business
The EU's expected annual contribution of around 3 billion euros ($3.2 billion), drawn from frozen Russian assets profits, is "almost nothing" in the context of the full-scale war, Justice Minister Denys Maliuska told Politico in an interview published on May 10. EU ambassadors agreed on May 8 on a plan to use windfall profits of immobilized Russian assets to fund Ukraine's reconstruction and defense needs. Kyiv is expected to receive roughly 3 billion euros every year, according to earlier discussions. "If we are talking about the needs of Ukraine and the needs of the war, military and non-mil...
Kyiv Independent
Some Russian billionaires have given up trying to keep their money in the West and are now resigned to bringing it back to Russia where it faces the ever-present risk of being seized by the Kremlin, Bloomberg reported on May 8. 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. "The fate of this vast wealth has major implications for Russi...
Kyiv Independent
Russian attacks have damaged or destroyed over 800 heating facilities across Ukraine since the start of Russia's full-scale invasion in February 2022, Prime Minister Denys Shmyhal said on May 8. Moscow has recently intensified its missile and drone strikes against Ukraine's critical infrastructure, launching large-scale attacks on energy facilities across the country on March 22, March 29, April 11, April 27, and May 8. Ukraine's power generation capacity has decreased by up to 8 gigawatt hours (GWh) and needs nearly $1 billion to compensate, Shmyhal said during a meeting dedicated to preparin...
Kyiv Independent
The parliament voted on May 8 to summon the head of the Bureau of Economic Security in connection to recent searches at a Kyiv-based business association and alleged pressure on the business sector, lawmaker Yaroslav Zhelezniak said. CEO Club Ukraine said on May 6 that last month, the bureau's officials searched the association's premises. Although the officers found nothing out of order, anonymous Telegram channels began spreading false claims that the searches uncovered illicit establishments operating under the guise of the CEO Club, its founder said. The bureau announced on April 30 that i...
Kyiv Independent
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 billion and will necessarily require a great deal of building materials. Cement is one of the main ingredients in concrete, used to build housing, roads, bridges, schools, hospitals, dams, and ports — all of which are regular targets of Russian attacks. Fighting in the country’s east and ongoing occupati...
Kyiv Independent
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 permission. IMF benchmarks in focusThe Tax Policy Committee has finalized the table of amendments to the draft law on the Bureau of Economic Security reform. The Committee on Finance, Tax and Customs Policy has finalized the table of amendments to draft law ...
Kyiv Independent
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 SOEsUkreximbank appoints a new CEO. On May 3, Ukreximbank reported that its supervisory board had elected Viktor Ponomarenko as the new bank’s CEO following a competitive selection. According to Ukreximbank, the selection was carried out with the assistance of the recruitment company Odgers Berndtson. Ponomarenko’s candidacy is yet to be approved by National Bank of Ukraine (NBU). The bank said t...
Kyiv Independent
The National Bank of Ukraine (NBU) announced on May 3 that it was implementing the largest set of currency liberalization measures since the beginning of the full-scale war. The measures are aimed at decreasing restrictions on businesses and currency controls. Ukraine implemented strict controls over its currency and tightly regulated foreign exchanges in 2022, hoping to stave off a collapse of the hryvnia. "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 NB...
Kyiv Independent
More than 8 million passengers traveled on Ukrainian Railways' trains between January and April 2024, indicating a 25% person increase compared to 2023, the company reported on May 2. Ukraine's state-owned railway company, Ukrzaliznytsia, announced on Twitter that a total of 8.43 million passengers traveled on Ukrainian Railways' trains between January and April 2024. Around 6.78 million passengers traveled through Ukrainian Railways during the same time frame in 2023. Additionally, Ukrzaliznytsia reported that 93% of the company's domestic trains arrived on time. Throughout the full-scale inv...
Kyiv Independent
An increasing number of Russians who left abroad after the outbreak of the full-scale invasion are returning home, namely due to difficulties with residence permits and jobs abroad, Bloomberg reported on May 2. 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. As the war entered its third year with no end in sight, many Russian expatriates are being rejected when applying for extended residency, or face challenges with running businesses abroad, Bloomberg wrote. Russia claimed in June 2023 that ...
Kyiv Independent
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