Oil tanker damaged by blast weeks after visiting Russian ports, Bloomberg reports
The blast caused flooding in the Vilamoura’s engine room, though the cause of the explosion remains unclear, according to a company spokesperson.
Business
Loss of Ukraine lithium deposit to Russia won’t impact minerals deal, says investor
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
Ukraine can produce 8 million drones annually but needs funding, Zelensky says at NATO summit
President Volodymyr Zelensky urged allies to scale up investments in joint weapons production, including drone technologies, artillery, and interceptors. He argued that Ukraine's defense capabilities are not only key to defending its own territory, but essential to strengthening NATO's long-term security.
Ukrainian energy giant to build $115 million solar program with British partner
Ukraine's largest private energy company DTEK and British clean energy group Octopus Energy have launched a program to install rooftop solar panels and battery storage systems at Ukrainian businesses and public institutions, DTEK announced in a press release on June 23.
Zelensky slaps new sanctions over business activities in Russian-occupied territories of Ukraine
According to President Volodymyr Zelensky, the sanctions are targeting "those who cooperate with the (Russian) occupier on our land," as they "help justify the aggression, consider it normal to make money in the occupation, and pay taxes" to Russia.
Not content with waging war inside Ukraine, Russia has now taken it into the virtual world
The new game is the first to focus on Russia’s war in Ukraine, featuring real battles and characters.
Russia's war-fueled economy is running on empty, Central Bank chief warns
"We grew for two years at a fairly high pace because free resources were activated," Russia's Central Bank Governor Elvira Nabiullina said.
Ukraine Reforms Tracker Weekly — Issue 30
Editor’s note: This is issue 30 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly "Ukraine Reforms Tracker" covering events from June 9–June 15, 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
EU reportedly eyes riskier investments for frozen Russian assets to boost Ukraine aid
According to Politico, the proposed plan would redirect the frozen Russian assets into a special investment fund under EU control, allowing for higher returns without confiscating the principal.
Russia 'on the verge' of recession, Kremlin economy minister warns
"According to current business perceptions, we are already, it seems, on the verge of a transition to a recession," Russian Economy Minister Maxim Reshetnikov said at the St. Petersburg International Economic Forum.
For the first time, Australia sanctions Russian shadow fleet oil tankers
"Russia uses these vessels to circumvent international sanctions and sustain its illegal and immoral war against Ukraine," Australia's Foreign Ministry said in a statement.
After 3 years of full-scale war in Ukraine, Europe finally lays out road map to detox from Russian oil and gas
After three years of limited measures and political hangovers, the European Union has laid out a legal roadmap to finally end its long-standing addiction to Russian oil and gas. Under a new legislative proposal announced in Strasbourg on June 17, Brussels aims to cut off all remaining imports of Russian
Ukraine moves forward on lithium mining under US minerals deal, NYT reports
On June 16, the Ukrainian government reportedly agreed to begin drafting recommendations for a bidding process to develop the Dobra lithium field in central Ukraine.
Investing in wartime Ukraine requires ‘nuanced understanding of risk’ but worth it, says global trade expert
When John Denton first visited Ukraine weeks into Russia’s full-scale invasion in 2022, he knew that for the country to survive, businesses needed to stay alive. Denton is the secretary general of the International Chamber of Commerce, the world’s largest business organization. Active in 170 countries, the organization
Russian strike hit Boeing office in Kyiv in deliberate attack on US business, FT reports
“This is not just an attack against Ukraine, but also an attack where American business is being hit,” said Andy Hunder, President of the American Chamber of Commerce in Ukraine.
High stakes, low resolve: What Ukraine can expect from the upcoming G7 summit
As world leaders prepare to gather in the remote community of Kananaskis in Alberta, Canada for the Group of Seven (G7) Leaders' Summit on June 15-17, Russia's war in Ukraine once again holds center stage — but views on how to address the three-year conflict diverge sharply. In the five months
Ukraine receives 5th tranche of EU aid from frozen Russian assets, PM confirms
Ukraine has received another 1 billion euros ($1.1 billion) in macro-financial assistance from the European Union as part of a G7 loan, Prime Minister Denys Shmyhal announced on June 13.
Oil prices surge after Israeli strike on Iran
The price spike threatens to undermine Western efforts to choke off a vital revenue stream for Russia, which relies heavily on oil profits to sustain its war in Ukraine.
EU approves new tariffs on Russian, Belarusian agricultural goods
The measures target those goods that have not yet been subject to additional customs duties and will enter into force on July 1. The tariffs on fertilizers will increase gradually over the next three years.
EU, Germany boost Ukraine's energy efficiency fund with 18 million euros
The EU provided 13 million euros ($15 million) of the new funding, while Germany's International Climate Initiative (IKI) provided 5 million euros ($5.7 million).
Western firms reportedly paid at least $46 billion in taxes to Russia amid full-scale war in Ukraine
Seventeen of the 20 largest foreign corporate taxpayers in Russia come from G7 and EU countries, which are Ukraine's main international supporters, according to investigative outlet Follow the Money.
‘A blueprint’ — foreign investors, Ukrainian hotel create jobs for war displaced
In a luxurious resort complex north of Kyiv, 12 women are retraining to enter the hospitality sector in a new school that will kickstart a fresh life for Ukraine’s internally displaced people (IDPs). The women, mostly from Ukraine's occupied territories, are learning to be housekeepers in the first program
Ukraine Reforms Tracker Weekly — Issue 29
Editor’s note: This is issue 29 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly "Ukraine Reforms Tracker" covering events from June 2–June 8, 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
Trump offers Germany US gas deals, but no promises on Ukraine aid or Russia sanctions
When asked whether Trump would impose additional sanctions on Russia, the president dodged the question by boasting that he "ended Nord Stream 2" and hinting at future energy deals with Germany in a press conference with Chancellor Friedrich Merz.
Business
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