Economy

Tuesday, November 19

The EU has paid Russia over €200B for oil and gas since the start of the full-scale war.

The EU has paid Russia over €200B for oil and gas since the start of the full-scale war. Since the beginning of the Russian Federation’s full-scale invasion of Ukraine, Moscow’s income from the export of fossil fuels has reached almost €785B. Despite sanctions, the EU remains ...

State banks are displacing their competitors: How much did financial institutions earn in three quarters of the year?

State banks are displacing their competitors: How much did financial institutions earn in three quarters of the year? After paying taxes, 62 Ukrainian banks generated ₴117.63B ($2.8B) in profit for the first nine months of the year. Even though the banking sector’s tax rate increased significantly this year, to...

Monday, November 18

Ukraine passes Russia and becomes Germany’s leading trading partner among the post-Soviet countries.

Ukraine passes Russia and becomes Germany’s leading trading partner among the post-Soviet countries. Russia has lost its long-standing position and dropped to second place, according to data on German export and import operations for three quarters of the year, published by the German Committee on Ea...

The EU is working to deploy new sanctions against the Russian shadow fleet by the end of the year; current restrictions affect less than 50% of Russian oil exports.

The EU is working to deploy new sanctions against the Russian shadow fleet by the end of the year; current restrictions affect less than 50% of Russian oil exports. According to Bloomberg, the sanctions package, which the EU plans to approve by the end of the year, will also include sanctions against those involved in this trade. Member states are still negotiati...

ISW: New signs of future problems in the Russian economy.

ISW: New signs of future problems in the Russian economy. According to the Institute for the Study of War, the Kremlin recently adopted several measures aimed at reducing public spending on treating wounded Russian servicemen, fighting inflation, and solving...

Ukraine increased its turnover from the export of grain and oilseeds by $1.6B.

Ukraine increased its turnover from the export of grain and oilseeds by $1.6B. Export turnover of grain, oilseeds, meal, and oil in the 2024/2025 season (July-October) amounted to $6.1B, which is $1.6B more than last season. Farmers received significantly more from the export of...

Friday, November 15

Lending to businesses and households in Ukraine has been growing for a year and a half; rates have been reduced for both loans and deposits.

Lending to businesses and households in Ukraine has been growing for a year and a half; rates have been reduced for both loans and deposits. According to the NBU, in the third quarter of 2024 loan portfolio volume increased by 22.4%. Hryvnia business loans grew by 6.9%, and individual loans increased by 9.7%. Loans in wholesale trade and t...

Ukraine is working on a social housing project and plans to build 6,200 apartments this year; this is necessary for Ukrainians to return.

Ukraine is working on a social housing project and plans to build 6,200 apartments this year; this is necessary for Ukrainians to return. The pilot project from Ukraine’s Reconstruction Agency to provide social housing will begin this year. It envisages the construction of 6,200 apartments, the head of the agency, Serhiy Sukhomlyn...

European businesses will invest in rebuilding Ukraine through the UIF.

European businesses will invest in rebuilding Ukraine through the UIF. At the first EU-Ukraine Investment Conference in Warsaw, the EU called on European companies to invest in Ukraine’s restoration and reconstruction. Interested European companies can submit their...

An international tobacco products producer plans to restore its 28.5% share of the Ukrainian market in one to two years.

An international tobacco products producer plans to restore its 28.5% share of the Ukrainian market in one to two years. Philip Morris International (PMI) lost about half of its 28.5% Ukrainian market share after the war began , which led to the closing of its factory near Kharkiv. So far, the company has restored about...

International manufacturers of building materials are buying up land in Ukraine to construct industrial facilities for Ukraine’s reconstruction.

International manufacturers of building materials are buying up land in Ukraine to construct industrial facilities for Ukraine’s reconstruction. According to CBRE Ukraine, many international companies producing building materials, in anticipation of the post-war rebuilding of Ukraine, have already acquired or are in the process of acquiring la...

Despite production restrictions, the global oil market will face a daily surplus of one million barrels next year.

Despite production restrictions, the global oil market will face a daily surplus of one million barrels next year. This will happen even if the OPEC+ oil cartel decides to maintain current production restrictions, the International Energy Agency (IEA) reports. China is one of the key reasons for the expected surpl...

Thursday, November 14

What are the government’s plans for the ₴25B in reconstruction money in 2025?

What are the government’s plans for the ₴25B in reconstruction money in 2025? The Ministry of Finance, the Ministry of Economy, and the Ministry of Infrastructure selected 136 reconstruction-focused investment projects from 750 proposals submitted through the Dream system. Howe...

ARX and the DFC team up to offer war risk insurance coverage to businesses for up to ₴100M.

ARX and the DFC team up to offer war risk insurance coverage to businesses for up to ₴100M. The ARX company, a subsidiary of the international Fairfax Financial Holdings group, together with the DFC (US International Development Finance Corporation), will offer Ukrainian and international co...

What key Ukrainian industries have suffered enormous losses during the war?

What key Ukrainian industries have suffered enormous losses during the war? The full-scale war has caused severe economic losses to Ukraine. Gross value added fell by 21%, and Ukraine’s need for reconstruction funds totals $486B. Ukraine’s industrial sector, once ...

The co-founder of one of Ukraine’s largest supermarket chains is investing over $21M in a cottage town near Kyiv and will open shopping centers in small towns.

The co-founder of one of Ukraine’s largest supermarket chains is investing over $21M in a cottage town near Kyiv and will open shopping centers in small towns. BGV Development, a real estate development company from co-owner of the ATB supermarket chain, Gennady Butkevych, is investing in a premium cottage town near Kyiv, Equides Villas, that will be built n...

How has Ukraine’s real estate market overcome three years of war?

How has Ukraine’s real estate market overcome three years of war? According to LUN Development Director Olena Unanyan, in the pre-war year 2021 there was an active post-COVID period when the prices were rising, developers were actively launching projects, and apartm...

Wednesday, November 13

In 2024, banks in Ukraine earned ₴118B thanks to lending and bonds.

In 2024, banks in Ukraine earned ₴118B thanks to lending and bonds. From January to September, solvent Ukrainian banks earned ₴118B ($2.8B) in net profit. The NBU explained that the primary income sources were the increase in lending volumes and investment in governme...

A Ukrainian pipe manufacturer invests $1B to maintain competitiveness in the global market.

A Ukrainian pipe manufacturer invests $1B to maintain competitiveness in the global market. Over the past several years, Interpipe, a Ukrainian producer of pipes and railway wheels, has invested about $1B in the construction of a modern electric steelmaking complex – Interpipe Steel, which a...

The EU suggests avoiding a trade war with the US by reducing dependence on Russian gas.

The EU suggests avoiding a trade war with the US by reducing dependence on Russian gas. The EU wants to increase imports of liquefied natural gas from the US to reduce dependence on Russian gas and convince the next US president, Donald Trump, not to impose tariffs on European goods. EU ...

Ukraine is preparing to restart concession projects in ports to attract investment.

Ukraine is preparing to restart concession projects in ports to attract investment. The Ministry of Infrastructure is preparing new concession projects and restarting those whose implementation was stopped in Ukrainian ports, said Tymur Tkachenko, deputy head of the department. ̶...

In the business centers of Lviv, rental rates have fallen sharply; in Kyiv, prices are holding.

In the business centers of Lviv, rental rates have fallen sharply; in Kyiv, prices are holding. Business centers in Lviv are going through difficult times in the third year of the war, and vacancy rates have increased to 34%. Falling rental demand has led to a 21% drop in prices year-on-year to ...

Tuesday, November 12

Ukrainian enterprises are reorienting to the European market because of the war.

Ukrainian enterprises are reorienting to the European market because of the war. Mauro Longobardo, CEO of metallurgical giant ArcelorMittal Kryvyi Rih, said that the company is recovering from the losses of the previous two years but has not yet broken even. In 2024, the plant los...

The DFC helps Piraeus Bank to unlock $25M in new bank lending to Ukrainian SMEs.

The DFC helps Piraeus Bank to unlock $25M in new bank lending to Ukrainian SMEs. Small and medium-sized enterprises (SMEs) are the backbone of Ukraine’s economy, creating jobs and providing much-needed goods and services. Because of the war, commercial lending in Ukraine has becom...

The European Parliament will adopt a resolution on the struggle with the Russian shadow fleet.

The European Parliament will adopt a resolution on the struggle with the Russian shadow fleet. This week, the European Parliament is preparing to adopt a resolution calling for more “targeted” measures against the Russian Federation’s shadow fleet. Russia’s continued eva...

A Ukrainian investment company will soon start construction of a glass factory in the Kyiv region.

A Ukrainian investment company will soon start construction of a glass factory in the Kyiv region. The EFI Group plans to build the glass factory in the spring of 2025. “This is a very complex project; we have been working on it for two years. I hope that by the end of the year we will be abl...

An oil mega-company: Putin seeks to preserve trade revenue to continue the war by strengthening control over global energy markets.

An oil mega-company: Putin seeks to preserve trade revenue to continue the war by strengthening control over global energy markets. The Kremlin is discussing the possibility of uniting Russia’s largest oil companies into one megastructure. This would entail Rosneft taking control of Lukoil and Gazpromneft. The deal would sig...

There are 14 million people of working age left in Ukraine, almost 42,000 are unemployed, and an acute shortage of personnel is pushing up salaries.

There are 14 million people of working age left in Ukraine, almost 42,000 are unemployed, and an acute shortage of personnel is pushing up salaries. After the start of the full-scale war and mass emigration in Ukraine, the working population decreased from 18 to 14 million people, said economist and member of the Economic Discussion Club, Oleg Pen...

Monday, November 11

The US will allow its contractors to repair American military equipment in Ukraine and will send more than 500 air defense missiles.

The US will allow its contractors to repair American military equipment in Ukraine and will send more than 500 air defense missiles. The US will permit American defense contractors to work in Ukraine to service and repair weapons and equipment provided by the Pentagon. The US will also send Ukraine more than 500 interceptor missile...

The SPFU found an buyer for the Bilhorod-Dnistrovskyi port after the 13th attempt – $2.6 million will be paid for the asset.

The SPFU found an buyer for the Bilhorod-Dnistrovskyi port after the 13th attempt – $2.6 million will be paid for the asset. On November 8, the State Property Fund (SPFU) held an auction for the privatization of the single property complex, Bilhorod-Dnistrovskyi Sea Trade Port, the 13th attempt. The seaport’s starting...

Inflation is accelerating in Ukraine, but the NBU predicts it will decrease next year.

Inflation is accelerating in Ukraine, but the NBU predicts it will decrease next year. In October 2024, consumer prices increased by 1.8% compared to September; annual inflation accelerated to 9.7% (8.6% in September), according to the Ukrainian State Statistics Service. Since the begin...

The World Bank will provide Ukraine over $2B, and the EIB will strengthen recovery support.

The World Bank will provide Ukraine over $2B, and the EIB will strengthen recovery support. The World Bank will provide $750M to Ukraine within the Support for Reconstruction through Smart Fiscal Management (SURGE) project framework, which supports the institutional reforms that are necessar...

Prolonged power outages in Ukraine provoke a new wave of refugees; the NBU worsens its forecast for personnel shortages and returning Ukrainians.

Prolonged power outages in Ukraine provoke a new wave of refugees; the NBU worsens its forecast for personnel shortages and returning Ukrainians. In Ukraine, increased pressure on commercial activities due to a lack of workers in the third quarter of the year was due to an increase in migration outflow that was beyond expectations, mainly due t...

Friday, November 8

Ukraine needs 4.5 million additional workers for GDP growth, while eight million people are economically inactive.

Ukraine needs 4.5 million additional workers for GDP growth, while eight million people are economically inactive. According to a study by the International Labor Organization, Ukraine needs 8.6 million additional workers to enable GDP growth. At the same time, according to the Ministry of Economy, Ukraine only ne...

An insurance broker predicts the opening of Ukraine’s skies in early 2025.

An insurance broker predicts the opening of Ukraine’s skies in early 2025. Flights from the Ukrainian airports, either Boryspil near Kyiv or in Lviv, may resume in January 2025, said a senior partner at insurance broker Marsh McLennan Crispin Ellison at the Kyiv Internationa...

The World Bank sees enormous opportunity in Ukraine: Subject to reforms, the private sector can finance approximately 33% of recovery.

The World Bank sees enormous opportunity in Ukraine: Subject to reforms, the private sector can finance approximately 33% of recovery. There are a considerable number of opportunities in Ukraine despite the full-scale war, said Lisa Kaestner, a senior official of the International Finance Corporation of the World Bank Group, at the K...

In Ukraine, the connection of biomethane producers to gas distribution systems has been simplified to promote exports.

In Ukraine, the connection of biomethane producers to gas distribution systems has been simplified to promote exports. The National Commission for Regulation of the Energy Market of Ukraine has simplified the technical requirements for connecting biomethane production facilities to gas distribution systems. A newly ap...

Thursday, November 7

Ukrainian securities and stock prices growafter Trump’s victory.

Ukrainian securities and stock prices growafter Trump’s victory. Fund managers have been buying Ukraine’s dollar bonds in a bet that Donald Trump would win the US election, accelerating an end to the war with Russia. Ukrainian Eurobonds and GDP warrants increased w...

Epicentr K is developing its agribusiness by constructing a port terminal.

Epicentr K is developing its agribusiness by constructing a port terminal. The Epicentr K group is preparing to invest in the development of its port infrastructure, the company’s top manager, Petro Mykhailyshyn, said. “We already have 170,000 hectares of land an...

A Ukrainian manufacturer of non-ferrous metal products launches a €19M cable production plant in Poland.

A Ukrainian manufacturer of non-ferrous metal products launches a €19M cable production plant in Poland. One of the largest producers of non-ferrous metal products in Ukraine, Electro Cable Group, launched a cable production plant in the Polish city of Zabrze in June. The key argument in Poland’s f...

A famous Ukrainian chef has invested €500,000 to launch two retail businesses and expects to attract another €1.5M.

A famous Ukrainian chef has invested €500,000 to launch two retail businesses and expects to attract another €1.5M. Chef and restaurateur Yevhen Klopotenko invested €500,000 in creating the 100Years brand and the 100shop online store. By the end of 2025, Klopotenko hopes to bring both businesses to self-sufficiency...

A Chinese investor is buying the largest private amber deposit in Ukraine.

A Chinese investor is buying the largest private amber deposit in Ukraine. The Sun-Craft Center company, which mined the most amber among private subsoil users in Ukraine last year, is being bought by Chinese citizen Ren Yongpeng. His company, Lumos Plus, has become the sole...

An international industrial group has invested more than €11M in launching a plant to produce building materials in Prykarpattia.

An international industrial group has invested more than €11M in launching a plant to produce building materials in Prykarpattia. The Saint-Gobain international group’s first plant in Ukraine opened in the Ivano-Frankivsk region. The enterprise will provide employment for about 50 people and produce gypsum mixtures under t...

Wednesday, November 6

The co-owner of a Ukrainian supermarket chain enters the real estate development business.

The co-owner of a Ukrainian supermarket chain enters the real estate development business. BGV Group Management, an investment company and co-owner of one of the largest retail chains in Ukraine, ATB, has partnered with SAGA Development, a Ukrainian developer with a two million square meter...

In October, the Ministry of Finance raised a record ₴107B from the issuance of government bonds.

In October, the Ministry of Finance raised a record ₴107B from the issuance of government bonds. Last month ₴106.9B was obtained from OVDP sales, equivalent to ₴83.4B and $569M. At the same time, military bonds accounted for almost ₴82.8B of the total volume of government bonds issued last month....

The lease of 1,200 hectares of state farmland brought ₴35M to Ukraine’s coffers.

The lease of 1,200 hectares of state farmland brought ₴35M to Ukraine’s coffers. The main takeaway from the first month of auctions by the Land Bank is ₴34.7M including VAT paid to the budget and 19 concluded agreements with winners from six regions. As a result of these auctions,...

Ukraine’s largest lead production plant and DTEK Skhidenergo are being liquidated.

Ukraine’s largest lead production plant and DTEK Skhidenergo are being liquidated. The court opened bankruptcy proceedings and opened the liquidation procedure for the Svynets Specialized Enterprise from the Donetsk region. It was the largest producer of secondary lead and lead-cont...

The parliament names the most profitable building materials production projects for investment.

The parliament names the most profitable building materials production projects for investment. Head of the Verkhovna Rada committee on urban planning, Olena Shulyak, said that before the war the construction industry traditionally accounted for 4% of Ukraine’s GDP. At the same time, durin...

Ukraine’s investment climate shows signs of improvement.

Ukraine’s investment climate shows signs of improvement. Ukraine’s investment attractiveness index increased to 2.49 points in 2024 (out of a possible five) from 2.44 points in 2023, according to a survey by the EBA, in which 80 top managers of intern...

Tuesday, November 5

The IMF criticizes the 50% tax rate on banks’ profits and advises Ukraine to increase its internal financing sources.

The IMF criticizes the 50% tax rate on banks’ profits and advises Ukraine to increase its internal financing sources. The deputy head of the IMF mission in Ukraine, Trevor Lessard, noted that the introduction of a 50% tax on bank profits for the second year in a row contradicts the nature of taxing excess profits, un...

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