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The US hopes for a quick start to a diplomatic settlement of Russia’s war against Ukraine, said US Deputy Secretary of State Kurt Campbell. He noted that awareness that some issues will have to be resolved at the negotiating table is gradually strengthening. “I hope that at some point soon we will find ourselves in some kind of diplomatic interaction,” Campbell commented on the prospects for resolving the situation. The official added that the White House has not yet made

On October 6, it will be two months since the beginning of the Armed Forces of Ukraine’s counteroffensive in the Kursk region. According to various estimates, Russia has reclaimed between 8% and 21% of its territory in the war zone. Maps from the ISW show military operations in the Kursk region covering up to 1,160 square kilometers, of which about 220 square kilometers (21%) have been recaptured by Russia. According to DeepState estimates, the zone of ​​hostilities in the Kursk

In August, consumer prices increased by 0.6% for the month. On an annualized basis (August 2024 compared to August 2023), inflation accelerated to 7.5% from 5.4% a month earlier, according to the Monitoring of Major Economic Events in Ukraine by the Ministry of Economy. The ministry explained this trend as the coincidence of several powerful inflationary factors: high pressure on producer prices stemming from a significant increase in the price of electricity, as well as expenses to purchase or operate

According to the results of the first three quarters of the year from the Ukrainian sea corridor’s operation, Ukrainian seaports increased cargo transshipment by 80% compared to the same period last year: 74 million tons were processed. Agricultural products comprised 62.6% of the export cargo flow (46.3 million tons), emphasizing its importance for the national economy and exports. Ports in September recorded a cargo turnover of seven million tons, which is more than 100% higher than in the corresponding month

In the last days of September, for the first time since May of this year, Ukraine exported about 0.8 GWh of electricity during a period of small domestic demand, according to the Center for Economic Strategy. “This is very little: the Southern Ukrainian NPP can produce this amount in 15 minutes if it operates at full capacity. The export of electricity abroad is positive news, which indicates the normalization of the situation in the energy system,” explains Maksym Samoiluk, an

In Poland, a significant increase in the export of Polish products to markets in third countries, particularly Ukraine, has been recorded over the last two years, said Deputy Minister of Development of Poland Jacek Tomczak. According to him, in 2023, Poland was one of the 11 EU countries that recorded an increase in its exports, while the EU average was negative (-2.5%). “We have overtaken all the largest exporters in the EU. Even the war in Ukraine did not stop

The NBU and the Ministry of Economy presented a draft law on the war risk insurance system, which provides for the protection of insurance interests of individuals and legal entities, aimed at ensuring compensation for losses. “The lack of coverage of war risks is a significant obstacle for attracting investors for the reconstruction of Ukraine and the development of the economy. We want to correct this by creating a unified insurance system against war risks. Our goal is to combine

Data from the Center for Economic Strategy shows that, as of January 2024, 52.5% of Ukrainians who had been forced to leave the country due to the war planned to return to Ukraine. The actual number of those who will remain in other countries may range between 1.3 to 3.3 million people, according to the Demographic Development Strategy of Ukraine until 2040. How many people ultimately decide not return to Ukraine will depend on the war’s duration. It is worth

Piraeus Bank in Ukraine has reinforced its commitment to supporting business resilience and economic planning through its role as the general sponsor of the recent War & Business: Planning for an Uncertain Winter and 2025 event, organized by the Ukrainian Business News (UBN) community. The event, held at the Parkovyi Congress Center in Kyiv on September 27th, brought together key government officials, top business leaders, and industry experts to discuss strategic planning and critical topics affecting Ukraine’s business and economic

During the second international Defense Industries Forum (DFNC2), members of the “Ukrainian defense industry” signed cooperation agreements with four companies from the US, France, and Poland in the fields of ammunition and special chemicals, unmanned systems, radio-electronic intelligence, and combat. At the same time, the Ukrainian Armored Vehicles company signed cooperation agreements with a Czech holding, Czechoslovak Group, which relate to the supply of components and the production of ammunition. The Joint production will launch in early 2025, producing about

During the first eight months of the year, weapons production in Ukraine increased by 100% compared to the same period last year, Prime Minister Denys Shmyhal said at DFNC2. According to him, weapons production increased by 200% last year, and 65% more funds (+₴300B) have been earmarked for producing weapons and military equipment in the 2025 state budget draft. Speaking at the forum, President Zelenskyy said that Ukraine can produce four million drones per year and has increased artillery and

USAID Administrator Samantha Power reported that more than 250,000 people in our country need rehabilitation support during her third visit to Ukraine since the full-scale war began. Therefore, USAID has decided to launch a new rehabilitation program with a $13M budget, which will be used to help Ukrainians recover from their injuries. She also announced a $825M commitment to Ukraine’s energy system this winter, as Russian dictator Putin is once again preparing to use the cold as a weapon. “This

Since the beginning of the full-scale invasion through July 2024, the total amount of Ukraine’s indirect losses, including current and projected losses of revenue and added value, is estimated at $1.164T and $385.7B, respectively, by the Kyiv School of Economics (KSE). The productive sectors of the economy suffered the most significant indirect losses. Losses in trade amount to $450.5B, and other industries losses were estimated at $409.9B in construction and services and $83.1B in agriculture. Infrastructure sectors also suffered significant

Speaking at the Warsaw Security Forum, the Minister of Foreign Affairs of Latvia, Baiba Braže, said that Ukraine will have NATO’s second strongest army on the European continent after joining the Alliance. It is surpassed only by large military players like the US and Turkey. During the same discussion, the Minister of Foreign Affairs of Ukraine, Andrii Sybiha, emphasized that the transatlantic community needs Ukraine to “guarantee security” and “gain more competitive advantages.” In turn, the Minister of Foreign Affairs

A drop in oil prices to $40 per barrel within a year would lead to Russia lacking funds to wage its war against Ukraine, said former Russian Prime Minister Mykhailo Kasyanov at the Warsaw Security Forum. He added that revenues from oil and gas exports accounted for 45% of federal budget revenues in 2021, and now it is much lower – 30%, because Europe was able to abandon Russian gas. Kasyanov believes that lower oil prices will negatively impact the

The current version of the draft law provides for an increase in the military tax from 1.5% to 5%, a 50% tax on bank profits in 2024, and 25% for non-bank financial institutions. The bill foresees additional revenue of ₴58B in 2024 and ₴137B in 2025. However, business believes that the draft law’s adoption may lead to many negative consequences for the Ukrainian economy, in particular: Reduction of economic activity Increasing fiscal pressure on legal businesses Growth in consumer prices

Saudi Arabia will collapse oil prices to $50 per barrel if OPEC+ member countries continue to violate production limits, the country’s oil minister, Abdelaziz bin Salman, warned during a conference call. He emphasized the role played by two states in violating the agreements. These states are Iraq, which exceeded quotas by 400,000 barrels per day in August, and Kazakhstan, which plans to increase production at the Tengiz field with an output of 720,000 barrels per day. “It makes no sense

The National Energy Regulator of Ukraine approved a draft resolution of amendments to the Code of Gas Distribution Systems. It unifies technical conditions for connecting biomethane production facilities to gas distribution networks. With a contractual agreement, producers of biomethane or other types of alternative gas will be able to connect their installations to Ukraine’s gas system. The contract must include technical conditions detailing the construction from the point of connection in the operator’s system to the producer’s installation. The customer

Jysk, an international home furnishing retailer, is opening a new store in Chernivtsi on Thursday, October 3, said Yevhen Ivanitsa, the Country Director in Ukraine. Since the start of the full-scale invasion in 2022, the company has invested UAH 400M ($10M) in opening 20 new stores, remodeling 17 existing stores, and repairing six damaged stores in several regions of the country. Moreover, the Danish retail chain plans to open more stores in the near future as a result of growing

Primary housing market dynamics are currently showing growth after their collapse in the first year of the war when the pace of construction fell by an average of 65%. Since the beginning of the full-scale invasion, sales have started in 481 residential complexes. Almost a third of the total number was launched in Lviv and the region (138 housing complexes) – this is 100% more than in Kyiv and the region. During the war, sales have been completed for more