Russia's Sberbank reports $4.32 billion profit, dividends to boost Kremlin war chest
Being majority-owned by the Russian state, dividends can be used to fund the full-scale invasion of Ukraine.
Business
US Treasury Secretary: G7 may support aiding Ukraine with interest from Russian assets
"This is an approach that could be broadly supported by countries that are concerned about the seizure of assets, and some of the interest could be brought forward through, for example, a loan," Yellen said.
European Parliament calls on Austria to pressure Raiffeisen bank to leave Russia
"Instead of repeated statements about intentions to reduce and sell their activities in Russia, the Raiffeisen Bank International is the Western lender with the largest operations in Russia."
Politico: US to announce new $6 billion weapons contract for Ukraine
The contract will include Patriot air defense systems, artillery, drones, counter-drone weapons, and air-to-air missiles, and may be finalized as soon as April 26, the officials said.
Shortage of personnel in Ukrainian labor market increased significantly since last year
Seventy-four percent of surveyed companies in Ukraine are experiencing a personnel shortage, according to a new study published by the European Business Association (EBA) on April 24.
Reuters: Next round of EU sanctions on Russia to target shadow fleet, ships transporting North Korean equipment
EU Trade Commissioner Valdis Dombrovskis said earlier in April that the bloc is preparing its 14th round of sanctions against Russia, which should be adopted in spring.
Explaining Washington’s REPO Act that could kick-start the confiscation of frozen Russian assets
The U.S. on April 20 became the first nation to adopt legislation green-lighting confiscating frozen Russian assets for Ukraine. President Joe Biden signed the REPO Act alongside a $95 billion foreign aid bill that included $61 billion for Kyiv on April 24, setting the legal basis for liquidating immobilized
Hugo Boss to sell its Russian subsidiary
Along with many other Western companies, Hugo Boss suspended its retail operations in Russia after the beginning of the full-scale invasion of Ukraine in February 2022.
Ukraine receives 1.5 billion euros from EU in second tranche of financial aid
The EU approved the four-year Ukraine Facility in February, allocating 33 billion euros ($35 billion) in loans and 17 billion euros ($18 billion) in grants.
Reuters: Canada grants Airbus waiver against sanctions on Russian titanium
Airbus has been granted a waiver by the Canadian government, allowing it to continue using Russian titanium after Ottawa became the first Western nation to ban the metal in its latest package of sanctions targeting the Kremlin, Reuters reported on April 23.
Parliament passes bill strengthening gambling oversight in first reading
Ukraine's parliament, the Verkhovna Rada, backed in the first reading on April 24 a bill strengthening the state's oversight over the gambling business, lawmaker Oleksii Honcharenko said.
MP Yaroslav Zhelezniak: Developments in Ukraine’s parliament on economic reforms, international obligations — Issue 52
Editor’s note: This is issue 52 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly “Ukrainian Economy in Brief” newsletter, covering events from April 15-22, 2024. The digest highlights steps taken in the Ukrainian parliament related to business, economics, and international financial programs. The Kyiv Independent is republishing with permission. World
Monthly chart: Ukraine braces for tough summer months as Russia renews attacks on energy infrastructure
The following is a chart based off of data originally published in the Kyiv-based Center of Economic Strategy's "Ukraine War Economy Tracker." The Kyiv Independent is republishing it with permission. Ukraine is forced to rely on electricity imports after Russian attacks Net commercial exports of electricity, MWh Positive net exports
What's happening with Russia's assets frozen in the West?
The Kyiv Independent’s business reporter Dominic Culverwell explains how confiscating the assets could be used to help Ukraine and why it hasn’t happened yet.
Ukrainian grain exports slump in March, expected to further slow down this year
Ukrainian grain exports decreased in March and are expected to further slow down this year amid lower supply and smaller harvest predictions. Grain exports amounted to 5.2 million metric tons in March, down from 5.8 million metric tons the month before, according to various estimates. After Kyiv set
Hungarian FM says Ukraine carrying out 'witch hunt' against Hungarian businesses, threatens to block EU aid
Hungarian Foreign Minister Peter Szijjarto's latest complaint against Ukraine was in relation to allegations that the country was planning to revoke several of the distribution permits for medicine from the Hungarian pharmaceutical company Richter.
WSJ: US drafting sanctions aimed at Chinese banks aiding Russia’s war effort
Washington hopes they will allow Secretary of State Antony Blinken to arrive armed with diplomatic leverage on a visit to China this week, in a push to stop Beijing's commercial support of Russia's military production.
DTEK needs $350 million to rebuild power plants
Ukraine's largest private energy company, DTEK, announced on April 22 that it requires $350 million to recover the lost capacity caused by Russia's attacks on thermal power plants.
Ukraine state-owned enterprises weekly — Issue 128
Editor’s Note: This is issue 128 of Ukrainian State-Owned Enterprises Weekly, covering events from April 13-19, 2024. The Kyiv Independent is reposting it with permission. Banks Oschadbank earns a record Hr 6 billion profit in 2023 (audited). On April 19, Oschadbank reported that its executive and supervisory boards approved
Reuters: World Bank financing arm plans to invest $1.9 billion in Ukraine
The private financing arm of the World Bank plans to invest $1.9 billion in projects in Ukraine over the next 18 months, Reuters reported on April 22.
State Customs Service: Polish protesters stop blockade at Yahodyn-Dorohusk border crossing
The State Customs Service said that traffic had resumed in both directions as of 1:40 p.m. local time.
Media: German building materials firm Knauf to withdraw from Russia
The German producer of building materials Knauf said it is ceasing its operations in Russia in the light of "current events," Business Insider reported on April 22, citing a statement from the company.
Swedish FM: EU's next Russia sanctions package must target shadow tanker fleet, LNG imports
"Adopting the 14th sanctions package is one of the most important things," Swedish Foreign Minister Tobias Billstrom said when he arrived in Luxembourg for a ministerial EU meeting.
Zelensky signs decree to restrict online gambling
President Volodymyr Zelensky signed on April 20 a decree on counteracting the negative effects of online gambling, which proposes to ban it for the military until the end of martial law.
Russian finance minister says GDP expected to grow 3.6% in 2024, matching 2023's rate
The announcement followed comments earlier in the week from finance ministry official Lev Denisov, who said that the initial 2.3% estimate would be revised upwards due to the "strong growth of the economy" at the beginning of 2024.
Governor: Russia’s war destroys over 100,000 residential buildings in Donetsk Oblast
Along with housing, Russia's war destroyed the region's heavy industry.
‘A bumpy ride:’ CEO of MacPaw, developer of apps for Apple devices, on business during war
Russia’s full-scale war on Ukraine has dealt a devastating blow to the country’s economy. While the country has begun to bounce back from an initial 29% drop in GDP, it’s estimated that at today’s level of growth, the country’s GDP won’t return to pre-war
Reuters: Italy's UniCredit expecting push from ECB to reduce business in Russia
The news follows a similar warning received by Austria's Raiffeisen Bank International (RBI) on April 18 that the ECB was requesting an accelerated wind-down of its business in Russia.
European Investment Bank to allocate $596 million to Ukraine in 2024
Ukraine will receive 560 million euros ($596 million) from the European Investment Bank (EIB) for a number of projects this year, Prime Minister Denys Shmyhal said during a visit to the U.S. on April 19.
Border Guard: Polish farmers renew blockade at 2 border crossings with Ukraine
Protesting Polish farmers have temporarily renewed the blockade of trucks at the Korczowa-Krakovets and Medyka-Shehyni crossings on the Ukrainian border, Ukraine's Border Guard Service said on April 18.
EU official: G7 considers using frozen Russian assets as collateral for Ukraine loans
The Group of Seven (G7) countries are discussing using frozen Russian assets as collateral to provide loans to Ukraine, Reuters reported on April 18, citing European Commission Executive Vice President Valdis Dombrovskis.
IMF: Ukraine needs $42 billion in budget support for 2024
Speaking in Washington, IMF Managing Director Kristalina Georgieva said she was "confident" this would be achieved but added that fully addressing the country’s economic problems would require ending Russia's full-scale invasion.
Support independent journalism in Ukraine.
Join us in this fight.
Freedom can be costly. Both Ukraine and its journalists are paying a high price for their independence. Support independent journalism in its darkest hour. Support us for as little as $1, and it only takes a minute.
