Russia fails to meet OPEC+ oil production target in June, Bloomberg reports
Historically, Russia, which co-leads the OPEC+ alliance with Saudi Arabia, has faced criticism for poor compliance with production quotas.
Business
EBRD to unlock $1 billion in credit for Ukraine's key sectors, considers mineral projects
The European Bank for Reconstruction and Development will enable Ukrainian banks to provide up to 900 million euros ($1.05 billion) in new loans by sharing credit risks.
Exclusive: Ukraine pitches US modernizes its largest oil refinery as part of minerals deal
Projects Kyiv has submitted to the U.S. for consideration as part of a profit-sharing deal for Ukraine's resources include a shelf and deepwater project and an oil refinery that comes under frequent attack by Russia, Ukraine's Economy Minister Yuliia Svyrydenko told the Kyiv Independent in an interview published on
‘Neither side wasted time' — Ukraine's economy minister on minerals deal negotiations with Trump’s ‘business-oriented’ administration
Ukraine's Economy Minister Yuliia Svyrydenko says her task is simple — to get the investment fund behind the closely watched minerals deal with the U.S. off the ground, and prove its detractors wrong. "There are so many criticisms from different parties that this fund is just a piece of paper
Russian airlines face $254 million losses from just 2 days of Ukrainian drone strikes, Kremlin media reports
Since the start of mass disruptions on July 5, a total of 485 flights were canceled, 88 were diverted to alternate airports, and another 1,900 were delayed across major hubs, according to Russia's aviation agency Rosaviatsiya.
Ukraine imposes sanctions on Russian financial, cryptocurrency schemes
Restrictions were imposed on 60 legal entities and 73 Russian citizens.
BlackRock halted Ukraine recovery fund following Trump victory, France working on replacement, Bloomberg reports
BlackRock, a U.S. investment firm, suspended work on its multibillion-dollar Ukraine recovery fund following U.S. President Donald Trump's election victory, prompting France to work on a replacement, Bloomberg reported on July 5.
Trump's pause on Russia sanctions under investigation by Senate Democrats
"Americans should be asking why a president who says he wants to end a major war is instead letting the aggressor run rampant."
Ukrainian bank wins $1.5 billion appeal against Russia over lost Crimea assets
The ruling orders Russia to pay more than $1.5 billion in damages and an additional 300,000 euros ($330,000) in legal costs to Ukraine's largest state-owned bank, according to a press release.
Ukraine signs major drone co-production deal with US Swift Beat, Zelensky announces
Ukraine signed a major deal with U.S. company Swift Beat to co-produce various types of drones, President Volodymyr Zelensky announced on July 3 during his visit to Denmark.
Raybird drones to be built in UK in new joint venture with Ukraine
Skyeton Prevail Solutions, a joint venture between Ukrainian drone manufacturer Skyeton and U.K.-based defense company Prevail Solutions, will supply the British Army with Raybird drones, the two companies announced on July 2.
Porn decriminalization petition in Ukraine reaches 25,000 signatures, forcing Zelensky response
Pornography production and distribution are illegal in Ukraine, with broad interpretations meaning even sharing nude photos can result in jail time.
Iran reportedly preparing to mine Strait of Hormuz, a possible boon for Russia's Ukraine war coffers
If the Strait were mined, Iran could block one-fifth of global oil demand and spike world energy prices — a boon for Russia's oil-dependent economy.
Russia's Rosatom seeks to sell 49% stake in Turkey's first nuclear plant
The project remains a cornerstone of Russian-Turkish energy cooperation.
Ukrainian-founded Grammarly to acquire AI email app Superhuman
Grammarly, a company with Ukrainian roots, announced its intent to acquire AI email writing app Superhuman as part of its expansion into an AI productivity platform, the company said in a press release on July 1.
Russia cannot launch 500 drones every day, Ukraine's intel chief says
Russia has the capacity to launch as many as 500 Iranian-designed Shahed attack drones at Ukraine in a single attack, but doing so on a daily basis is not possible, Ukraine's military intelligence chief Kyrylo Budanov said on July 2.
Russia plans gas extraction in Sea of Azov, Ukrainian officials warn
According to the Berdiansk Municipal Military Administration, Russia's Federal Subsoil Resources Agency (Rosnedra) has announced plans to explore and possibly develop gas fields such as the Morske, Pivnichno-Kazantypske, and Skhidno-Kazantypske deposits.
Ukraine to launch joint weapons production program with Ramstein summit countries
As part of a new joint production program, new factories and weapons manufacturing facilities will be built in Ukraine and abroad, Defense Minister Rustem Umerov announced on July 1.
Ukraine's power exports surge 2.5 times, recovering to pre-Russian attack levels
Ukraine boosted electricity exports by 150% in June 2025 compared to the previous month, reaching over 237,000 megawatt-hours (MWh), according to consulting firm ExPro Electricity.
As US aid to Ukraine dries up, new platform connects American investors with Ukrainian startups
Hans Braunfisch wants Americans to invest in Ukrainian startups, but there's a problem: there's no clear path for individual investors to put money into the more than 26,000 Ukrainian startups out there. The former PwC consultant plans to change that with Pravo Venture, a platform streamlining foreign investment for
Ukraine receives $500 million in IMF funding, maintaining growth forecasts
Ukraine received approximately $500 million from the International Monetary Fund (IMF), marking the ninth tranche under the country's Extended Fund Facility program, the Ukrainian Ministry of Finance announced in a press release on July 1.
Ukraine developing new anti-drone ammunition to counter Russian aerial attacks
The manufacturer Brave1 has already codified the new rounds according to NATO standards. The goal is to supply every infantry soldier with a magazine of specialized ammunition for use in case of aerial threats.
Oil tanker damaged by blast weeks after visiting Russian ports
According to Ukraine's military intelligence (HUR), the vessel belongs to Russia's shadow fleet, used by Moscow to evade sanctions.
Russia seizes Ukraine’s most valuable lithium deposits, but US minerals deal not at risk, investor says
Russian troops have taken over the site of one of Ukraine’s most valuable lithium deposits near the village of Shevchenko, Donetsk Oblast, as Russia ramps up its summer offensive. While Ukrainian troops control territories near the site, the deposit is now under Russian occupation, Roman Pohorilyi, founder of open-source
Russia reviving efforts to expand LNG exports after US sanctions, Bloomberg reports
An LNG ice-class tanker has reportedly docked at Russia's Arctic LNG 2 facility for the first time since October, according to ship-tracking data and satellite images.
McDonald's to open 10 new restaurants in Ukraine this year, NYT reports
The 10 new locations will bring the total number close to 120 — more than were operating in Ukraine before the war.
Zelensky to impose long-term moratorium on business inspections in Ukraine
The moratorium is intended to "protect businesses from any pressure by unscrupulous individuals in various government positions," the president said at the State and Business Forum in Kyiv on June 27.
Clashes ongoing in eastern Ukrainian village near lithium deposits, as military rejects claims of Russian capture
Active fighting is still taking place around the village of Shevchenko in Donetsk Oblast, home to one of Ukraine's largest lithium deposits, a spokesperson for Ukraine's Khortytsia group of forces told the Kyiv Independent on June 27, denying reports Russia had occupied the village.
Ukraine to seek EU sanctions against Bangladesh over Russia-stolen grain import
"It's a crime," Ukraine's ambassador to India, Oleksandr Polishchuk, told Reuters. "We will share our investigation with our European Union colleagues, and we will kindly ask them to take the appropriate measures."
Ukraine Reforms Tracker Weekly — Issue 31
Editor’s note: This is issue 31 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly "Ukraine Reforms Tracker" covering events from June 17–June 24, 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
Putin insists the Russian economy is fine, but Kremlin officials say otherwise
In a rare public sign that all is not well in Russia, two high-ranking Moscow officials last week issued separate warnings about the state of the country's economy. Russian Central Bank Governor Elvira Nabiullina and Economy Minister Maxim Reshetnikov both highlighted that amid the Kremlin's full-scale war against Ukraine, the
Amid relentless Russian strikes, Ukraine’s businesses rebuild alone
It took firefighters two days to extinguish the flames at Oleksiy Tarnopolskiy's warehouse in Kyiv after a Russian attack on June 10. Nothing inside could be saved from his tea and coffee business. Tarnopolskiy arrived on site to an "apocalyptic" scene at 5 a.m., one hour after a Russian
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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.
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‘Neither side wasted time' — Ukraine's economy minister on minerals deal negotiations with Trump’s ‘business-oriented’ administration
Russia increasingly targets Ukraine's cities with cluster munitions, raising civilian toll
As US aid to Ukraine dries up, new platform connects American investors with Ukrainian startups
