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Today’s News

Friday, November 26

The Ukrainian President, Volodymyr Zelensky, has announced the establishment of a new state airline Ukrainian National Airlines (UNA) . The new carrier will start flights in 2022 from two domestic and 14 international destinations. By 2026 the new airline will operate domestic flight...

Thursday, November 25

The newly-elected Chancellor, Olaf Scholz, is ready to support Ukraine’s move towards EU membership. The coalition agreement of the new German government contains a clause stating its readiness to support Ukraine’s movement towards membership in...

Wednesday, November 24

The IMF has agreed to allocate $700 million to Ukraine. Following the first revision of the stand-by program (SBA), the International Monetary Fund agreed to provide Ukraine with a loan tranche of about $70...

Tuesday, November 23

A senior EBRD delegation is starting a week-long trip to Ukraine to meet with the country’s authorities and private sector companies. The delegation will include Alain Pilloux, the Vice President of Banking and in...

Monday, November 22

The Poland-Ukraine pipeline project is on the EU’s list of priorities. The oil pipeline project between Poland and Ukraine has been included in the proposals of the European Commission on priority energy projects of infra...

Morning Economic Digest

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

Today’s News

Friday, November 26

Ukraine to invest UAH 34 bln in the development of aircraft manufacturing until 2030, announced the Prime Minister, Denys Shmyhal. The development program includes a crucial well-targeted road map and the world’s best experience in the development of aircraft manufacturing. Furth...

Motor Sich has presented a new model of helicopter. A closed cycle of helicopter production has been created. 39 domestic aviation enterprises and 6 design institutes will work together to produce modern Ukrainian helicopters. In addition to this, the ...

Ukroboronprom will cooperate with Airbus on the helicopter program. The company announced its future cooperation with one of the largest aircraft building companies Airbus, on its helicopter production program. “Ukroboronprom is considering the creation of a servi...

The regional airports of Poltava, Zhytomyr, and Chernivtsi will be upgraded from the beginning of 2022. The improvements to local airport infrastructure will complement the existing upgrades being carried out at Dnipro and Kryvyi Rih airports which are scheduled to commence in 2022. “The tender for th...

Electricity production increased by 6.6% this year, announced the Ukrainian Ministry of Energy. In January-October 2021, electricity production in Ukraine amounted to 127.722 bln kWh, which is 6.6% more than in the same period of 2020. In January-Oct...

Ukraine will lose $1.2 bln in gas transit revenues from the launch of NordStream-2. The estimate was made by the IMF to 2026, as long as the current transit contract with Gazprom is in force. Over the past five years, Ukraine has received an average of just over $ 2.5 bln a year in...

Ukraine has pledged to agree to 12 conditions to receive the next IMF tranche. These structural beacons include: to approve the budget for 2022 with a deficit target of 3.5% of GDP; to abolish concessions in the criteria for state representatives in the management of state-owned...

Ukrainians can work in Poland for up to 2 years without a permit. The country is preparing to extend the right to work for Ukrainians from 6 to 24 months, reported euroinegration.com. Now the declaration of work assignment to a foreigner (so-called simplified regi...

LeoMed has purchased the Ukrainian telemedicine service Doctor Online. Doctor Online is merging with the LeoDoc service, reported ain.ua. Now any clinic or private practice doctor can be included in the service and consult their patients. In 2022, they plan to introduc...

Cashflow management startup Settle which is based in Lviv raises $60M. The company raised $60M in a Series B funding round led by Ribbit Capital, reported ain.ua. The startup has a team in Ukraine that participates in Settle’s establishment and is fully responsible f...

Odessa winery was privatized for UAH 235 mln. The winner of the auction Odesavinprom plant paid UAH 235 mln ($8.7 mln), announced the State Property Fund. Under the terms of privatization, the new owner must ensure the preservation of the core ...

Kovalska invested UAH 200 mln in lime production in the Lviv region. Kovalska Industrial-Construction Group invested UAH 200 mln ($7.4 mln) in lime burning. The company said that lime kilns were built in Rozvadov, Lviv region. They will work 24/7, which will create an ...

The Ukraine Prime Minister and EBRD delegation discussed the creation of stock market infrastructure in Ukraine. Denys Shmyhal and representatives of the EBRD have discussed the creation of a quality stock market infrastructure in Ukraine, the strengthening of the banking sector and the implementation reported...

The production of sunflower oil in Ukraine has decreased in September-October 2021 by 13.5% compared to the same period last year. However, according to the results of the 2021/2022 marketing year, production is expected to grow by more than 24%, reported...

37 cruise liners are expected to visit Odesa next year. International cruise companies will resume their routes which include stopping at Odesa. The visits by cruise liners will bring 25,000 tourists to Odesa, announced the Director of the Department of Cu...

EU changes entry rules from March 1, 2022. All vaccinated travelers will be given the green light. The European Commission presented proposals to update the rules for free and safe travel for people in the EU, announced the European Commission...

Wednesday, November 24

The IMF has agreed to allocate $700 million to Ukraine. Following the first revision of the stand-by program (SBA), the International Monetary Fund agreed to provide Ukraine with a loan tranche of about $700 mln, according to the fund’s press service...

The United States is considering sending extra weaponry and advisers to Ukraine amid the potential of a Russian invasion. The discussions about the proposed lethal aid package are happening as Ukraine has begun to warn publicly that an invasion could happen as soon as January 202...

US to impose new sanctions on Nord Stream 2. The announcement was made in a statement by the Secretary of State, Anthony Blinken. The State Department had submitted a report to the US Congress listing two ships and the Russian-related company Tr...

Gas prices rose by 9% due to sanctions against Nord Stream 2. Prices for December 2021 gas contracts rose to $1,089 per thousand cubic meters after new US sanctions against Russia’s Nord Stream 2. On November 23, quotations increased by 8.7% to € 91.9 ...

DTEK Energy has reduced its net losses 10-fold since January 2021 . It earned UAH 1.965 bln ($74 mln) in net losses in the third quarter of this year, which is almost 10 times less than the loss in the same period last year, UAH 19.12 bln ($721 mln). At the same tim...

The state Guaranteed Buyer has requested a debt settlement of UAH 4 bln ($150 mln) from Energoatom. The Acting Director, Vadym Ulyda reached out to the Director of Energoatom, Petro Kotin, to hold talks and settle disputes. The Guaranteed Buyer says it has taken all neces...

The production of hydraulic units for the Dniester Hydro Accumulation Station will cost UAH 8 bln ($300 mln) over a 6-year period. According to the Director of Ukrainian Power Machines (Kharkiv), Victor Subotin, the contract is for 3 turbines and 3 generators. The production of the fifth, sixth and seventh units of the station wi...

Turboatom and Elektrovazhmash will work as a single company from December 2021. The two Kharkiv industrial giants, Ukrainian Power Machines (formerly “Turboatom”) and Elektrovazhmash, will merge and work as a single enterprise, reported ukrinform.

Ukraine is implementing 8 EBRD projects worth € 1.68 bln, announced the finance minister, Serhiy Marchenko, at a meeting with the newly appointed EBRD Vice President for Policy and Partnership, Mark Bowman. During the meeting, the issues of the current sta...

The Ministry of Finance has sold UAH 4.4 bln of bonds. On November 23, the Ministry of Finance raised UAH 4.4 bln ($166 mln) in equivalent at the auction for the placement of domestic government bonds (IGLBs), reported minfin.ua The weighted average yie...

Banks in Ukraine have increased their profits by 47%. In January-October 2021, banks earned UAH 58.4 bln ($2.19 bln) in net profit against UAH 39.8 bln ($1.5 bln) in the same period last year. Banks’ revenues for 10 months of 2021 increased by 4% y...

Industrial production in Ukraine in October grew by 1.4%. compared to October 2020, reported State Statistics Service. The increase in output was recorded in all sectors: in the extractive industry by 0.6%, in the processing industry by 0.4%, but the largest...

A Turkish company plans to build a bitumen plant in the L’viv region, the L’viv Regional State Administration announced on Facebook. Maksym Kozytskyi said that the Turkish construction and investment company Beta Engineering is exploring the L’viv region as a plat...

Ukreximbank sells loan claims for grain terminal in Ochakiv port. The state-owned bank has put the right of claim for sale under a loan agreement secured by a mortgage on a grain terminal at the Ochakiv seaport. The starting price is UAH 36.7 mln ($1.4 mln), and the...

Exports of Ukrainian goods and services to the EU grew by almost 48% in three quarters of this year compared to the same period in 2020. The corresponding growth in imports is 26.8%, reported the press service of the Ministry of Economy. Exports from Ukraine amounted t...

Trade development between Ukraine and Nova Scotia. The Ukrainian Ambassador to Canada, Larisa Galadza met with Nova Scotia Minister of Fisheries and Aquaculture, Steve Craig, in Halifax to discuss trade cooperation between Ukraine and Nova Scotia. Sin...

Mobile Internet will be available on all Ukrainian highways by the end of 2022. The Ministry of Digital Transformation is working to provide access to high-speed mobile Internet by road and rail. By the end of 2022, mobile operators will cover all international highways in Ukrain...

Tuesday, November 23

A senior EBRD delegation is starting a week-long trip to Ukraine to meet with the country’s authorities and private sector companies. The delegation will include Alain Pilloux, the Vice President of Banking and in charge of Bank lending; and Mark Bowman, the Vice...

Oil prices retreat in the face of supply and demand pressures , reports Reuters. Prices fell on Monday as rising COVID-19 cases in Europe, and a potential release of Japanese oil reserves raised concerns about both oversupply and weak demand. Brent crude was dow...

Ukrenergo lost an appeal by Akhmetov’s company for UAH 400 mln. The Northern Commercial Court of Appeal refused to meet Ukrenergo’s request and upheld the decision of the first instance to recover UAH 399.4 mln ($1.5 mln) in debts from Ukrenergo in favor of ...

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