Russia’s foreign currency reserves fall to lowest levels since 2008 amid mounting deficits
To address its budget shortfall, Russia has also begun selling off gold reserves from the National Welfare Fund.
Economy
Coffin prices in Russia have soared by 74% since start of full-scale invasion, media reports
The price of coffins in Russia has soared by 74% since the beginning of Russia's full-scale invasion of Ukraine, the Moscow Times reported on Dec. 5, citing Russia's Federal State Statistics Service (RosStat).
Ukraine state-owned enterprises weekly — Issue 156
Editor’s Note: This is issue 156 of Ukrainian State-Owned Enterprises Weekly, covering events from Nov. 25 – Dec. 1, 2024. The Kyiv Independent is reposting it with permission. Corporate governance of SOEs The Cabinet approves the state ownership policy, a key document for SOEs’ corporate governance. On Nov. 29, the
Ukraine Business Roundup — Historic tax increase signed 44 days late
The following is the Dec. 3, 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. President Volodymyr Zelensky finally signed into law a bill authorizing Ukraine’s first wartime tax increase on Nov.
Ukraine Reforms Tracker Weekly — Issue 3
Editor’s note: This is issue 3 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly "Ukraine Reforms Tracker" covering events from Nov. 24-Dec. 1, 2024. 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
Ukraine, EU sign agreement on up to 35 billion euro loan covered by Russian assets revenue
Ukraine's Finance Ministry and the EU signed a memorandum and an agreement to attract up to 35 billion euros ($36.7 billion) as part of the G7 loan, the ministry said on Dec. 4.
Over 2 million applications received on first day of new 'eSupport' financial aid program for citizens, Zelensky says
Ukraine’s new eSupport program received over 2.1 million applications on its first day of operation, including nearly half a million for children, President Volodymyr Zelensky announced on Dec. 1.
Ukraine receives $100 million loan for budget expenses from South Korea
In April of this year, Kyiv and Seoul signed an agreement enabling Ukraine to attract up to $2.1 billion in concessional loans over 2024-2029.
Ukraine state-owned enterprises weekly — Issue 155
Editor’s Note: This is issue 155 of Ukrainian State-Owned Enterprises Weekly, covering events from Nov. 18-24, 2024. The Kyiv Independent is reposting it with permission. Corporate governance of SOEs State 2025 budget projects Hr 66.01 billion ($1.6 billion) in SOE net profit and dividends. On Nov. 19,
Monthly inflation in Russia accelerates, hitting a record number in 2.5 years
According to the Federal State Statistics Service (RosStat), during the week of Nov. 19-25, the consumer price index increased by 0.36%, up 1.15% from the beginning of the month, and over 8% from the beginning of the year.
Ukraine Business Roundup — Israel wants Ukraine’s help countering drones
The following is the Nov. 26, 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. Our most-read article last week was a story about how after Israel repeatedly ignored Ukraine’s warnings and
Ukraine receives $4.8 billion from World Bank
Ukraine has received a $4.8 billion loan from the World Bank through the PEACE project, Prime Minister Denys Shymhal said on Nov. 27.
Russia's ruble sinks to 2022 March levels after US sanctions on Gazprombank
Russia’s ruble took a blow following the news of the U.S. imposing sanctions on 50 Russian banks, including Gazprombank, hitting 108 against the U.S. dollar during early morning trade on Nov. 27.
Ukraine Reforms Tracker Weekly — Issue 2
Editor’s note: This is issue 2 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly "Ukraine Reforms Tracker" covering events from Nov. 18-24, 2024. 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 programs.
Opinion: With soaring interest rates and stagflation risks, Russia will face deep economic crisis regardless of war’s outcome
The recent hike in Russia’s key interest rate to 21% by the Central Bank in late October has stirred renewed debate among media and economists about the Russian economy’s outlook and how economic trends could influence Kremlin policies. Today, few predict an "imminent collapse" of the Russian economy.
Ukraine Business Roundup — Russia takes aim at the energy grid, again
The following is the Nov. 20, 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. After weeks spent in anticipation of Russia’s next mass attack on Ukraine, Moscow launched its latest, and
Carmaker forecasts 30% collapse in Russian car market by 2025
Sales of new cars and light commercial vehicles in Russia could decline by 21-30% in 2025 if high interest rates persist, Avtovaz CEO Maxim Sokolov said on Nov. 19, according to the state-owned TASS news agency.
Ukrnafta acquires 51% share in Shell's gas station network in Ukraine
Ukrnafta, a state-owned oil and gas extraction company that is a subsidiary of Naftogaz, has bought a 51% stake in Shell's gas station network in Ukraine, the press service of Naftogaz reported on Nov. 19.
Ukraine state-owned enterprises weekly — Issue 154
Editor’s Note: This is issue 154 of Ukrainian State-Owned Enterprises Weekly, covering events from Oct. 24-Nov. 17, 2024. The Kyiv Independent is reposting it with permission. Energy sector Ukraine’s energy infrastructure under attack, first in almost three months; power outage schedules are back. On Nov. 17, Ukraine’s
MP Yaroslav Zhelezniak: Developments in Ukraine’s parliament on economic reforms, international obligations — Issue 82
Editor’s note: This is issue 82 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly “Ukrainian Economy in Brief” newsletter, covering events from Nov. 11-14, 2024. The digest highlights steps taken in the Ukrainian parliament related to business, economics, and international financial programs. The Kyiv Independent is republishing with permission. Dear
Ukraine's GDP grows by 4.2% in 10 months of 2024
The transportation and construction industries remain the drivers of the growth, as well as the manufacturing sector, said First Deputy Economy Minister Oleksii Sobolev in a statement.
European Commission approves $4.3 billion for Ukraine under Ukraine Facility program
"As we're approaching the 1000th day of Russia's atrocious war, we will help keep the Ukrainian state running while the country fights for survival. We are in it for the long haul," Ursula Von der Leyen said.
Ukraine's sovereign bonds surge after Trump victory as investors expect peace talks, FT reports
Ukraine’s sovereign bonds rose in price after Donald Trump’s win in the U.S. presidential elections as investors expect a quicker end to the war, the Financial Times reported on Nov. 14.
MP Yaroslav Zhelezniak: Developments in Ukraine’s parliament on economic reforms, international obligations — Issue 81
Editor’s note: This is issue 81 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly “Ukrainian Economy in Brief” newsletter, covering events from Nov. 4-10, 2024. 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
Ukraine Business Roundup — Aid to Ukraine in an uncertain future
The following is the Nov. 12, 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. As Donald Trump prepares to reenter the White House, the biggest question hanging over Ukraine is what his
Military donations in Ukraine plummet as war pressure mounts, Bloomberg reports
Prominent organizations such as Come Back Alive and the Serhiy Prytula Foundation, headed by the well-known Ukrainian TV personality of the same name, have seen contributions decrease by approximately one-fifth in 2024, Bloomberg reports.
Opinion: The central bank can't solve Russia's economic crisis in the face of war and sanctions
Almost three years after Russia launched its full-scale invasion of Ukraine, the West’s financial sanctions have finally started to bite, triggering fierce infighting within the Kremlin over control of Russia’s central bank. Russia’s business community has remained largely silent over the past two years, even as Western
World Bank announces $750 million support package for Ukraine
Since February 2022, Ukraine has received over $37 billion in budget support through World Bank partnerships.
World's largest business organization cuts arbitration costs to boost foreign investment in Ukraine’s reconstruction
The International Chamber of Commerce (ICC), will lower the costs of its arbitration court for foreign investors involved in Ukraine's reconstruction projects to encourage much-needed investment.
Ukraine Business Roundup — 5G and ski resorts
The following is the Nov. 6, 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 is launching a 5G pilot project in three cities over the course of the next two years
Ukraine state-owned enterprises weekly — Special issue on state-owned railway company Ukrzaliznytsia
Editor’s Note: This is issue 153 (special issue) of Ukrainian State-Owned Enterprises Weekly. The Kyiv Independent is reposting it with permission. Ukrzaliznytsia’s corporate governance failures In this special issue, Oleksandr Lysenko and Andriy Boytsun highlight several events illustrating failures in the corporate governance of Ukrzaliznytsia. These relate to
MP Yaroslav Zhelezniak: Developments in Ukraine’s parliament on economic reforms, international obligations — Issue 80
Editor’s note: This is issue 80 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly “Ukrainian Economy in Brief” newsletter, covering events from Oct. 28- Nov. 3, 2024. The digest highlights steps taken in the Ukrainian parliament related to business, economics, and international financial programs. The Kyiv Independent is republishing with
Ukraine’s Economy
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.
Learn more about Ukraine’s Economy
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