Russia faces record 2.6 million worker shortage amid war recruitment
The deepening labor shortage reflects growing strain on Russia's workforce as the Kremlin aggressively recruits men for its war against Ukraine.
Business
Ukraine finalizes ratification of US minerals deal, paving way for joint investment fund
According to the Verkhovna Rada's website, Ukraine completed the ratification of the U.S.-Ukraine minerals agreement on May 12. President Volodymyr Zelensky signed the deal.
Russia ignores May 12 ceasefire proposal, Ukraine tells allies at London meeting
Foreign Minister Andrii Sybiha said Ukraine and its allies discussed tougher sanctions against Russia's banking sector, central bank, and energy industry.
Polish protesters to resume blockade at Ukraine's border, Ukrainian Border Guard warns
Polish truckers plan to restrict freight traffic at the Yahodyn-Dorohusk checkpoint on the Ukrainian border, Ukraine's State Border Guard said on May 12.
EU to unveil new sanctions against Russia on May 14, source says
The EU plans to unveil on May 14 its next package of sanctions imposed against Russia over its aggression against Ukraine, an EU official told the Kyiv Independent on condition of anonymity.
UK targets 101 ships in 'largest ever' sanctions against Russia's shadow fleet
The sanctioned oil tankers have transported over $24 billion in cargo since 2024, according to Downing Street. The U.K. has now sanctioned more shadow fleet vessels than any other country.
US, Russia discuss potential revival of Russian gas exports to Europe, Reuters reports
Washington’s involvement may also help mitigate political opposition in Europe, while giving the U.S. strategic visibility over future Russian energy flows, sources told Reuters.
EU provides Ukraine with $1 billion tranche under G7 loan covered by Russian assets
This is the fourth such tranche from the bloc, which is secured by proceeds from frozen Russian assets.
‘Clearly, Ukraine is holding cards’ — political economist on why US pressure won’t force Kyiv to concede
If Ukraine’s military resistance to Russia’s full-scale invasion stunned the world, its economic resilience in the face of a larger, better-equipped enemy is a lesser-known story of the war. A combination of rapid state expansion, prudent monetary policy, active civil society in Ukraine, and crucial external funding from
Ukraine considers moving closer to euro rather than dollar, Reuters reports
Ukraine is considering moving away from the U.S. dollar and closer to the euro as a benchmark for the hryvnia, National Bank Governor Andrii Pyshnyi told Reuters.
Ukraine Reforms Tracker Weekly — Issue 24
Editor’s note: This is issue 24 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly "Ukraine Reforms Tracker" covering events from April 28–May 4, 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
Ukraine Business Roundup — Making sense of the minerals deal
The following is the May 6, 2025 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. As I’m sure you saw, the U.S. and Ukraine finally signed the minerals agreement after months
Putin, Xi to discuss delayed 'Power of Siberia 2' pipeline during Victory Day celebrations, Bloomberg reports
Construction of the pipeline was scheduled to begin in 2024, but has been plagued with construction issues and diplomatic tussles.
After 3 years of full-scale war in Ukraine, Europe announces plan to ban all Russian gas imports
BRUSSELS — After years of reducing its reliance on Russian gas, the European Union is moving to turn off the taps completely within the next two years. The European Commission (EC) on May 6 presented a detailed roadmap to fully sever the European Union’s energy dependence on Russia by 2027.
As Trump suggests Putin feeling pressure of falling oil prices, Russian oil falls to two-year low
Trump said that Russia has grown more willing to negotiate an end to its war against Ukraine following a sharp decline in oil prices.
Economy minister to meet with party leaders before parliament ratifies minerals deal
MPs will be able to ask questions and learn more about the details of the agreement in meetings with Economy Minister Yulia Svyrydenko May 6-7, MP Serhii Sobolev told the news outlet Suspilne. The ratification vote is scheduled for May 8.
North Korea sends nearly 15,000 migrants to Russia to cover labor market shortage, WSJ reports
The move represents an apparent violation of United Nations Security Council resolutions passed in the wake of North Korea's intercontinental ballistic missile (ICBM) tests.
Minerals deal 'important part' of future security guarantees, ambassador says
"So this economic partnership deal in itself is a very important part of the broader security... architecture... frankly, that fund will be successful if Ukraine is stable and peaceful. So in a way, it's an important part of... future security guarantees," Ukraine's ambassador to the U.S., Oksana Markarova, said.
OPEC+ to accelerate oil output, potentially lowering oil prices despite Russian reliance, Reuters reports
OPEC+, which includes Russia, agreed to a large oil production hike in June, Reuters reported on May 4, citing five unnamed sources.
France to ramp up AASM Hammer smart bomb production for Ukraine, media reports
The French-made precision bombs are being transferred to Kyiv as part of ongoing defense support, and their use by Ukrainian fighter jets has grown significantly since the start of Russia’s full-scale invasion.
Ukraine's agricultural exports drop 23.4% in April
"This export decrease follows typical seasonal patterns. The majority of harvested produce has already been exported, with only minor volumes remaining for export," the Ukrainian Agribusiness Club said.
Belgium's Euroclear to redistribute $3.4 billion from frozen Russian assets, media reports
The payout, drawn from a pool of 10 billion euros ($11.3 billion) in cash frozen under EU sanctions since Russia's full-scale invasion of Ukraine, comes in response to Russia's confiscation of billions in Western-held assets over the past year.
Opportunities to invest in Ukraine 2025
Update: Browse the briefing presentation here. KI Insights subscribers can also access the recording. As Ukraine anticipates post-war reconstruction, a new wave of privatizations, regulatory reforms, and foreign investment opportunities is reshaping the country's economic landscape. From energy and infrastructure to retail and agriculture, Ukraine is opening up key sectors
Ukroboronprom posts $31.5 million profit as production triples
Ukraine's largest state-owned defense company Ukroboronprom reported a consolidated net profit of Hr 1.31 billion ($31.5 million) for the previous year, according to a press release at the company's website.
US-Ukraine minerals fund could begin operating within months, Economy Minister says
"Our task is to do this as soon as possible, but it is very difficult to predict it now. I think it will take months, definitely not years," First Deputy Prime Minister Yulia Svyrydenko said.
Experts warn US-Ukraine minerals deal may take a decade to deliver returns, Reuters reports
Despite the uncertainty, Ukrainian officials have touted the deal as a political milestone that could help revive U.S. support under Donald Trump.
What we learned from Ukrainian officials’ wealth disclosures
Luxury watches, a collection of 20th century military uniforms, and a very expensive piano — these are just a few of the intriguing things revealed in the mandatory annual declaration of financial assets submitted by Ukrainian MPs last month. The transparency system was established after the 2014 EuroMaidan Revolution in light
Naftogaz profits grow 64% in 2024 despite Russian attacks on energy infrastructure
Naftogaz Group, Ukraine's state-owned oil and gas giant, reported a net profit of Hr 38 billion ($913 million) for 2024, marking a 64% increase from the previous year, the company announced on May 1.
A billion-dollar question mark — the details of the U.S.-Ukraine minerals deal
The signing of a long-awaited minerals deal between the U.S. and Ukraine has come after months of tense negotiations as Kyiv worked on resetting its tumultuous relationship with U.S. President Donald Trump. The key deal, inked on April 30, creates an investment fund and grants the U.S.
Where next for Ukraine after Trump’s first 100 days? Prospects for War and Peace – briefing by KI Insights
Update: Browse the briefing presentation here. KI Insights subscribers can also access the recording. What can Ukraine and its allies expect from Donald Trump's next 100 days? Will diplomacy prevail—or should Kyiv prepare for new shocks? What are the key takeaways, and what should diplomats, humanitarians, and businesses anticipate
U.S.–Ukraine minerals deal: key points of the newly signed agreement
The U.S. and Ukraine signed the long-awaited minerals agreement on April 30, paving the way for further American support of Kyiv through a joint investment fund that will contribute to Ukraine’s reconstruction. The deal comes after months of sometimes fraught negotiations, including an Oval Office shouting match between
The full text of the US, Ukraine minerals agreement
U.S. officials framed the agreement as a sign of lasting support for Ukraine, and it comes amid an apparent resetting of relations between Presidents Donald Trump and Volodymyr Zelensky.
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