For the next year, Ukraine allocated 26.3% of its gross domestic product (GDP) to defense and security expenditures, including Hr 740 billion ($17.7 billion) for arms purchases and Hr 50 billion ($1.2 billion) on the production and purchase of drones.
The following is the Dec. 10, 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. It’s a persistent problem with the drone supply to Ukrainian troops: Imported Chinese drones are often laden
"The actions of the defendants led to significant losses and the creation of an artificial shortage of tickets for the most popular routes on the market," the police’s statement read.
Although no concrete decisions have been made on the potential sanctions, sources familiar with the discussions told Bloomberg that a number of avenues are being explored, including sanctions on Russia's so-called 'shadow fleet.'
Editor’s Note: This is issue 157 of Ukrainian State-Owned Enterprises Weekly, covering events from Dec. 2-8, 2024. The Kyiv Independent is reposting it with permission. Corporate governance of SOEs Parliament appoints Naftogaz’s CEO Chernyshov as national unity minister; CFO Chumak takes over as acting CEO. On Dec. 3,
Editor’s note: This is issue 4 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly "Ukraine Reforms Tracker" covering events from Dec. 2-Dec. 8, 2024. This newsletter was until recently titled “Ukrainian Economy in Brief." The digest highlights steps taken in the Ukrainian parliament related to business, economics, and international financial
Some 25 miles south of the Russian border, explosions rumble off in the distance more or less continuously. “We don’t even hear them anymore,” Zhenya chuckles from under first-person-view (FPV) goggles branded with the U.S. company “Fat Shark.” Zhenya and his co-developer for DragoDrones, or DCU, Maksym, are
The decrease of 10.5% compared to November 2023 marks the first drop since July, Reuters writes.
Chinese manufacturers began limiting their sales of vital drone components to their U.S. and European customers, preluding a broader ban on exports by officials, Bloomberg wrote, citing undisclosed sources on Dec. 9.
The latest round of sanctions imposes asset freezes on five individuals involved in the illicit gold trade, including the CEO of Paloma Precious, which has purchased more than $300 million of Russian gold.
The system was approved after performing reliably in combat testing, the Defense Ministry said on Dec. 9.
If you’re unsure what to get your loved one for a gift this holiday season, look no further than Ukraine. Despite Russia’s ongoing war, Ukrainians have maintained their entrepreneurial spirit, and the country is brimming with exciting brands and products that are guaranteed to bring cheer to the
Editor's note: This article is a shortened on-site version of KI Insights' The Week Ahead newsletter covering events from Dec. 9 to Dec. 15. Sign up here to start your week with an agenda of Ukraine-related events, delivered directly to your inbox every Sunday. Romania's newly elected Parliament to set
Editor’s note: This article is part of a series of profiles highlighting successful Ukrainian startups and businesses. The series is funded by the regional investment fund Ukraine-Moldova American Enterprise Fund (UMAEF) and created in partnership with Spend With Ukraine, a non-profit organization that launched a platform to showcase businesses
Russia's largest airline Aeroflot plans to purchase five Boeing 737-800BCF freighters to disassemble for spare parts, Russian state media outlet Kommersant reported on Dec. 6. The planes are expected to be transferred to Aeroflot's low-cost subsidiary Pobeda, but converting them from cargo to passenger use under Western sanctions would be
To address its budget shortfall, Russia has also begun selling off gold reserves from the National Welfare Fund.
The Ukrainian Congress Committee of America (UCCA) cited concerns over Musk's "contacts with Russia and the alleged use of his Starlink system by Russian forces in Ukraine."
According to Putin's new law, gas purchases are no longer tied to Gazprombank and can be settled by offsetting mutual debts. The U.S. sanctioned Gazprombank on Nov. 21.
The beneficial owners and top managers of one of the most popular online casinos in Ukraine, Pin-Up, are suspected of collaborating with Russia, the State Bureau of Investigation and the Prosecutor General's Office announced on Dec. 5.
New format at KI Insights — Q&A with experts! The first one is already next week. Join our exclusive Q&A session with Dr. Edward Howell to gain unique insights into Koreas' growing role in the Russo-Ukrainian War. This closed-door event is tailored for subscribers seeking an in-depth understanding of
Editor’s note: This article is part of a series of profiles highlighting successful Ukrainian startups and businesses. The series is funded by the regional investment fund Ukraine-Moldova American Enterprise Fund (UMAEF) and created in partnership with Spend With Ukraine, a non-profit organization that launched a platform to showcase businesses
The price of coffins in Russia has soared by 74% since the beginning of Russia's full-scale invasion of Ukraine, the Moscow Times reported on Dec. 5, citing Russia's Federal State Statistics Service (RosStat).
Hungary has requested the United States to provide the country with a sanctions waiver to further continue payments for Russian natural gas imports through Gazprombank, Foreign Minister Peter Szijjarto said on Dec. 4.
The United Kingdom's National Crime Agency (NCA) announced on Dec. 4 that it had dismantled a multibillion-dollar money laundering scheme that has enabled criminal networks, including Russian spies and oligarchs, to evade sanctions using cryptocurrency.
As Ukraine begins yet another winter with rolling blackouts and freezing temperatures, businesses are increasingly looking beyond diesel generators to fuel their operations during power cuts, business leaders said at the Energy Security Dialogue 2024 on Dec. 4.
Editor’s Note: This is issue 156 of Ukrainian State-Owned Enterprises Weekly, covering events from Nov. 25 – Dec. 1, 2024. The Kyiv Independent is reposting it with permission. Corporate governance of SOEs The Cabinet approves the state ownership policy, a key document for SOEs’ corporate governance. On Nov. 29, the
The following is the Dec. 3, 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. President Volodymyr Zelensky finally signed into law a bill authorizing Ukraine’s first wartime tax increase on Nov.
With a deal to transport Russian gas through Ukraine expiring at the end of 2024, Ukraine’s gas transit network could soon come under Russian attacks, warned Dmytro Lyppa, CEO of the Gas Transmission System Operator of Ukraine.
Editor’s note: This is issue 3 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly "Ukraine Reforms Tracker" covering events from Nov. 24-Dec. 1, 2024. This newsletter was until recently titled “Ukrainian Economy in Brief." The digest highlights steps taken in the Ukrainian parliament related to business, economics, and international financial
Ukraine's Finance Ministry and the EU signed a memorandum and an agreement to attract up to 35 billion euros ($36.7 billion) as part of the G7 loan, the ministry said on Dec. 4.
The latest Western sanctions against 50 Russian banks forced Russian importers to use complex and underhand schemes to pay their Chinese sellers, the Moscow Times reported on Dec. 2, citing undisclosed business sources.
Since 2022, Oleksii Chernyshov has been the CEO of the Naftogaz Group, Ukraine's state-owned energy giant.
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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