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The destruction of the Kakhovka HPP dam caused UAH 2B in damages and will require $1B and five years to rebuild.

Today’s News

Thursday, June 8

The destruction of the Kakhovka HPP dam caused UAH 2B in damages and will require $1B and five years to rebuild. According to the Ukrainian government the explosion at the Kakhovskaya HPP dam resulted in damages to water resources that are estimated at UAH 2B. To r...

Russia blew up a major hydroelectric power station, the Nova Kakhovka dam.

Wednesday, June 7

Russia blew up a major hydroelectric power station, the Nova Kakhovka dam.

The provision of F-16 to Ukraine has a powerful political meaning: the US wants Ukraine to win.

Tuesday, June 6

The provision of F-16 to Ukraine has a powerful political meaning: the US wants Ukraine to win.

Parliamentary committees from 19 NATO countries support Ukraine’s membership in the Alliance.

Monday, June 5

Parliamentary committees from 19 NATO countries support Ukraine’s membership in the Alliance.

The Czech Republic supports Ukraine’s membership in NATO as soon as possible, and Ukraine expects NATO to support Ukraine’s application.

Friday, June 2

The Czech Republic supports Ukraine’s membership in NATO as soon as possible, and Ukraine...

Morning Economic Digest

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

Today’s News

Thursday, June 8

Disaster at the Kakhovka HPP: which countries are helping Ukraine.

Disaster at the Kakhovka HPP: which countries are helping Ukraine. US President Joe Biden said that the US will help Ukraine in connection with the Russian occupiers’ destruction of the Kakhovka HPP. US Ambassador to Ukraine Bridget Brink said the US is in clos...

Germany will supply Ukraine with a new batch of Marder BMPs.

Germany will supply Ukraine with a new batch of Marder BMPs. The Rheinmetall concern announced on June 6 that it had received an order for 20 Marder infantry fighting vehicles from the Federal Ministry of Defense. The vehicles should be delivered to Ukraine by ...

The US’ disputes regarding aid to Ukraine resurface.

The US’ disputes regarding aid to Ukraine resurface. According to Reuters, the struggle to raise the upper limit of the US debt ceiling ignited a debate in Congress regarding the financing of Ukrainian assistance. Speaker of the House of Representatives...

The US plans a new military aid package, and the new Bulgarian government promises to continue defense support for Ukraine.

The US plans a new military aid package, and the new Bulgarian government promises to continue defense support for Ukraine. Soon, the US intends to provide Ukraine with additional packages of military support, National Security Council Coordinator John Kirby said. According to him, if Russia is concerned about Ukraine̵...

The Bucharest Nine (B9) promised to support Ukraine until victory.

The Bucharest Nine (B9) promised to support Ukraine until victory. The leaders of Bulgaria, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, and Slovakia confirmed their unwavering support for Ukraine’s independence, sovereignty, and te...

Ukraine will increase electricity imports from the EU to two GW due to the Kakhovka HPP disaster.

Ukraine will increase electricity imports from the EU to two GW due to the Kakhovka HPP disaster. The corresponding initiative was announced by the head of the Ministry of Energy, Herman Galushchenko. Even though the station did not supply electricity to Ukraine’s power system after the occupation...

Inflation in Ukraine continues its retreat.

Inflation in Ukraine continues its retreat. In April 2023, consumer inflation in Ukraine decreased to 17.9% in annual terms. According to the NBU’s estimates, the slowdown in price growth continued in May as well, according to the June Ma...

Brussels calls on European banks to provide insurance guarantees for gas storage in Ukraine.

Brussels calls on European banks to provide insurance guarantees for gas storage in Ukraine. According to Naftogaz, the company can offer EU companies the capacity to place up to 10 billion cubic meters of gas, with the possibility of increasing it to 15 billion cubic meters if Ukraine reclai...

The growing labor shortage in Ukraine has stopped the fall in wages.

The growing labor shortage in Ukraine has stopped the fall in wages. As of June 2023, the real wages of Ukrainians in the private sector have stopped decreasing due to increased competition for employees. According to the June Macroeconomic and Monetary Review from the...

A Ukrainian IT giant buys a developer with offices in the US and Italy.

A Ukrainian IT giant buys a developer with offices in the US and Italy. IT outsourcing company SoftServe has announced the acquisition of Hoverstate, a company specializing in mobile and web development, reported Forbes. Hoverstate is a service company founded in 2008 wit...

Wednesday, June 7

Russia blew up a major hydroelectric power station, the Nova Kakhovka dam.

Russia blew up a major hydroelectric power station, the Nova Kakhovka dam. On June 6, around three o’clock in the morning, Russian terrorists blew up the dam and the engine room of the Kakhovka HPP, located near the town of Nova Kakhovka in the temporarily occupied Khe...

In addition to the terrorist attack on the Nova Kakhovka dam, Russia attacked Ukraine from the air.

In addition to the terrorist attack on the Nova Kakhovka dam, Russia attacked Ukraine from the air. The Air Defense Force of Ukraine destroyed all 35 cruise missiles launched by the aggressor on May 6, a few hours after terrorists blew up the dam in the Kherson region. Most of the X-101/X-555 missil...

The Kakhovka Dam Disaster in Ukraine has increased wheat prices and threatens global food security.

The Kakhovka Dam Disaster in Ukraine has increased wheat prices and threatens global food security. On the morning of June 6 wheat prices increased by 3% to approximately $6.40 per bushel, according to Barchart Trader. Also, Chicago wheat rose more than 2% to a nearly three-week high. The Kakhovka d...

Steel production has slowed considerably due to the destruction of the Kakhovka HPP.

Steel production has slowed considerably due to the destruction of the Kakhovka HPP. Ukraine’s largest metallurgical plant, ArcelorMittal Kryvyi Rih, has stopped steel production to reduce water consumption. Almost all water-cooled equipment operation is temporarily suspended. T...

Ukraine’s international reserves have increased to an 11-year high.

Ukraine’s international reserves have increased to an 11-year high. They currently stand at $37.3B, the highest figure since August 2011. The National Bank explained that the reserves grew due to steady inflows from Ukraine’s international partners, which exceeded the...

Australia plans to transfer F/A-18 Hornet fighters and Hawkei armored vehicles to Ukraine.

Australia plans to transfer F/A-18 Hornet fighters and Hawkei armored vehicles to Ukraine. The plan is to transfer 41 decommissioned F/A-18 Hornet aircraft to Kyiv, the Australian Financial Review reports. Australian military expert Robert Potter confirmed that negotiations are taking place...

The EU allocates €21B to develop Ukrainian infrastructure.

The EU allocates €21B to develop Ukrainian infrastructure. Ukraine and the EU signed an agreement on participation in the Connecting Europe Facility (CEF) program. The program’s total budget until 2027, including energy and digital parts, is €21B. The a...

Two dry ports for agricultural exports are to be built in western Ukraine.

Two dry ports for agricultural exports are to be built in western Ukraine. The new grain facilities will be constructed in the Volyn region, said the head of the regional department of agro-industrial development, Yuriy Yurchenko. He clarified that new construction is underw...

The SPFU plans to hold 38 privatization auctions in June totaling UAH 165M.

The SPFU plans to hold 38 privatization auctions in June totaling UAH 165M. The State Property Fund of Ukraine (SPFU) is looking for private investors for items including the Belgorod-Dniester port, the Vinnytsia cartographic factory, a complex of non-residential buildings in...

About 10% of Ukrainian refugees will remain abroad after the war.

About 10% of Ukrainian refugees will remain abroad after the war. According to Ministry of Economy estimates, there are currently 5.3 to 6.2 million Ukrainians displaced abroad, including about 1.5 million in the aggressor country. The majority are women aged 25-49,...

Tuesday, June 6

The provision of F-16 to Ukraine has a powerful political meaning: the US wants Ukraine to win.

The provision of F-16 to Ukraine has a powerful political meaning: the US wants Ukraine to win. The first batch of F-16 fighters will arrive in Ukraine at the end of September, which means that they will not take part in the counteroffensive. However, the decision made by US President Joe Biden ...

Ukraine has increased the transportation of goods through joint transit convention with the EU.

Ukraine has increased the transportation of goods through joint transit convention with the EU. According to the Ministry of Finance, there were 5,974 total crossings from Ukraine within the eight-month period of operation of the New Computerized Transit System (NCTS). In May 2023, 2,698 Ukraine...

The EU plans to extend the embargo on the import of Ukrainian grain.

The EU plans to extend the embargo on the import of Ukrainian grain. The European Commission has not decided regarding the extension of restrictions on importing agricultural products from Ukraine to five neighboring EU countries, EC spokeswoman Miriam Garcia Ferrer sa...

Ukraine responded to the EU grain embargo by banning the export of sugar.

Ukraine responded to the EU grain embargo by banning the export of sugar. A shortage of this product is expected in Hungary because the country is its largest importer from Ukraine. According to ObservatorNews, from October 2022 to April 2023 it imported almost 85,000 tons ...

Ukraine is preparing for sea exports without a grain agreement and will compensate war-damaged ships.

Ukraine is preparing for sea exports without a grain agreement and will compensate war-damaged ships. The Ministry of Infrastructure reported that the government had approved a procedure for indemnifying civilian vessels entering its ports for damages. Launching the damage compensation mechanism will ...

The Ukrainian Danube ports set a historical record for cargo handling.

The Ukrainian Danube ports set a historical record for cargo handling. In May, they processed more than three million tons of cargo, the Administration of Sea Ports of Ukraine (USPA) reported. As noted by Yuriy Lytvyn, head of USPA, world-renowned companies are already i...

The supply of Russian gas to Europe will fall to a record low.

The supply of Russian gas to Europe will fall to a record low. The reason is that Gazprom is halting supplies through the Turkish Stream pipeline for maintenance. According to the company, the planned annual gas pipeline maintenance will last from June 5 to 12. A...

The volume of Ukrainian agricultural exports in May hit a 9-month low.

The volume of Ukrainian agricultural exports in May hit a 9-month low. In May, the total export of agricultural products from Ukraine decreased by 3% compared to April, to 5.1 million tons, according to the agricultural association. It is noted that the grain corridor ha...

Ukrtransgaz plans to invest UAH 16.6B in its development during 2023-2032.

Ukrtransgaz plans to invest UAH 16.6B in its development during 2023-2032. The operator of Ukrainian gas storage facilities, Ukrtransgaz, which is part of the Naftogaz group, has developed a gas storage development plan for 2023-2032. As part of the 10-year plan to build gas...

Ukrainian Railways has increased its volume of freight transportation by almost 20% for the year.

Ukrainian Railways has increased its volume of freight transportation by almost 20% for the year. In May of the current year, UZ transported 11.49 million tons of cargo, with domestic transportation increased by 36.5%, to 7.17 million tons, while exports decreased by 2%. The state railway company ...