Ukraine’s inflation set to peak by mid-2025, cool to 8% by year-end, central bank says
Ukraine’s inflation rate is expected to peak at 15% by mid-2025 before dropping to 8.4% by year's end, Ukraine’s Central Bank said on Jan. 31.
Business
Putin clears Goldman Sachs' exit from Russia with sale to Armenia-based firm
Goldman Sachs has entered into a binding agreement to offload its Russian subsidiary, making it one of the few Western banks to exit the country entirely, Bloomberg reported.
'100% tariffs' — Trump vows trade war if BRICS replaces dollar as reserve currency
The BRICS group, composed of Russia, China, India, Brazil, and other nations, has been exploring ways to reduce reliance on the U.S. dollar.
Ukraine Business Roundup — Record wartime private sector investment
The following is the Jan. 29, 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. Ukraine's largest private energy company, DTEK, announced plans on Jan. 22 to invest 450 million euros ($468 million)
China is Russia's sole supplier of key military-use rare metals amid sanctions, RFE/RL reports
As Russia's options to purchase gallium and germanium from around the world almost disappeared, China became the sole supplier in 2023, the investigation said, citing leaked data from Russian customs databases.
EU denies any links between Russian gas purchases, Ukraine peace talks
Earlier the same day, the Financial Times (FT) reported that EU officials are discussing the possibility of resuming purchases of Russian gas as part of a potential settlement of Russia's war in Ukraine.
Oil shipments on pause at Russia's Ust-Luga port after drone strike, Bloomberg reports
A drop in shipping activity at the Baltic Sea port appears to back up the SBU's claims that Ukrainian drones struck the Andreapol oil pumping station, shutting down the main pipeline that feeds Ust-Luga.
Ukrainian defense tech company Huless raises over $1 million for tethered drone systems
Huless, a Ukrainian company developing tethered drone systems, secured over $1 million in private financing, loans, and a grant from Ukrainian Defense Tech cluster Brave1, the company said in a press release on Jan. 30.
How two female entrepreneurs from Ukraine are reshaping the fashion industry
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’s parcel delivery giant Nova Poshta invests $43 million to expand network in 2024
Ukraine's largest private delivery company Nova Poshta invested Hr 1.8 billion ($43 million) to expand its Ukrainian network in 2024, a 35% increase from 2023, the company announced on social media.
Russian oligarch held stake in Musk's SpaceX through trust despite sanctions, Bloomberg reports
Kerimov's investment in SpaceX reportedly began in 2017 through Heritage Trust, a financial structure managed by Citigroup. SpaceX was valued at $21 billion at the time, meaning his 1% stake could have been worth around $210 million.
Ukrainian court freezes Russian oligarch Deripaska's assets worth nearly $50 million
The court immobilized a large consignment of industrial products and raw materials stored in the warehouses of the Mykolaiv Alumina Plant, which a Russian oligarch previously owned.
Russian oligarch Abramovich underpays $1.2 billion to UK in taxes, media investigation says
From 1990 until 2020, Roman Abramovich invested about $6 billion in Keygrove Holdings Ltd, a company registered in the British Virgin Islands.
EU debates restarting Russian gas purchases as part of Ukraine peace deal, FT reports
The proposal's advocates, including Hungarian and German officials, argue that the move could give both Russia and Europe incentives to maintain a ceasefire while stabilizing the continent's energy market, the Financial Times wrote.
Nearly 100 companies in Ukraine quietly change Russian ownership in 6 months, monitoring service reports
Within the last six months, 93 companies in Ukraine have removed signs of Russian ownership and continue to do business in the country, despite a moratorium on altering the registration of companies with Russian owners, the monitoring service Opendatabot reported.
EU to propose phased ban on Russian aluminum in new sanctions package, Bloomberg reports
The sanctions will also cut off more Russian banks from the SWIFT banking system, and target an additional 70 vessels suspected to be part of Russia’s "shadow-fleet."
Ukraine Reforms Tracker Weekly — Issue 11
Editor’s note: This is issue 11 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly "Ukraine Reforms Tracker" covering events from Jan. 13–19, 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
Russian oil sales to China and India stall as sanctions increase costs, Reuters reports
The disruption has led to stalled trade in Russian crude loaded for March delivery as rising shipping costs created a significant price gap between buyers and sellers, according to Reuters.
3 key takeaways from Davos from Ukraine’s economy minister
The discussions at the World Economic Forum in Davos were a stark reminder of how interconnected the global economy is, and how Ukraine’s stability — or lack thereof — affects us all. From military aid to economic sanctions, the steps we take now will shape the future not just for Ukraine,
EU considering new trade regime with Ukraine, media reports
While the European Commission allegedly does not plan to reinstate pre-war trade rules, it is considering alternatives within the Deep and Comprehensive Free Trade Area (DCFTA) framework, including quotas for agricultural products and additional safeguards.
Davos heard Ukraine’s call, but will Europe seize the opportunity?
“We’re at yet another turning point,” Ukrainian President Volodymyr Zelensky told global leaders in Davos last week, “which some see as a problem for Europe, but others call a chance. Europe must establish itself as a strong global player, as an indispensable player.” Zelensky is completely right. He is
Trump’s Russia sanctions might be what finally works
Just one week into his presidency, U.S. President Donald Trump has hinted at his approach to U.S. sanctions on Russia. On Truth Social last week, he called on Russian President Vladimir Putin to “settle now and STOP this ridiculous War! IT’S ONLY GOING TO GET WORSE,” adding,
Germany ramps up Russian LNG imports via EU ports, report says
Germany's imports of Russian liquified natural gas (LNG) via other EU countries continue to rise despite efforts to cut off direct shipments, the Financial Times wrote on Jan. 28, citing a report by Belgian, German, and Ukrainian NGOs.
Russian oligarch Abramovich evaded taxes through fake yacht hire scheme, media investigation says
Russian-Israeli oligarch Roman Abramovich evaded millions in taxes in EU countries through a fake yacht-for-hire scheme, according to a joint investigation by the BBC, The Guardian, and The Bureau of Investigative Journalism published on Jan. 28.
EU foreign ministers agree to extend Russia sanctions after Hungary’s delays
"This will continue to deprive Moscow of revenues to finance its war. Russia needs to pay for the damage they are causing," EU chief diplomat Kaja Kallas said.
The week ahead: Key developments impacting global politics & markets
Editor's note: This article is an on-site version of KI Insights' The Week Ahead newsletter covering events from Jan. 27-Feb. 2. Sign up here to start your week with an agenda of Ukraine-related events, delivered directly to your inbox every Sunday. The 9-year terms of three Constitutional Court judges will
‘An opportunity, not a burden:’ Ukraine House Davos’s message for world leaders, investors
Over the last week, Ukraine House Davos opened its doors to world leaders and investors for the sixth year in a row during the World Economic Forum in Switzerland. Ukraine House this year was adorned with the slogan “Your Country First, Win With Us.” The message set the tone for
Ukraine to boost energy resilience with focus on distributed generation, PM says
In 2024, 233 generating units with a total capacity of over 830 MW were connected, including gas turbines, pistons, and cogeneration units.
Ukraine's central bank raises key policy rate to 14.5% due to inflation
Ukraine's National Bank (NBU) announced on Jan. 23 that it will raise the key policy rate from 13.5% to 14.5% per annum starting from Jan. 24, 2025.
Putin increasingly concerned about state of Russia’s economy, Reuters reports
Russia's domestic economic operations have recently suffered due to labor shortages and high interest rates introduced to curb inflation.
Ukraine's OnlyFans content creators declare more than $7 million in income
After the country's tax service sent out requests to Ukrainian citizens who earn money on the platform, 451 people sent in declarations totaling Hr 326.1 million ($7.76 million) for the period of 2020-2022, Ekonomichna Pravda reported on Jan. 22, citing information requested from the country's tax service.
Ukraine's energy giant DTEK to invest $468 million in expanding Black Sea wind power plant
"The commitment is the largest private sector investment in Ukraine since russia’s full-scale invasion in 2022 and the biggest ever private investment in Ukraine’s energy sector," DTEK said in a press release.
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