Business

Ukraine fails to reach deal on restructuring $2.6 billion debt, faces default

This poses a risk that Kyiv might have to default on the payment of some $600 million ahead of the deadline in late May.

Rubio, Witkoff reportedly clash over easing Russia sanctions; Trump admin denies

Special Envoy Steve Witkoff, who is set to meet Russian President Vladimir Putin in Moscow for their fourth meeting on April 25, has reportedly promoted the idea. It has "not found much traction in the White House," and U.S. Secretary of State Marco Rubio has opposed it, Politico reported.

Ukraine, US to start working on free trade zone, Shmyhal says

According to Prime Minister Denys Shmyhal, the parties also discussed "important political aspects" of the long-debated future minerals deal between Kyiv and Washington.

EU considers ways to ban new Russian gas contracts, Reuters reports

The European Commission is exploring options to legally prohibit EU companies from signing new contracts for the supply of Russian fossil fuels, Reuters reported on April 22, citing an unnamed senior EU official.

Ukraine Reforms Tracker Weekly — Issue 22

Editor’s note: This is issue 22 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly "Ukraine Reforms Tracker" covering events from April 14–20, 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 and

Ukraine Business Roundup — The mining company losing faith in Trump's minerals deal

The following is the April 22, 2025 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 a U.S.-proposed deal for Ukraine’s natural resources stalled amid months of tense negotiations, some

This Ukrainian mining company is losing hope in Trump's minerals deal

Standing beside a sleepy village in Ukraine’s central Kirovohrad Oblast, the Zavalivskiy mine lies beneath layers of brown and pink earth, holding some 7.5 million metric tons of graphite ore — the second largest flake graphite mine in Europe. Like many mining companies in Ukraine, Zavalivskiy Graphite has lost

India's Russian oil purchases nearing 2-year record

India's imports of Russian crude are likely to hit 2.15 million barrels per day in April, the highest volumes since May 2023, Bloomberg reported on April 22, citing Kpler data.

Ukraine's Naftogaz loses almost 50% of gas production in winter due to Russian attacks

The energy situation was most critical in the cities of Kryvyi Rih, Mykolaiv, and Kherson.

Russian car market faces 50% drop in demand, CEO warns

Maxim Sokolov, the chief executive of Russia's largest state-owned car manufacturing company, said that AvtoVaz itself is expecting a 33% year-on-year drop in Lada car sales in April.

Kremlin weighed offering Moscow skyscraper to Trump, media reports

Russian officials discussed the possibility of reviving plans for a Trump Tower in Moscow to entice U.S. President Donald Trump to reset relations, the Moscow Times reported on April 21.

‘There was no ceasefire’ — US-brokered energy truce fails to secure lasting results in Ukraine

Norway's PM, finance minister to meet Trump on April 24 to discuss Ukraine, trade

Norwegian Prime Minister Jonas Gahr Stoere and Finance Minister Jens Stoltenberg will meet with U.S. President Donald Trump in Washington on April 24, the prime minister's office announced on April 21.

Trump hopes Russia, Ukraine 'make a deal this week,' promises 'big business' with US

"Hopefully Russia and Ukraine will make a deal this week. Both will then start to do big business with the United States of America, which is thriving, and make a fortune."

China's Russian coal imports increase slightly after long decline

Russia’s coal exports to China were reported to have dropped by almost 7% in 2024 compared to 2023.

Japan signs deal on $3 billion for Ukraine under G7 loan

Japan's funds will be disbursed over 30 years and directed toward budgetary needs and to support reconstruction and development.

New round of US, Ukraine minerals deal talks to begin April 24, official says

"We are now working in parallel with our and American legal teams and are trying to remove many technical issues to narrow them down to the most sensitive ones that will require a political decision," Deputy Economy Minister and Trade Representative Taras Kachka said.

Ukrainian airline resumes first regular flights since 2022, flying from Moldova to EU

Ukrainian airline SkyUp Airlines has made its first regular flight since the start of Russia's full-scale invasion, flying on the Chisinau-Paris route on April 18, the Ain outlet reported, citing the company's press service.

Raiffeisen halts plans to sell Russian subsidiary, FT reports

Raiffeisen Bank International has suspended efforts to sell its unit in Russia amid warming ties between Moscow and Washington, the Financial Times (FT) reported on April 18, citing undisclosed sources.

Ukraine-US minerals deal to respect EU entry efforts; talks to conclude on April 26, memorandum says

The Ukrainian government on April 18 published the text of a recently signed memorandum outlining a pending minerals agreement with the United States.

US, Ukraine sign memorandum on minerals deal, Deputy PM says

"It is important that we reaffirm through our agreements the desire of the American people to invest together with the Ukrainian people in a free, sovereign, and secure Ukraine," Deputy Prime Minister and Economic Minister Yuliia Svyrydenko said.

Ukraine, US may sign minerals deal on April 24, Trump says

"We have a minerals deal, which I guess is going to be signed on Thursday, next Thursday," U.S. President Donald Trump said on April 17.

Ukraine's central bank leaves key policy rate unchanged at 15.5%

"Considering the high level of uncertainty, which has only increased over past months, the NBU will respond flexibly to changes in the balance of risks to the price dynamics and inflation expectations," the central bank's statement read.

Ukraine Business Roundup — Minerals deal saga continues

The following is the April 16, 2025 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. If you’re getting tired of the constant back and forth of the minerals deal, so am I,

Russian ruble becomes top-performing currency amid Trump trade war, peace hopes

According to Bloomberg's calculations, the ruble has appreciated by 38% against the dollar in the over-the-counter market since the start of the year, outpacing gold's 23% rise.

Czechia independent of Russian oil for first time in history

Prague cast off its dependence on Russia's Druzhba oil pipeline for the first time in over 60 years, securing alternative supplies thanks to the expansion of the western Transalpine Pipeline (TAL).

Kremlin to reportedly use seized US food company to supply Russian military

Glavproduct, a canned food producer originally founded by Los Angeles-based businessman Leonid Smirnov, is the only U.S. company to fall under Russian state control since the start of Russia's full-scale war against Ukraine.

French court enforces $5 billion Crimea damages award against Russia in Naftogaz case

The decision allows Naftogaz to begin legal recovery efforts in France, including seizing Russian state assets to satisfy the award.

Ukraine seeks US support in regaining control of Zaporizhzhia nuclear plant, joint energy projects

"We have a common interest with the United States to bring Zaporizhzhia NPP under Ukrainian control and start the operation of this nuclear power plant," Energy Minister Herman Halushchenko said.

EU fails to agree on sanctions on Russian LNG, Reuters reports

The EU has shelved the idea of banning Russian liquified natural gas (LNG) imports due to opposition from some members and uncertainty about alternative supplies, Reuters reported on April 16, citing undisclosed official sources.

North Korea earns over $20 billion aiding Russia's war effort, report says

A South Korean think tank suggests North Korea prefers "in-kind and technical assistance" that enhances its own defense industry and supports its long-term strategic goals.

'Significant progress' — Ukraine, US to conclude minerals deal in 'near future,' Deputy PM says

"We have now agreed with the U.S. side to affirm this positive development by a relevant memorandum of intent — we are preparing a formal conclusion of the deal in the near future," Deputy Prime Minister and Economy Minister Yuliia Svyrydenko said.