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Ukraine has received EU candidate status.

Today’s News

Friday, June 24

Ukraine has received EU candidate status. European Union leaders have agreed to grant Ukraine and Moldova EU candidate status. “This is a historic moment,” said European Council President Charles Michel. “Today marks a crucial step on your path towards the EU,” he...

Biden is not afraid of fatigue from the war in Ukraine.

Thursday, June 23

Biden is not afraid of fatigue from the war in Ukraine.

U.S. Attorney General arrives in Ukraine to meet with Attorney General Iryna Venedyktova.

Wednesday, June 22

U.S. Attorney General arrives in Ukraine to meet with Attorney General Iryna Venedyktova.

The EU seeks agreement on a €9B loan to Ukraine this week.

Tuesday, June 21

The EU seeks agreement on a €9B loan to Ukraine this week.

Western support for Kyiv must not cease, because this will be a long war.

Monday, June 20

Western support for Kyiv must not cease, because this will be a long war.

Morning Economic Digest

Straight, factual, timely and investable business news and economic trends from Ukraine, Europe’s next Frontier Economy.

Today’s News

Friday, June 24

The UK will help Ukraine with de-mining the Black Sea coast.

The UK will help Ukraine with de-mining the Black Sea coast. The United Kingdom is willing to assist with the de-mining operation around Ukraine’s Black Sea coast to release food supplies, said Boris Johnson. “I don’t want to get into the technical...

The US will train Ukrainian fighter pilots on F-15 and F-16 fighter jets.

The US will train Ukrainian fighter pilots on F-15 and F-16 fighter jets. “The US Congress introduced a bill that will allow the United States to begin training Ukrainian pilots and aircrew members on F-15s, F-16s, and other air platforms while the administration cont...

The US officially announces a $450M military assistance package for Ukraine.

The US officially announces a $450M military assistance package for Ukraine. The White House has officially announced the allocation of an additional $450M in defense support for Ukraine to ensure the transfer of more weapons and equipment to the armed forces, including HIMARS...

The PM of Portugal fears that Ukraine's EU integration could become a trap.

The PM of Portugal fears that Ukraine's EU integration could become a trap. Portuguese Prime Minister Antonio Costa said that Ukraine’s integration into the EU could lead to its destruction, rather than strengthening it, and devolve into a trap for Ukraine if consistent deci...

The NBU has printed another UAH 35B for the government.

The NBU has printed another UAH 35B for the government. The National Bank of Ukraine (NBU) bought domestic government bonds from the Ministry of Finance for UAH 35B ($1.1B), reported the state bank. The economy is gradually adapting to the war, and state ...

The EU expects Ukraine to export more grain, but receive iron ore.

The EU expects Ukraine to export more grain, but receive iron ore. While the ports are blocked, the Ukrainian agricultural sector is trying to develop new export logistics by rail, road, and river across the border with EU countries. The average daily volume of rail...

Ukrenergo has received the first €50M from the EBRD to increase liquidity.

Ukrenergo has received the first €50M from the EBRD to increase liquidity. State company Ukrenergo has received the first €50M from the European Bank for Reconstruction and Development (EBRD). It is provided under credit agreements to increase liquidity, and is planned to co...

Turkish UAV with a Ukrainian engine sets a new record.

Turkish UAV with a Ukrainian engine sets a new record. The Turkish Akıncı UAV, created by Baykar Makina, which has a Ukrainian-made engine, has set a new altitude record. According to technical director Selcuk Bayraktar, “Akıncı has again broken its...

Ukrainian IT exports in 2022 have already earned $3.2B.

Ukrainian IT exports in 2022 have already earned $3.2B. According to the National Bank of Ukraine, in the first five months of 2022, the IT industry brought $3.2B to the Ukrainian economy. According to the IT Ukraine Association, as of June 1, the IT sect...

Thursday, June 23

Biden is not afraid of fatigue from the war in Ukraine.

Biden is not afraid of fatigue from the war in Ukraine. US President Joe Biden is not afraid of the risk of global fatigue from the war in Ukraine increasing, reported Bloomberg. Biden commented on Prime Minister Boris Johnson’s statement that there...

The price of oil is falling amid expectations of Biden’s announcement to suspend the fuel tax.

The price of oil is falling amid expectations of Biden’s announcement to suspend the fuel tax. Oil prices fell more than $6 a barrel in response to US President Joe Biden’s lobbying to lower rising fuel prices, including pressure on the country’s primary energy companies. Futures f...

Europe has been advised to prepare for winter without Russian gas.

Europe has been advised to prepare for winter without Russian gas. The head of the International Energy Agency (IEA), Fatih Birol, has advised Europe to prepare urgently in anticipation of Russia to completely cutting off gas supplies in the winter. According to Biro...

The EU will temporarily switch to coal to compensate for decreased Russian gas.

The EU will temporarily switch to coal to compensate for decreased Russian gas. Elina Bardram, the European Commission’s executive director for international affairs and climate finance, said the EU will temporarily return to using coal-fired power plants to make up for th...

Ukraine might obtain EU candidate status tomorrow.

Ukraine might obtain EU candidate status tomorrow. Ukraine is awaiting approval of its EU candidate status at the EU Council summit on the morning of 24 June, with the possibility of this decision being made in the evening of 23 June, stated the Depu...

EU candidate status will boost Ukraine’s economic growth.

EU candidate status will boost Ukraine’s economic growth. EU candidate status will strengthen Ukraine’s economic growth and send a positive signal to investors, said American Chamber of Commerce President Andy Hunder. He added, “EU candidate stat...

Oil refining has been stopped completely in Ukraine.

Oil refining has been stopped completely in Ukraine. Ukraine’s entire oil refining industry has ceased to work due to targeted Russian rocket attacks, said the CEO of Naftogaz, Yuriy Vitrenko. “All oil refining in Ukraine is currently at a halt du...

The Ministry of Finance denies an additional import duty of 10%.

The Ministry of Finance denies an additional import duty of 10%. Chairman of the Committee on Finance, Tax and Customs Policy Danylo Hetmantsev struck down the possibility of introducing an additional 10% import duty on non-critical imports, while the elimination o...

There are no concrete agreements on negotiations to unblock grain exports.

There are no concrete agreements on negotiations to unblock grain exports. So far, no concrete agreements have been reached on holding quadripartite talks with Ukraine, Russia, Türkiye`, and the United Nations to resolve the issue of grain exports from Ukrainian seaports bl...

Nothing about Ukraine without Ukraine.

Nothing about Ukraine without Ukraine. German Chancellor Olaf Scholz said that only Ukraine should decide on its future and opposed any agreement not endorsed by Kyiv. “Ukraine – and only Ukraine – decides what suits them...

Advocates for Ukrainian business call for a reduction in rent for mining.

Advocates for Ukrainian business call for a reduction in rent for mining. Business leaders favor lowering the rent for the extraction of minerals during the war, which will support the mining and metallurgical industry, which has had its production reduced by 53%, said the...

Ukraine’s military spending is up to $6B a month; $7.5B will not be enough.

Ukraine’s military spending is up to $6B a month; $7.5B will not be enough. The $7.5B in aid planned by the US administration will not be enough for Ukraine to effectively cover the costs of the full-scale Russian invasion, warned the head of the USAID, Samantha Power. Accord...

Wednesday, June 22

U.S. Attorney General arrives in Ukraine to meet with Attorney General Iryna Venedyktova.

U.S. Attorney General arrives in Ukraine to meet with Attorney General Iryna Venedyktova. Attorney General Merrick Garland announced a War Crimes Accountability team during an unannounced trip to Ukraine on Tuesday that will work to identify and prosecute anyone who has committed war cri...

The Ukrainian parliament supports the duty-free regime.

The Ukrainian parliament supports the duty-free regime. The Ukrainian Parliament supports a bill that provides Ukraine’s accession to the Convention on the standard customs-free transit procedure. The document envisages the unification of rules on o...

The government has resumed the taxation of imports and cars cleared through customs.

The government has resumed the taxation of imports and cars cleared through customs. The Ukrainian parliament re-established the customs duties for individuals when importing vehicles as well as the VAT on imported goods. The resumption of VAT payment on imports came into force for f...

State budget revenue show a 11% surplus in the first quarter.

State budget revenue show a 11% surplus in the first quarter. In the first quarter of 2022, Ukraine’s state budget revenue needs were exceeded by 11% due to the early payment of dividends. However, moving forward, the solvency of the country’s budge...

The state budget receives 30% of customs and 70% of tax revenues.

The state budget receives 30% of customs and 70% of tax revenues. Today, the state budget receives 30% of customs and 70% of pre-war tax revenues, said Finance Minister Serhiy Marchenko for EBA. He noted that Ukraine’s state budget is currently adjusted to mar...

Naftogaz has increased payments to the government by 34%.

Naftogaz has increased payments to the government by 34%. In January-May 2022, compared to the same period in 2021, Ukraine’s national gas and oil company Naftogaz, increased payments to the state budget (excluding dividends) by 34.3% to UAH 47B ($1.5...

Ukraine’s losses from destroyed housing, business, and infrastructure amount to half of the GDP.

Ukraine’s losses from destroyed housing, business, and infrastructure amount to half of the GDP. The National Bank of Ukraine estimates Ukraine’s losses from destroyed housing, business, and infrastructure due to Russian aggression at 50% of 2021’s GDP, or $100B. In addition, this figure i...

The Baltic states are asking the EU for help with the support of Ukrainian refugees.

The Baltic states are asking the EU for help with the support of Ukrainian refugees. The leaders of Lithuania, Latvia, and Estonia addressed a joint letter to the President of the European Council, Charles Michel, and the President of the European Commission, Ursula von der Leyen. Th...