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Zelenskyy has met with the UN chief and the Turkish President in Lviv.

Today’s News

Friday, August 19

Zelenskyy has met with the UN chief and the Turkish President in Lviv. During the meeting with President Zelenskyy, Turkish president Recep Tayyip Erdoğan said he was ready to support peace talks between Kyiv and Moscow. “The main focus of the meeting was how to co...

Oil prices have started going up again.

Thursday, August 18

Oil prices have started going up again.

After a statement from Gazprom, gas in Europe is valued at $2,500.

Wednesday, August 17

After a statement from Gazprom, gas in Europe is valued at $2,500.

By the end of the year, Ukraine expects to receive another $12 to 16B from the West.

Tuesday, August 16

By the end of the year, Ukraine expects to receive another $12 to 16B from the West.

Kazakhstan will send oil through the Azerbaijani pipeline, bypassing Russia.

Monday, August 15

Kazakhstan will send oil through the Azerbaijani pipeline, bypassing Russia.

Morning Economic Digest

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

Today’s News

Friday, August 19

Fitch Ratings no longer sees a threat of Ukrainian default.

Fitch Ratings no longer sees a threat of Ukrainian default. The international agency Fitch Ratings has raised Ukraine’s long-term rating in foreign currency from RD (limited default) to CC (very high credit risk). The increase in the rating corresponds w...

Fitch Ratings has given its price dynamics forecast for Ukraine.

Fitch Ratings has given its price dynamics forecast for Ukraine. Fitch Ratings predicts that inflation in Ukraine will accelerate from 22.2% in July to 30% by the end of 2022. The inflationary increase will remain high in 2023, at an average level of 20%. It is not...

The Naftogaz debt holders have refused to postpone Eurobond payments for the second time.

The Naftogaz debt holders have refused to postpone Eurobond payments for the second time. State oil and gas company Naftogaz has not received consent from creditors for a two-year bond payment postponement for the second time, Reuters writes. On August 17, in the presence of a quorum, le...

EU countries left Ukraine without proposals for new military support.

EU countries left Ukraine without proposals for new military support. In July, for the first time since the beginning of the war, the six largest EU countries did not offer Ukraine new commitments to provide military aid, writes Politico. This suggests that military aid...

The war has halted agricultural investment in Ukraine.

The war has halted agricultural investment in Ukraine. Yields during the war were no worse than the average from recent years, but investment in the industry has stopped, reported Forbes Ukraine. According to the Minister of Agriculture, Mykola Solsky, th...

Ukrainians will be able to buy government bonds through the Diya app.

Ukrainians will be able to buy government bonds through the Diya app. In the coming weeks, Ukrainians will be offered a digital product that will allow them to avoid unnecessary complications in buying military bonds through the Diya mobile application. The President&#...

International lawyers will try confiscating up to $1T in Russian assets.

International lawyers will try confiscating up to $1T in Russian assets. According to Bloomberg, a group of Western lawyers has decided to collect up to $1 trillion from Russian companies and citizens who have been subject to sanctions. Lawyers led by the firms McCue Jury ...

Annual inflation in the EU reached a record 8.9%.

Annual inflation in the EU reached a record 8.9%. Consumer prices in the 19 countries that use the euro rose by 0.1% in July compared to the previous month and by 8.9% year-on-year. This is the highest indicator since the introduction of the euro in ...

In 2023, a new checkpoint will be opened on the border with Poland.

In 2023, a new checkpoint will be opened on the border with Poland. The new Nyzhankovychi-Malkhovichi checkpoint on the border between Ukraine and Poland should be operational in 2023, said the deputy head of the Lviv Regional State Administration, Yuriy Buchko. He ad...

Thursday, August 18

Oil prices have started going up again.

Oil prices have started going up again. On August 17, oil prices rose, rising from the six-month low of the day before. A higher than forecasted drop in oil and gasoline inventories in the US reminded investors of petroleum demand’s resilie...

EU gas prices are roughly seven times higher than gas prices in the US.

EU gas prices are roughly seven times higher than gas prices in the US. As US natural gas prices spike to a 14-year high, Europe’s natural gas crisis is driven by its reliance on energy from Russia, which has slashed natural gas flows to Europe in response to West...

Expensive electricity causes the factory closures in Europe.

Expensive electricity causes the factory closures in Europe. The increase in the price of electricity in the EU is forcing owners of the most energy-intensive industries to close their facilities. Nyrstar has announced that it will shut down its Budel zinc plan...

Ukraine might not be able to store 19 billion cubic meters of gas in reserves before winter.

Ukraine might not be able to store 19 billion cubic meters of gas in reserves before winter. Ukraine’s Naftogaz is unlikely to be able to fulfill the task given by the Cabinet of Ministers to accumulate 19 billion cubic meters of gas in underground storage by winter, said CEO of Naftogaz Yuri...

Ukraine has lost many oil and processing assets due to the war.

Ukraine has lost many oil and processing assets due to the war. Since the full-scale Russian invasion of Ukraine, many oil and processing assets, underground gas storage facilities, and mining facilities have been lost. For example, according to CEO of Naftogaz Yu...

State nuclear enterprise Energoatom will build a new power unit at the Rivne Nuclear Power plant.

State nuclear enterprise Energoatom will build a new power unit at the Rivne Nuclear Power plant. The new unit, with a capacity of 1,100 MW, will be made using American Westinghouse AR1000 technology, reported gov.ua. It is planned to be put into operation in 2032 on the site chosen for construct...

All Ukrainian banks will join the PROSTIR national payment system.

All Ukrainian banks will join the PROSTIR national payment system. 100% of Ukraine’s terminals will accept cards from the national PROSTIR card payment system, the NBU reported. This will result from UKRSIBBANK joining the PROSTIR system and configuring all it...

Ukraine calls on the world to recognize Russian diamonds as “blood diamonds”.

Ukraine calls on the world to recognize Russian diamonds as “blood diamonds”. Ukraine, the USA, EU countries, Canada, and other Western countries demand that Russian diamonds be recognized as “blood diamonds” or “conflict diamonds”. A letter from the US ...

Business bankruptcy procedures will be simplified in Ukraine.

Business bankruptcy procedures will be simplified in Ukraine. A new draft law will simplify the access of enterprises that have become insolvent due to the war to court bankruptcy procedures and increases the effectiveness of their applications both during the w...

Russia tries to sell Ukrainian metal as its own.

Russia tries to sell Ukrainian metal as its own. Russia has stolen metal products from the occupied Ukrainian territories and has then tried to sell them as their own products. It is unknown how much metal has been stolen, but there were products wo...

Ukrainian consumer’s mood slightly improved in July.

Ukrainian consumer’s mood slightly improved in July. The consumer sentiment index in Ukraine in July amounted to 73.2 points, which is 1.1 points higher than in June, according to the monthly survey by Info Sapiens. The index of the current situation de...

The money transfer volume to Ukraine has decreased by 6.2%.

The money transfer volume to Ukraine has decreased by 6.2%. According to data from the National Bank of Ukraine, money transfers from overseas to Ukraine have decreased by 6.2% and amounted to $6.46B in the first half of the year. At the same time, remittances...

Wednesday, August 17

After a statement from Gazprom, gas in Europe is valued at $2,500.

After a statement from Gazprom, gas in Europe is valued at $2,500. Quotations of gas futures on the stock exchange jumped after Russia’s Gazprom announced that it forecasts gas prices at $4,000 per thousand cubic meters in the winter. Quotation of August future...

Ukraine’s budget deficit next year might reach $30B.

Ukraine’s budget deficit next year might reach $30B. The Ministry of Finance predicts a 2023 state budget deficit at between $25B and $30B, reported Forbes. As Finance Minister Serhii Marchenko noted , $30B is the amount Ukraine hopes to receive from in...

The hryvnia’s purchasing power will drop by at least half.

The hryvnia’s purchasing power will drop by at least half. According to the head of the National Bank, Kyrylo Shevchenko, even the current 22.2% consumer inflation per year is a significant reduction, by almost a quarter, of the real disposable income of citi...

In the second quarter, banks’ liquidity and operating profitability increased.

In the second quarter, banks’ liquidity and operating profitability increased. According to the National Bank, banks’ net assets increased by 3.3% in the second quarter and came close to their pre-war levels. Net hryvnia corporate loans increased by 5.3%, while foreign cu...

EU sanctions on Russian coal also apply to its transportation to any country.

EU sanctions on Russian coal also apply to its transportation to any country. The EU sanctions against Russian coal and some types of fertilizers apply not only to its purchase but also to its transportation to any part of the world, writes Bloomberg. As explained by the Europe...

A “10-10-10” tax model is discussed in the president’s office.

A “10-10-10” tax model is discussed in the president’s office. In an interview with Forbes, one of the high-ranking tax service employees said that the model of introducing a 10% income tax, 10% personal income tax, and 10% VAT is being discussed in circles clos...

Zelenskyy signs a law on the work of the financial sector during the war.

Zelenskyy signs a law on the work of the financial sector during the war. The President of Ukraine, Volodymyr Zelenskyy, signed a law that extends the current financial restructuring until January 1, 2028. The document also clarifies the NBU’s right to buy military bo...

Before the grain corridor opened, Ukraine exported 2.7 million tons of grain.

Before the grain corridor opened, Ukraine exported 2.7 million tons of grain. According to Ukrainian Club of Agrarian Business director Roman Slastyon, the downside of this number is the very expensive logistics of land transportation due to the seaport’s blockage. As a result ...