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.
Editor’s Note: This is issue 150 of Ukrainian State-Owned Enterprises Weekly, covering events from Sept. 29 – Oct. 5, 2024. The Kyiv Independent is reposting it with permission. Corporate governance of SOEs Cabinet completes the composition of UDI’s supervisory board. On Oct. 4, the Cabinet of Ministers appointed Timur
Editor’s note: This is issue 76 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly “Ukrainian Economy in Brief” newsletter, covering events from Sept. 30- Oct. 6, 2024. The digest highlights steps taken in the Ukrainian parliament related to business, economics, and international financial programs. The Kyiv Independent is republishing with
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.
The following is the Oct. 1, 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 launched an e-residency program this past week, giving some foreigners remote access to services in the country,
Editor’s Note: This is issue 149 of Ukrainian State-Owned Enterprises Weekly, covering events from Sept. 22-28, 2024. The Kyiv Independent is reposting it with permission. Energy sector Naftogaz Group made Hr 24.4 billion in consolidated net profit in the first six months of 2024, the group reported on
Editor’s note: This is issue 75 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly “Ukrainian Economy in Brief” newsletter, covering events from Sept. 23- Sept. 29, 2024. The digest highlights steps taken in the Ukrainian parliament related to business, economics, and international financial programs. The Kyiv Independent is republishing with
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
Editor’s Note: This is issue 148 of Ukrainian State-Owned Enterprises Weekly, covering events from September 15-21, 2024. The Kyiv Independent is reposting it with permission. Corporate governance of SOEs UDI looking for a new CEO. On Sept. 19, Ukrainian Defense Industry (UDI) said that its supervisory board had launched
The following is the Sept. 25, 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. Kyiv’s iconic “Hotel Ukraina,” located on the city’s central Independence Square, also known as Maidan Nezalezhnosti,
Editor’s note: This is issue 74 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly “Ukrainian Economy in Brief” newsletter, covering events from Sept. 16- Sept. 22, 2024. The digest highlights steps taken in the Ukrainian parliament related to business, economics, and international financial programs. The Kyiv Independent is republishing with
NATO countries have set a goal to spend 2 percent of the country’s GDP on defense in 2024. Russia is spending around 6 percent.
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.
Editor’s note: This is issue 73 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly “Ukrainian Economy in Brief” newsletter, covering events from Sept. 9- Sept. 15, 2024. The digest highlights steps taken in the Ukrainian parliament related to business, economics, and international financial programs. The Kyiv Independent is republishing with
The following is the Sept. 17, 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 passes latest IMF review Ukraine passed its latest loan program staff review with the International Monetary Fund
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.
The following is the Sept. 10, 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. French billionaire Xavier Niel’s investment company NJJ Capital on Sept. 9 closed a deal to merge two
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.
Editor’s Note: This is issue 146 of Ukrainian State-Owned Enterprises Weekly, covering events from Sept. 1-7, 2024. The Kyiv Independent is reposting it with permission. Corporate governance of SOEs Ukrenergo’s supervisory board dismisses CEO Kudrytskyi despite objections of international partners; two independent board members step down due to
Editor’s note: This is issue 72 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly “Ukrainian Economy in Brief” newsletter, covering events from Sept. 2- Sept. 8, 2024. The digest highlights steps taken in the Ukrainian parliament related to business, economics, and international financial programs. The Kyiv Independent is republishing with
According to the Finance Ministry, the savings represent "one of the largest debt write-offs in recent sovereign debt restructurings."
Editor’s note: This is issue 71 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly “Ukrainian Economy in Brief” newsletter, covering events from Aug. 26- Sept. 1, 2024. The digest highlights steps taken in the Ukrainian parliament related to business, economics, and international financial programs. The Kyiv Independent is republishing with
The following is the Sept. 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. The noise is deafening inside global steel giant ArcelorMittal’s plant in Kryvyi Rih in Dnipropetrovsk Oblast — Ukraine’
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.
The following is the Aug. 27, 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. Just as Ukraine was breathing a sigh of relief that over a month of regular power outages brought
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.
