European Commission predicts Russia's GDP growth in 2024 to reach almost 3%
The forecast was still lower than the one reported by Russian Finance Minister Anton Siluanov in April, who claimed that the country's GDP would grow by 3.6% in 2024.
Economy
MP Yaroslav Zhelezniak: Developments in Ukraine’s parliament on economic reforms, international obligations — Issue 55
Editor’s note: This is issue 55 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly “Ukrainian Economy in Brief” newsletter, covering events from May 6–12, 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.
Bloomberg: Russian tycoons move assets home amid Western sanctions
Increasingly cut off from western banking and financial services, Russia's wealthiest individuals are facing a dilemma when it comes to handing their fortunes to the next generation, according to Bloomberg. Most of the billionaires who were sanctioned have opted to move assets home, the news agency reported.
Ukraine is facing a cement crisis: Could a deal between two cement giants worsen the situation?
As Russia’s war drags on, it’s still early days for Ukraine’s reconstruction but issues are already lurking around one crucial component: cement. Rebuilding Ukraine after the war, which is unlikely to end any time soon and will continue to cause widespread destruction, is expected to cost $487
Ukraine Business Roundup — Easter in Ukraine is getting expensive
The following is the May 7, 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’s Central Bank eased some wartime foreign exchange restrictions on businesses in what it said was the
MP Yaroslav Zhelezniak: Developments in Ukraine’s parliament on economic reforms, international obligations — Issue 54
Editor’s note: This is issue 54 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly “Ukrainian Economy in Brief” newsletter, covering events from April 29- May 5, 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 state-owned enterprises weekly — Issue 130
Editor’s Note: This is issue 130 of Ukrainian State-Owned Enterprises Weekly, covering events from April 27 – May 3, 2024. The Kyiv Independent is reposting it with permission. Corporate governance of SOEs Ukreximbank appoints a new CEO. On May 3, Ukreximbank reported that its supervisory board had elected Viktor Ponomarenko
Ukraine expects $38 billion in external financing after fulfilling IMF requirements
Foreign aid is crucial for Ukraine as the economic pressure caused by the full-scale Russian invasion mounts. The besieged country received $42.5 billion in external financing last year, allowing it to function amid the ongoing war.
National Bank institutes largest package of currency liberalization measures since February 2022
"This move, together with other measures by the NBU, should allow Ukrainian businesses to 'breathe to their full potential' and help attract private capital to recover the economy," said NBU Governor Andriy Pyshnyy.
Bloomberg: Russians who left abroad increasingly return home, boosting economy
Around 1 million Russians left the country after the start of the all-out war due to their opposition to the invasion or out of fear of mobilization.
Ukraine Business Roundup — No more border blockades, for now
The following is the April 30, 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. Polish farmers finally ended their protests at the Hrebenne-Rava-Ruska border crossing on April 29, effectively lifting a blockade
Russian media: Russian official in Urals region arrested on suspicion of bribery
TASS and other media outlets that reported on Andrey Kislitsyn's arrest did not provide any other details on the charges, but mentioned that he was sentenced to at least two months of pre-trial detention.
MP Yaroslav Zhelezniak: Developments in Ukraine’s parliament on economic reforms, international obligations — Issue 53
Editor’s note: This is issue 53 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly “Ukrainian Economy in Brief” newsletter, covering events from April 22-28, 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 state-owned enterprises weekly — Issue 129
Editor’s Note: This is issue 129 of Ukrainian State-Owned Enterprises Weekly, covering events from April 20-26, 2024. The Kyiv Independent is reposting it with permission. Corporate governance of SOEs Economy Ministry announces a competitive selection to find an independent member for Ukrenergo’s supervisory board. On April 23, the
Ukraine finalizes trade agreement with UAE
Ukraine and the United Arab Emirates have finalized a bilateral trade agreement that lays the foundation for deepening investment and trade between the two countries, Ukraine's Economy Ministry announced on April 29.
Swiss parliamentary committee backs proposal to send $5.5 billion in aid to Ukraine
While the proposal must still get through more legislative steps before becoming law, it was supported by lawmakers from both center-right and center-left parties.
Shortage of personnel in Ukrainian labor market increased significantly since last year
Seventy-four percent of surveyed companies in Ukraine are experiencing a personnel shortage, according to a new study published by the European Business Association (EBA) on April 24.
Ukraine Business Roundup — Is Ukraine’s reconstruction actually happening?
The following is the April 23, 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. Ukrainians cautiously celebrated the House finally passing further aid to Ukraine last Saturday. The moment was bittersweet — how
MP Yaroslav Zhelezniak: Developments in Ukraine’s parliament on economic reforms, international obligations — Issue 52
Editor’s note: This is issue 52 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly “Ukrainian Economy in Brief” newsletter, covering events from April 15-22, 2024. The digest highlights steps taken in the Ukrainian parliament related to business, economics, and international financial programs. The Kyiv Independent is republishing with permission. World
Monthly chart: Ukraine braces for tough summer months as Russia renews attacks on energy infrastructure
The following is a chart based off of data originally published in the Kyiv-based Center of Economic Strategy's "Ukraine War Economy Tracker." The Kyiv Independent is republishing it with permission. Ukraine is forced to rely on electricity imports after Russian attacks Net commercial exports of electricity, MWh Positive net exports
Ukrainian grain exports slump in March, expected to further slow down this year
Ukrainian grain exports decreased in March and are expected to further slow down this year amid lower supply and smaller harvest predictions. Grain exports amounted to 5.2 million metric tons in March, down from 5.8 million metric tons the month before, according to various estimates. After Kyiv set
Ukraine state-owned enterprises weekly — Issue 128
Editor’s Note: This is issue 128 of Ukrainian State-Owned Enterprises Weekly, covering events from April 13-19, 2024. The Kyiv Independent is reposting it with permission. Banks Oschadbank earns a record Hr 6 billion profit in 2023 (audited). On April 19, Oschadbank reported that its executive and supervisory boards approved
Reuters: World Bank financing arm plans to invest $1.9 billion in Ukraine
The private financing arm of the World Bank plans to invest $1.9 billion in projects in Ukraine over the next 18 months, Reuters reported on April 22.
Russian finance minister says GDP expected to grow 3.6% in 2024, matching 2023's rate
The announcement followed comments earlier in the week from finance ministry official Lev Denisov, who said that the initial 2.3% estimate would be revised upwards due to the "strong growth of the economy" at the beginning of 2024.
IMF: Ukraine needs $42 billion in budget support for 2024
Speaking in Washington, IMF Managing Director Kristalina Georgieva said she was "confident" this would be achieved but added that fully addressing the country’s economic problems would require ending Russia's full-scale invasion.
Ukraine state-owned enterprises weekly — Issue 127
Editor’s Note: This is issue 127 of Ukrainian State-Owned Enterprises Weekly, covering events from April 6-12, 2024. The Kyiv Independent is reposting it with permission. Banks EBRD extends 200-million-euro lending guarantee to Oschadbank. On April 10, the European Bank for Reconstruction and Development (EBRD) extended a 50-million-euro ($53 million)
MP Yaroslav Zhelezniak: Developments in Ukraine’s parliament on economic reforms, international obligations — Issue 51
Editor’s note: This is issue 51 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly “Ukrainian Economy in Brief” newsletter, covering events from April 8- 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.
IMF expects Ukrainian economy to grow by 3.2% in 2024, by 6.5% in 2025
The International Monetary Fund (IMF) predicts that Ukraine's gross domestic product (GDP) will grow by 3.2% in 2024 and by up to 6.5% in 2025 even as the country continues to grapple with the full-scale invasion.
EU preparing 14th sanctions package against Russia this spring
"We have started preparing a 14th sanctions package, which should be adopted in spring," Commissioner Valdis Dombrovskis said at the "Standing with Ukraine: European Parliament's legacy for the sanctions regime" conference of the Socialists and Democrats parliamentary group in Brussels.
MP Yaroslav Zhelezniak: Developments in Ukraine’s parliament on economic reforms, international obligations — Issue 50
Editor’s note: This is issue 50 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly “Ukrainian Economy in Brief” newsletter, covering events from April 1- 7, 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.
Ukraine state-owned enterprises weekly — Issue 126
Editor’s Note: This is issue 126 of Ukrainian State-Owned Enterprises Weekly, covering events from March 30 – April 5, 2024. The Kyiv Independent is reposting it with permission. Energy sector Ukrtransgaz starts the season of gas injection into underground storage. On April 2, Ukrtransgaz, a Naftogaz subsidiary, reported the end
Ukraine Business Roundup — April 2
The following is the April 2, 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. In March, Ukraine received the largest budget financing from its allies since the beginning of Russia's full-scale invasion
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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