Ukraine, Slovakia to create joint energy hub, Shmyhal says
"As a result, we will expand our export and import capabilities and strengthen the energy security of both countries," Prime Minister Denys Shmyhal said.
"As a result, we will expand our export and import capabilities and strengthen the energy security of both countries," Prime Minister Denys Shmyhal said.
According to Bloomberg, the EU's sanctions would target "about a dozen individuals and entities," which includes firms involved in the engineering, metals, and aviation sectors.
Russia is greatly reliant on oil and gas exports, which have represented almost one-third of the country's total federal revenue in 2023 and 42% in 2022. Fossil fuel profits thus play a key role in funding Russia's expensive war machine in Ukraine.
In the meantime, Gazprom's net cash flow from operating activities increased by 5% to $242 billion in 2023.
The following is the Oct. 1, 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. Ukraine launched an e-residency program this past week, giving some foreigners remote access to services in the country,
Editor’s Note: This is issue 149 of Ukrainian State-Owned Enterprises Weekly, covering events from Sept. 22-28, 2024. The Kyiv Independent is reposting it with permission. Energy sector Naftogaz Group made Hr 24.4 billion in consolidated net profit in the first six months of 2024, the group reported on
Ukraine is in talks with the International Atomic Energy Agency (IAEA) to place foreign observers near its nuclear power plants amid reports Russia is planning to attack the infrastructure connecting the plants to the country's energy grid, an Energy Ministry official said.
The U.S.-based AeroVironment signed an agreement with a Ukrainian company to localize its production of Switchblade 600 loitering munitions, marking the latest of several recent agreements between Ukrainian and foreign companies to produce weaponry in Ukraine.
More than 90,000 vacancies for defense industry jobs appeared on Russian job portals between Aug. 15 and Sept. 15, with companies offering triple the average regional salary for workers with high-demand specialties.
Editor’s note: This is issue 75 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly “Ukrainian Economy in Brief” newsletter, covering events from Sept. 23- Sept. 29, 2024. The digest highlights steps taken in the Ukrainian parliament related to business, economics, and international financial programs. The Kyiv Independent is republishing with
"In the first half of this year alone, Ukraine produced 25 times more artillery and mortar ammunition than in the entire year of 2022," Zelensky said at the second international defense industry forum in Kyiv.
French-German defense company KNDS has opened an office in Kyiv to support Ukraine carry out the domestic maintenance and repair of weapons systems, the company announced on Oct. 1.
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
Ukraine is at a crucial turning point. As we focus on reconstruction amid ongoing Russian aggression, one aspect is pivotal to our success: war risk insurance. This tool is indispensable for attracting foreign investment and ensuring the resilience of local businesses. War risk insurance is designed to protect businesses against
Ukraine's state nuclear energy agency Energoatom on Sept. 28 confirmed that one of its officials had been detained for accepting a bribe. The official, who leads the control and audit department, was apprehended near Energoatom's office in Kyiv while accepting a bribe of UAH 100,000 ($2,400). The money
Ukraine has launched uResidency, a program enabling foreigners to start a business in the country remotely, Digital Transformation Minister Mykhailo Fedorov announced on Sept. 27 at the Lviv IT Arena, according to a Kyiv Independent journalist reporting from the event. The program offers foreign entrepreneurs favorable conditions for conducting business,
Former Zhytomyr Mayor Serhii Sukhomlyn has been appointed head of the Agency for the Restoration and Development of Infrastructure, he announced on Facebook on Sept. 27. Sukhomlyn became mayor of Zhytomyr in November 2015 and resigned at his own request in early September 2024. Before Sukhomlyn, Mustafa Nayyem headed the
India will not purchase liquefied natural gas (LNG) from Russia's Arctic LNG 2 project, which has been sanctioned by Western countries, Indian Oil Secretary Pankaj Jain said on Sept. 27, Reuters reported. Arctic LNG 2, owned by Russia’s Novatek, aims to produce nearly 20 million metric tons of LNG
Editor’s Note: This is issue 148 of Ukrainian State-Owned Enterprises Weekly, covering events from September 15-21, 2024. The Kyiv Independent is reposting it with permission. Corporate governance of SOEs UDI looking for a new CEO. On Sept. 19, Ukrainian Defense Industry (UDI) said that its supervisory board had launched
The following is the Sept. 25, 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. Kyiv’s iconic “Hotel Ukraina,” located on the city’s central Independence Square, also known as Maidan Nezalezhnosti,
Mauro Longobardo, CEO of ArcelorMittal Kryvyi Rih, addressed the company's current situation and future plans, noting both progress and significant obstacles. He acknowledged the company's recovery efforts but highlighted the challenges they continue to face in 2024, including falling iron ore prices and stagnation in the European steel market. "For
Editor’s note: This is issue 74 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly “Ukrainian Economy in Brief” newsletter, covering events from Sept. 16- Sept. 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
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
Austria-headquartered Raiffeisen Bank International (RBI) agreed to sell its stake in its Belarusian subsidiary Priorbank, marking the first step toward fully withdrawing from the Belarusian market, RBI announced on Sept. 20.
As the full-scale invasion continues, Western countries are imposing increasingly severe sanctions on Russia, forcing it to seek new partnerships with Asian powerhouses China and India.
"Relentless Russian attacks means Ukraine needs continued EU support," the chief of the EU's executive arm said during her visit to Kyiv.
According to the IEA report, Ukraine's electricity shortage could reach 6 GW this winter, which is about one-third of the expected peak demand.
Germany's natural gas storage facilities are full, and all goals have been met, according to German Vice-Chancellor and Economy Minister Robert Habeck
Ukraine has imposed sanctions against six individuals and over 40 entities from Iran, China, and Russia.
"The U.S. remains strongly committed to leveraging all our available tools to disrupt this and other schemes intended to support Russia's war of aggression against Ukraine and enable (North Korea's) illicit access to the international financial system," said Treasury official Bradley Smith.
"When the import of a certain type of product or commodity — vegetables, meat, eggs — reaches certain limits that the European Commission has outlined in advance, then we can activate the mechanism of banning their import. We are currently doing this in terms of eggs," Bulgarian Agriculture Minister Georgi Takhov said.
European Commission President Ursula von der Leyen will visit Kyiv on Sept. 20 to discuss Ukraine's energy needs with President Volodymyr Zelensky, she said on Sept. 19.
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.