
Ukraine says close to $500,000 in reconstruction funds for Borodianka 'disappeared'
After an audit, there was a discrepancy of Hr 14 million (around $353,000) related to plastic-metal windows, which were earmarked for installation but never actually put in. The State Audit Service said local governments should "ensure more thorough control" over reconstruction funding and added that the case had been referred to the Prosecutor General's Office to determine whether criminal wrongdoing had occurred.
Russian media: Raiffeisen Bank will begin exiting Russia in summer 2024
The Vienna-based bank group, the largest remaining Western bank in Russia, has been under increasing pressure since the start of Russia's all-out war to scale down its activities in the country.
Cameron visits Lviv as part of Ukraine trip
During his visit to Lviv, David Cameron met the regional governor, Maksym Kozytskyi, to discuss business cooperation between the U.K. and Lviv Oblast.
Reuters: Russian court cancels confiscation of some JPMorgan assets in dispute with Russian bank
A Russian court canceled the seizure of some of JPMorgan funds in Russia as part of a lawsuit with the Russian state-owned bank VTB, Reuters reported on May 2.
Gazprom reports nearly $6.9 billion in net losses in 2023
The state-owned Russian energy giant Gazprom reported a net loss of 629 billion rubles (nearly $6.9 billion) in 2023, the company's largest profit downturn in decades amidst falling gas prices and a limited European market.
25% more passengers traveled by Ukrainian railways this year compared to 2023
More than 8 million passengers traveled on Ukrainian Railways' trains between January and April 2024, indicating a 25% person increase compared to 2023, the company reported on May 2.
Hackers target Ukrainian bank with DDoS attack
Hackers targeted Ukraine's largest mobile-only bank, Monobank, with a powerful denial of service (DDoS) attack on May 2, the company's co-founder and CEO Oleh Horokhovskyi reported.
Bloomberg: Russians who left abroad increasingly return home, boosting economy
Around 1 million Russians left the country after the start of the all-out war due to their opposition to the invasion or out of fear of mobilization.
Ukraine Business Roundup — No more border blockades, for now
The following is the April 30, 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. Polish farmers finally ended their protests at the Hrebenne-Rava-Ruska border crossing on April 29, effectively lifting a blockade
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