Ukraine is still far from an investor's paradise, but increasingly valuable business deals are being signed in the war-torn country this year. In the first nine months of 2024, there were 36 Ukrainian mergers and acquisitions (M&As) with a total estimated value of $643 million, according to a new
Editor’s note: This is issue 78 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly “Ukrainian Economy in Brief” newsletter, covering events from Oct. 14- Oct. 20, 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 is issue 151 of Ukrainian State-Owned Enterprises Weekly, covering events from Oct. 6-12, 2024. The Kyiv Independent is reposting it with permission. Corporate governance of SOEs Ukrzaliznytsia’s CEO Yevhen Liashchenko filed a resignation letter, the company’s supervisory board said on Oct. 7. The board
Kazakhstan's president has "carefully considered" proposals to join BRICS but Astana will not seek to join the group "in the foreseeable future," a government spokesperson told Tengrinews.kz in an interview published on Oct. 16.
Saudi Arabia’s planned oil production hike may not break Russia’s petro-export-fueled economy, but escalations between Israel and Iran could be a gold rush for Moscow. Since late 2022, the OPEC oil cartel, of which Russia is a member, has withheld oil production and exports to prevent a surplus
At a time when state coffers are starving for money to fund Ukraine’s survival, illegal smuggling is costing the country billions of dollars a year in lost tax payments. Through bribery or lying, smugglers avoid an estimated $2.4 to $3 billion in customs payments each year as they
"Looking at a future of peace and prosperity also means looking at reconstruction, and I am happy to announce that the 'Ukraine Recovery Conference' will be held in Rome on 10 and 11 July 2025," Italian Prime Minister Giorgia Meloni said.
The following is the Oct. 8, 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. Public reactions, particularly from the business community, to increasing taxes continue to mount as the bill makes its
Ukraine sold state-owned UMCC-Titanium for Hr 3.94 billion hryvnia ($96 million) to Cemin Ukraine, the country’s State Property Fund said on Oct. 9th in a statement.
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.
Expenses for Russian President Vladimir Putin and the presidential administration will increase to 30.9 billion rubles ($332 million) in 2025. The bulk of the expenses — 21 billion rubles ($235 million) are earmarked for an increase in salaries for the president and his staff.
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 parliament voted to approve a tax hike for the first time since the full-scale war broke out, turning to a politically unpopular move as the country continually struggles to find new sources of funding for its growing wartime budget. The bill passed in parliament as part of a
Ukraine's parliament, the Verkhovna Rada, voted on Sept. 18 in support of increasing the state budget by Hr 500 billion ($12 billion) to spend on defense and military needs.
Ukraine's parliament approved on Sept. 17 a bill that proposes a tax increase of Hr 58 billion ($1.4 billion) in 2024 and Hr 137 billion ($3.3 billion) in 2025.
The EU is preparing to gather up to 40 billion euros ($44.5 billion) in loans for Ukraine as Budapest keeps disrupting plans on a joint loan with the U.S., the Financial Times reported on Sept. 16, citing sources and a draft proposal.
Editor's note: This story was sponsored by U-LEAD (Ukraine – Local Empowerment, Accountability and Development Program), a partnership of the Ukrainian government and the European Union and its member states Germany, Poland, Denmark, and Slovenia, to support the establishment of a transparent, accountable and responsive multi-level governance system in Ukraine. KULYKIVKA,
The IMF team led by Gavin Gray held week-long negotiations with the Ukrainian authorities in Kyiv on the fifth review of the country's 4-year Extended Fund Facility (EFF) program. The EFF is a four-year funding agreement that will allow Ukraine to access $15.6 billion in financial aid in regular installments.
Ukraine has received the necessary votes from private creditors to restructure its more than $20 billion in international bonds, providing the country with the necessary debt relief to continue financing its fight against Russia's invasion.
Ukraine's budget deficit for 2025 will be $35 billion, but assistance from partners will cover roughly $20 billion, PM Denys Shmyhal said on Aug. 27.
"The intensity of hostilities and the risks of a prolonged war, as well as the systematic growth of security and defense sector expenditures, are the key factors that influence the growth of financial needs," Deputy Finance Minister Olha Zykova said.
Kazakhstan will review its approach to enforcing sanctions against Russia, prioritizing its economic interests, Kazakhstan’s Deputy Prime Minister and Trade Minister Serik Zhumangarin said in an interview with Bloomberg on Aug. 16.
This volume included 43.5 million metric tons of agricultural products exported through the Black Sea shipping route over the past year.
Ukraine has received 4.2 billion euros ($4.6 billion) as part of the EU's four-year financial support program, Prime Minister Denys Shmyhal said on Aug. 13.
After Russia launched its full-scale invasion of Ukraine on Feb. 24, 2022, millions of Ukrainians found refuge in the European Union, with Germany and Poland alone taking in about one million refugees each. But this was always meant to be a temporary solution. The protracted war of attrition that is
Ukraine's Finance Ministry announced on Aug. 9 the terms of the exchange of old bonds for newly issued securities, launching the process of restructuring Ukraine's external debt on Eurobonds.
After several large-scale Russian attacks on Ukrainian energy infrastructure in the spring and summer, the rise in electricity prices in June fueled both consumer and industrial price inflation in Ukraine.
Supermarket shelves go unstocked. Metro trains run less often. Large companies are freezing whole divisions. Factory employees take on overtime shifts to meet production. Projects to alleviate Ukraine’s energy crisis have been delayed. Across nearly every sector, Ukraine’s economy is feeling the same labor crunch that is squeezing
Russia is on track for an intense economic slowdown due to significant labor shortages and constraints placed on the key sectors that backed growth until now, Bloomberg reported on Aug. 9.
"Special Representative Penny Pritzker has been a tireless advocate of Ukraine’s economic recovery," U.S. State Secretary Antony Blinken said in a statement.
Russia's Central Bank announced on July 26 that it is to raise the interest rate from 16% to 18%, as the Russian economy continues to experience accelerated inflation amid its war in Ukraine.
Based on the deal, Ukraine stands to save $11.4 billion over the next three years and $22.75 billion by 2033, Prime Minister Denys Shmyhal explained.
Russia’s 10-year war of aggression against Ukraine has caused widespread and long-lasting damage to the country’s economy. Positive growth predictions were squashed following Russia’s annexation of Crimea and invasion of Ukraine’s eastern Donbas region in 2014. Then came Russia’s full-scale invasion in February 2022, wreaking havoc on an economy that had just started to recover following the Covid-19 pandemic. The country’s financial sector and economy have proved resilient throughout Russia’s full-scale invasion, bouncing back in 2023, although the economy is still around a third smaller than its pre-war level.
