After three years of limited measures and political hangovers, the European Union has laid out a legal roadmap to finally end its long-standing addiction to Russian oil and gas. Under a new legislative proposal announced in Strasbourg on June 17, Brussels aims to cut off all remaining imports of Russian
On June 16, the Ukrainian government reportedly agreed to begin drafting recommendations for a bidding process to develop the Dobra lithium field in central Ukraine.
When John Denton first visited Ukraine weeks into Russia’s full-scale invasion in 2022, he knew that for the country to survive, businesses needed to stay alive. Denton is the secretary general of the International Chamber of Commerce, the world’s largest business organization. Active in 170 countries, the organization
“This is not just an attack against Ukraine, but also an attack where American business is being hit,” said Andy Hunder, President of the American Chamber of Commerce in Ukraine.
As world leaders prepare to gather in the remote community of Kananaskis in Alberta, Canada for the Group of Seven (G7) Leaders' Summit on June 15-17, Russia's war in Ukraine once again holds center stage — but views on how to address the three-year conflict diverge sharply. In the five months
Ukraine has received another 1 billion euros ($1.1 billion) in macro-financial assistance from the European Union as part of a G7 loan, Prime Minister Denys Shmyhal announced on June 13.
The price spike threatens to undermine Western efforts to choke off a vital revenue stream for Russia, which relies heavily on oil profits to sustain its war in Ukraine.
The measures target those goods that have not yet been subject to additional customs duties and will enter into force on July 1. The tariffs on fertilizers will increase gradually over the next three years.
The EU provided 13 million euros ($15 million) of the new funding, while Germany's International Climate Initiative (IKI) provided 5 million euros ($5.7 million).
Seventeen of the 20 largest foreign corporate taxpayers in Russia come from G7 and EU countries, which are Ukraine's main international supporters, according to investigative outlet Follow the Money.
In a luxurious resort complex north of Kyiv, 12 women are retraining to enter the hospitality sector in a new school that will kickstart a fresh life for Ukraine’s internally displaced people (IDPs). The women, mostly from Ukraine's occupied territories, are learning to be housekeepers in the first program
When asked whether Trump would impose additional sanctions on Russia, the president dodged the question by boasting that he "ended Nord Stream 2" and hinting at future energy deals with Germany in a press conference with Chancellor Friedrich Merz.
The European Union is set to reinstate tariffs on Ukrainian agricultural exports on June 6. This is the first time since Russia's full-scale invasion that the EU will not renew an agreement suspending trade barriers between Ukraine and Europe. The end of tariff-free trade comes amid mounting opposition to Ukrainian
Once the playground of disgraced Ukrainian politicians, a golf club in Kyiv’s Soviet-era Obolon neighborhood is now set to become the new campus of the Kyiv School of Economics, which last month bought the site for $18 million as part of a $40 million investment — the largest private investment
"We discussed very concrete steps how to make this fund operational during this year," Ukrainian Economy Minister Yulia Svyrydenko said during a visit to Washington.
Editor’s note: This is issue 28 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly "Ukraine Reforms Tracker" covering events from May 26–June 1, 2025. The digest highlights steps taken in the Ukrainian parliament related to business, economics, and international financial programs. The Kyiv Independent is republishing with permission. Benchmarks
The legislation, supported by 309 members of parliament, enshrines financial provisions critical to executing the U.S.-Ukraine deal signed on April 30 and ratified by Kyiv on May 8.
Russia's energy exports remain a major source of revenue for the Kremlin's military campaign against Ukraine.
Steel production is one of Ukraine's core industrial sectors and its second-largest source of foreign currency after agriculture.
The country's Finance Ministry announced last week it would skip a $665 million government debt payment after failing to agree on restructuring terms with creditors.
Ukraine's largest private energy company DTEK secured a $72-million loan to build one of the largest battery energy storage complexes in Eastern Europe, the company said on June 3.
The reason is the growing toll on the federal budget and civilian industries, three officials told Bloomberg, with some calling for the decision to be made at the bank's meeting on June 6.
OPEC+ will boost oil production by 411,000 barrels per day in July, marking the third consecutive monthly increase and reinforcing a major strategic shift that has driven crude prices to a four-year low.
Ukraine will skip a $665 million government debt payment after failing to agree on restructuring terms with creditors, Bloomberg reported.
Editor’s note: This is issue 27 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly "Ukraine Reforms Tracker" covering events from May 19–May 25, 2025. The digest highlights steps taken in the Ukrainian parliament related to business, economics, and international financial programs. The Kyiv Independent is republishing with permission. Benchmarks
The drone system, developed by Ukraine's defense tech cluster Brave1, can deliver two AI-guided FPV (first-person view) strike drones up to 300 kilometers (186 miles) behind enemy lines, according to Digital Transformation Minister Mykhailo Fedorov.
Telegram and Elon Musk's xAI will enter a one-year partnership, integrating the Grok chatbot into the messaging app, Telegram CEO Pavel Durov announced. Elon Musk said that "no deal has been signed" yet.
The court struck down the 10% tariffs applied to all U.S. trading partners to address the trade deficit. This means that the court would also block tariffs on trade with Ukraine.
The German government will "do everything to ensure that Nord Stream 2 cannot be put back into operation," German Chancellor Friedrich Merz said on May 28.
President Volodymyr Zelensky hopes that in June 2026, there will be no more war in Ukraine, but Russia will still feel the pressure of sanctions.
Ukraine’s allies have imposed sweeping sanctions on Russia and its supporters over the full-scale war, but experts say there’s room for more.
EU sanctions chief David O'Sullivan noted that there is "no more outreach" between the two sides on sanctions evasion and that G7 cooperation has "also lost momentum" in this regard, according to an internal report from an EU ministerial meeting in Brussels on May 20, Suddeutsche Zeitung reported.
The Kyiv Independent’s Business Desk covers the biggest news in business, economics, and tech from Ukraine, as well as global developments that shape the economy of the region.
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