In the run-up to his departure from the White House, President Joe Biden has slapped a number of major new sanctions on Russia’s financial systems and energy sector. The U.S. originally threatened Russia with “the mother of all sanctions” as Moscow prepared to invade Ukraine in February 2022.
According to the Kommersant's sources, gas may be purchased from January to April in the amount of up to 3 million cubic meters per day. The outlet estimates the price at $164 million. The costs are likely to be compensated by the Russian budget, the newspaper reported.
Russian President Vladimir Putin frequently boasts about the strength of his country’s economy, claiming that Western sanctions only made it stronger (while in the same breath demanding that they be lifted). In fact, “stagflation” — inflation combined with minimal growth — is coming to Russia. His war on Ukraine has caused
Editor’s note: This is issue 9 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly "Ukraine Reforms Tracker" covering events from Jan. 6–12, 2025. 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
The phase-out of LNG could be enacted as a sanction or part of a road map presented by the European Commission next month. Restrictions on aluminum would be gradual, with a time frame yet to be determined, officials said.
U.S. President Joe Biden will be passing around $3.8 billion in the so-called Presidential Drawdown Authority (PDA) to his successor — Donald Trump. On the campaign trail, Trump has repeatedly criticized the Biden administration for providing Ukraine with military assistance, including through military shipments using the PDA. Countering Trump's
Metinvest, Ukraine's largest steel producer, has suspended operations at the Pokrovsk coking coal mine in Donetsk Oblast due to worsening security conditions and power outages, the company announced on Jan. 14.
Sixty-five oil tankers paused operations in various places around the world following the recent U.S.-U.K. sanctions against Russia’s oil industry and shadow fleet, Reuters reported on Jan. 13, citing maritime tracking data.
President Volodymyr Zelensky signed a decree on Jan. 13 imposing new sanctions on the Russian financial sector. The sanctions target 140 distinct entities.
The Bryansk chemical plant produces gunpowder and explosives and is a key enterprise of the Russian military, according to Andrii Kovalenko, head of Ukraine's counter-disinformation center.
The Pokrovsk coal mine, one of the largest in Eastern Europe, is located 10 km (6 miles) west of Pokrovsk. The mine produces coal for coke production needed in steelmaking, which is Ukraine's second-largest export after agriculture.
Deputy Chairman of the Management Committee Elena Ilyukhina reportedly sent a letter to Gazprom CEO Alexey Miller, outlining the need for cost optimization due to "challenges facing the Gazprom Group."
Ukraine's government has approved a measure allowing foreign companies to participate in modernizing military equipment for the Ukrainian Armed Forces, the Defense Ministry announced on Jan. 13.
The countries argue that a lower cap would further restrict Russia's ability to finance its war against Ukraine while avoiding significant disruptions to global oil markets.
Three sanctioned tankers carrying over 2 million barrels of Russian crude oil are floating off China's coast after they were hit by fresh U.S. sanctions last week, Bloomberg reported on Jan. 13.
Editor's note: This article is an on-site version of KI Insights' The Week Ahead newsletter covering events from Jan. 13 to Jan. 20. Sign up here to start your week with an agenda of Ukraine-related events, delivered directly to your inbox every Sunday. With 8 eight days left until the
The accelerated rate surpassed forecasts made by Ukraine's National Bank in November, which estimated that Ukraine would end 2024 at an annualized 9.7% inflation rate.
Members of the Verkhovna Rada Energy Committee led by MP Inna Sovsun, have initiated a resolution to dismiss Energy Minister Herman Halushchenko, Ukrainian lawmaker Yaroslav Zhelezniak announced on Jan. 10.
"The United States is taking sweeping action against Russia's key source of revenue for funding its brutal and illegal war against Ukraine," Treasury Secretary Janet Yellen said.
"This is the first tranche of funds from the European Union, secured through income from frozen Russian assets," Prime Minister Denys Shmyhal said.
Ukraine’s decision to end the gas transit deal with Russian energy giant Gazprom has been hailed by President Volodymyr Zelensky as one of Moscow’s biggest defeats. "When (Russian President) Vladimir Putin was handed power in Russia over 25 years ago, the annual gas pumping through Ukraine to Europe
"We have a shortage of professionals, and Ukraine is ready to exempt most of them from military service," Chernyshov said.
Editor’s note: This is issue 8 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly "Ukraine Reforms Tracker" covering events from Jan. 1–5, 2025. 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
Denmark has reserved 135 million euros ($139 million) for further purchases under the "Danish model," buying arms for Ukraine directly from Ukrainian arms manufacturers. Norway is expected to contribute another 43 million euros ($44 million) to this initiative.
A Californian court sentenced former FBI informant Alexander Smirnov, who falsely accused the Biden family of taking a bribe from a Ukrainian business, to six years in prison, CNN reported on Jan. 8.
Ex-President Petro Poroshenko and members of his European Solidarity opposition party submitted a bill on Jan. 7 banning the transit of Russian oil and gas through Ukraine's territory during martial law.
In early 2022, the Ukrainian team of an Austrian wood processing company held a meeting in a bomb shelter during an air raid alert. Despite a Russian strike nearby, their focus wasn't on relocation but on building a new logistics center in the country. A year later, their determination paid
The U.S.'s planned sanctions would aim at targeting tankers carrying Russian oil above the imposed price cap and individuals working in schemes to sell crude above the cap, Reuters reported.
Some 1,500 high-rise buildings in Transnistria are currently without heating and hot water, and nearly 72,000 homes are without gas.
Slovakia's state-controlled transmission system operator SEPS said it will continue supplying electricity to Ukraine as part of an emergency assistance contract.
Moldova had previously offered to assist the Russian-occupied region in securing gas via European platforms to mitigate the energy crisis. Transnistrian officials rejected the offer, saying they believe Gazprom will resume Russian gas supplies.
Ukraine, a global agricultural powerhouse, exported 78.3 million tons of products in 2024, including grains and sunflower seeds critical to markets across Africa and Asia.
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.
