Finance

Monday, June 30

The EBRD and IFC will support Ukrainian banks in commercial lending.

The EBRD and IFC will support Ukrainian banks in commercial lending. The EBRD might offer state-owned Ukreximbank a guarantee of up to €50M to cover as much as 50% of the credit risk on a portfolio of new loans to small and medium-sized enterprises (SMEs) valued at up ...

The EC will provide €11B for Ukraine this year through a G7 loan secured by Russian assets.

The EC will provide €11B for Ukraine this year through a G7 loan secured by Russian assets. The European Commission will continue providing military, political, and economic support to Ukraine, said European Commission President Ursula von der Leyen. “Militarily, we recently allocated ...

Friday, June 27

Ukraine’s public debt increased by $1B in a month. The government is preparing to restructure a Chinese loan.

Ukraine’s public debt increased by $1B in a month. The government is preparing to restructure a Chinese loan. In May, Ukraine’s total public and state-guaranteed debt increased by $1B to $180.97B, reported the Ministry of Finance. Most of the debt is external, totaling $134.48B, which makes up 74.3% of ...

Ukraine is planning changes to its preferential lending program for the defense industry: What are the plans?

Ukraine is planning changes to its preferential lending program for the defense industry: What are the plans? The Ministry of Strategic Industry is working on expanding the preferential lending program for manufacturers of weapons and military equipment, launched in November 2024. By June 2025, the program ha...

Monday, June 23

The EU is preparing a plan to generate more profit from frozen Russian assets in support of Ukraine.

The EU is preparing a plan to generate more profit from frozen Russian assets in support of Ukraine. The European Union is considering transferring frozen Russian state assets (almost €200B) from Euroclear in Belgium to a “specialized organization” under the auspices of the EU. The main a...

Business lending in Ukraine is poised for growth due to new tools.

Business lending in Ukraine is poised for growth due to new tools. “This year has seen the emergence of new work areas. For instance, consortium lending enables funding for large-scale infrastructure projects. Banks, both private and state-owned, are collaborat...

Disregarding the war, ASVIO Investment Holding will acquire the Kraina insurance company.

Disregarding the war, ASVIO Investment Holding will acquire the Kraina insurance company. The ASVIO Investment Holding compay, which owns Asvio Bank, announced the acquisition of the Kraina insurance company. The deal occurs during the full-scale war, amid high competition in the insurance...

Thursday, June 19

The NBU predicts a 20-25% increase in lending this year, with banks utilizing ₴1T in resources.

The NBU predicts a 20-25% increase in lending this year, with banks utilizing ₴1T in resources. As reported by Kateryna Rozhkova, Deputy Head of the National Bank, it is expected that bank loan portfolios will grow by approximately 20-25% this year, which would balance investments in government ...

Wednesday, June 18

In the second half of the year, bank lending rates may return to last year’s levels of 17-18% per annum.

In the second half of the year, bank lending rates may return to last year’s levels of 17-18% per annum. Under favorable economic conditions, rates on auto loans, loans for small and medium-sized businesses, and mortgages may align with the 2024 level: They are expected to decrease by an average of one p...

Ukraine has already received nearly $18B in loans and grants from its international partners.

Ukraine has already received nearly $18B in loans and grants from its international partners. In the first five months of 2025, Ukraine received close to $18B in foreign aid through concessional loans and grants, according to an NBU report. By the end of the year, this amount could rise to $55...

Tuesday, June 17

The NBU will resume reductions in the key policy rate in the second half of the year.

The NBU will resume reductions in the key policy rate in the second half of the year. Members of the Monetary Policy Committee of the National Bank are considering the possibility of easing the interest rate policy in the second half of 2025. However, given the balance of risks, they a...

Ukrainian banks have earned almost ₴255B during the 3.5 years of war.

Ukrainian banks have earned almost ₴255B during the 3.5 years of war. According to the NBU, in the first quarter of 2025 the banking sector reported ₴40B ($955M) in profit, with state-owned banks, including PrivatBank, generating 65.7% of this amount. Last year, banks a...

Some Ukrainian private equity firms have delivered better returns than anticipated.

Some Ukrainian private equity firms have delivered better returns than anticipated. In 2024, UMGI’s portfolio companies demonstrated significant growth, generating $262.21M in gross revenue, nearly 1.5 times higher than the previous year. That year, the private equity firm focu...

Monday, June 16

Ukraine risks losing out on billions in aid from the EU, and the IMF will decide on a new tranche in the coming weeks.

Ukraine risks losing out on billions in aid from the EU, and the IMF will decide on a new tranche in the coming weeks. Ukraine may not receive up to €1.5B in aid from the EU due to its failure to achieve reforms envisaged in the Ukraine Facility program, say CES experts. The government has not fulfilled three structur...

Ukrainians boosted their investments in hryvnia deposits and amassed a record amount of savings in May.

Ukrainians boosted their investments in hryvnia deposits and amassed a record amount of savings in May. The funds placed by individuals in bank accounts in both hryvnia and foreign currency increased by 0.8% in May to reach a record ₴1.266T. According to the NBU, since the beginning of the year the volu...

Thursday, June 12

Ukraine and the EBRD are working together on nine energy projects.

Ukraine and the EBRD are working together on nine energy projects. Ukraine’s Minister of Finance, Serhiy Marchenko, and Mark Bowman, VP of the EBRD, have agreed to continue these initiatives, which are aimed at strengthening Ukraine’s energy security. Dur...

Wednesday, June 11

What business support programs are available to Ukrainian entrepreneurs in June?

What business support programs are available to Ukrainian entrepreneurs in June? These three new opportunities have emerged for Ukrainian entrepreneurs, from grants for clusters and cooperatives to initiatives that promote the employment of veterans: Grants for clusters and agricu...

Which countries and organizations have been Ukraine’s largest financial donors during the war?

Which countries and organizations have been Ukraine’s largest financial donors during the war? The EU, the US, the IMF and Japan have been the main donors to Ukraine’s state budget during the full-scale war. Also, a significant portion of the funds came under the ERA mechanism through the...

Monday, June 9

Ukraine is outraged by the payment of €3B from Russian assets to private investors.

Ukraine is outraged by the payment of €3B from Russian assets to private investors. Ukraine is dissatisfied with the decision made by the Belgian depository Euroclear to disburse €3B from frozen Russian funds to Western investors who suffered losses due to the seizure of their money ...

Thursday, June 5

The Ukrainian Parliament has announced its strategy for tackling the budget deficit.

The Ukrainian Parliament has announced its strategy for tackling the budget deficit. Danylo Hetmantsev, head of Committee on Finance, confirmed that there are no plans to raise taxes in 2026, and that the shortfall in the state budget will be managed through alternative sources. He no...

S&P downgrades Ukraine’s GDP-linked bonds to default after failing to make a $665M payment.

S&P downgrades Ukraine’s GDP-linked bonds to default after failing to make a $665M payment. The international rating agency S&P Global announced Ukraine’s default on its GDP-linked bonds. On June 2, the Ukrainian government failed to make the required payment of $665M, which led to...

The NBU’s currency restrictions significantly impede investment in Ukraine.

The NBU’s currency restrictions significantly impede investment in Ukraine. While the ongoing full-scale war is the primary cause for the drop in foreign investment Ukraine has experienced, there are additional barriers at play, according to Oleksandr Vodoviz, a senior execut...

Wednesday, June 4

Ukraine and the World Bank are negotiating a loan agreement for at least $1B.

Ukraine and the World Bank are negotiating a loan agreement for at least $1B. According to the Ministry of Finance, this week a World Bank team, along with representatives from the Ministry of Finance and the Ukrainian government, will collaborate to finalize the key parameters...

Ukraine will have to pay interest on money owed to its creditors due to its default on GDP warrants.

Ukraine will have to pay interest on money owed to its creditors due to its default on GDP warrants. A group of holders of GDP warrants in Ukraine issued a statement regarding the state’s default on these securities. The creditors noted that now Ukraine will be compelled to pay interest on the unpaid...

Tuesday, June 3

For the first time in two years, the average number of microloans in Ukraine has decreased, but their amounts are 100% higher than at the beginning of the full-scale war.

For the first time in two years, the average number of microloans in Ukraine has decreased, but their amounts are 100% higher than at the beginning of the full-scale war. Since the start of 2025, Ukrainians have entered into more than 2.17 million agreements with microfinance organizations (MFIs) for a total of almost ₴13B. Microloans increased by 8%, but the average l...

The Ministry of Finance is preparing for the continuation of the war through 2026.

The Ministry of Finance is preparing for the continuation of the war through 2026. The Ministry of Finance of Ukraine is approaching the preparation of the state budget for 2026 from the most cautious position: The simplest option is to plan for the war to persist for the entire yea...

Monday, June 2

Ukraine will miss a $665M GDP warrant payment due on June 2nd.

Ukraine will miss a $665M GDP warrant payment due on June 2nd. Kyiv has not reached an agreement with its creditors and will fail to make a $665.5M state debt payment related to GDP warrants, which are debt obligations tied to economic growth rates. Ukraine was s...

Friday, May 30

Bankers and financiers assessed the sector’s stability as the best since 2021. The assets held by the non-banking financial sector increased by 4.6%.

Bankers and financiers assessed the sector’s stability as the best since 2021. The assets held by the non-banking financial sector increased by 4.6%. The heads of the largest banks and non-banking financial institutions reported positive evaluations of the current state and stability of the financial sector, noting its best condition since 2021. Me...

Thursday, May 29

How does digitalization increase the efficiency and competitiveness of businesses in Ukraine?

How does digitalization increase the efficiency and competitiveness of businesses in Ukraine? Piraeus Bank notes that introducing digital technologies into business processes enables automation, reduces costs, and enhances customer service. In wartime conditions, constant changes in the regula...

Wednesday, May 28

Ukraine will receive an additional $300M under the RISE program to support business initiatives.

Ukraine will receive an additional $300M under the RISE program to support business initiatives. The Ministry of Economy and the World Bank discussed the implementation of the RISE program. Under this initiative, Ukraine signed agreements with the World Bank last year totaling $593M and has alrea...

The UK will allocate $3B of the profits from frozen Russian assets to support Ukraine.

The UK will allocate $3B of the profits from frozen Russian assets to support Ukraine. Ukraine and the United Kingdom have signed a project agreement regarding the use of excess profits from frozen Russian assets as part of the ERA initiative for the armament and repair of military equi...

Tuesday, May 27

Ukraine faces the risk of losing a portion of its EU funding.

Ukraine faces the risk of losing a portion of its EU funding. Analysts report that in the first quarter, Ukraine failed to meet four indicators required under the Ukraine Facility program on time. This situation may not only postpone the disbursement of the prog...

Ukrainian Eurobonds have been among the worst performers in emerging market securities, as investors’ hopes for a ceasefire have not materialized.

Ukrainian Eurobonds have been among the worst performers in emerging market securities, as investors’ hopes for a ceasefire have not materialized. Those investing in Ukrainian dollar-denominated Eurobonds have lost more than 10% since the start of 2025, marking the worst performance among emerging markets, as the prospects for US President Trump...

Wednesday, May 21

The IMF initiates a new EFF program review with Ukraine with $487M at stake.

The IMF initiates a new EFF program review with Ukraine with $487M at stake. On May 20, the IMF began its mission for the eighth review of the Extended Fund Facility (EFF) for Ukraine. The previous day, a foundational meeting was held with representatives from the National Ban...

Business lending in Ukraine is on the rise, propelled by farmers and builders.

Business lending in Ukraine is on the rise, propelled by farmers and builders. The Banking Sector Review for Q1 2025 shows that banks are increasing the pace of business lending while also extending loans to the consumers. As a result, the growth of the net commercial hryvnia lo...

Ukrainian bank clients will save €70-100M by joining the single euro payments market.

Ukrainian bank clients will save €70-100M by joining the single euro payments market. Ukraine’s entry into the SEPA (Single Euro Payments Area) system, assuming the current volumes of international payments are maintained, will enable Ukrainian bank clients to save between €70 an...

Tuesday, May 20

In Ukraine, the share of NPLs is projected to fall to pre-war levels this year.

In Ukraine, the share of NPLs is projected to fall to pre-war levels this year. In the first three months of 2025, the share of NPLs in the banking sector decreased to 28.6%, which is 1.7 percentage points lower than at the beginning of the year and 8.8 percentage points lower th...

More than a third of Ukrainian bank deposits are held in foreign currency, despite their lower profitability.

More than a third of Ukrainian bank deposits are held in foreign currency, despite their lower profitability. According to the NBU, as of April 1 ₴1.392T was held in banks and protected by the Deposit Guarantee Fund (DGF). Since the start of the year, this amount has hardly changed (+₴0.6B). Meanwhile, in 60 ...

Finland will provide Ukraine with ammunition sourced from frozen Russian assets, following a €90M agreement.

Finland will provide Ukraine with ammunition sourced from frozen Russian assets, following a €90M agreement. Finland has been selected as one of the implementing nations in an initiative in which the EU will aid Ukraine with defense resources derived from these frozen assets. Helsinki plans to acquire heavy ...

Monday, May 19

Ukraine isn’t concerned about potentially missing a payment on GDP warrants, even with the risk of default.

Ukraine isn’t concerned about potentially missing a payment on GDP warrants, even with the risk of default. During a recent meeting with investors in London, Government Commissioner for Public Debt Management Yuriy Butsa emphasized that Ukraine will not hasten to restructure the 2015 government derivatives ...

Friday, May 16

The EBRD will facilitate €60M in loans to Ukrainian businesses to enhance energy production, storage, and efficiency.

The EBRD will facilitate €60M in loans to Ukrainian businesses to enhance energy production, storage, and efficiency. Through a risk-sharing arrangement, EBRD will back the issuance of new loans by ProCredit Bank to small and medium-sized enterprises in Ukraine. With EBRD’s assistance, the bank anticipates providing ...

Thursday, May 15

The IFC is set to invest $3B in Ukraine within the next 18 months.

The IFC is set to invest $3B in Ukraine within the next 18 months. According to regional manager Alfonso Garcia Mora, since the full-scale Russian invasion the IFC, part of the World Bank Group, has ramped up its investment in Ukraine by nearly 300%. To date, $2.2B h...

Wednesday, May 14

The Minerals Deal: A Critical Step in Ukraine’s Path Towards Independence

The Minerals Deal: A Critical Step in Ukraine’s Path Towards Independence In his infamous 2021 essay, “On the Historical Unity of Russians and Ukrainians”, published just 7 months before the full-scale invasion, President Putin insisted that the “true sovereignty of Ukraine...

Monday, May 12

The NBU has eased currency restrictions to encourage foreign investment.

The NBU has eased currency restrictions to encourage foreign investment. The National Bank has launched a “stimulating currency liberalization” aimed at attracting foreign capital to Ukraine. Its essence is to create a mechanism that will encourage foreign inve...

Tuesday, May 6

The IMF recommends increasing several tax rates to satisfy Ukraine’s 2026 state budget.

The IMF recommends increasing several tax rates to satisfy Ukraine’s 2026 state budget. At the 2025 Spring Meetings in Washington, the IMF provided Ukrainian government officials with various recommendations on addressing the state budget for 2026. It is noted that representatives from U...

Monday, May 5

The EU will confiscate Russia’s frozen assets, but not for Ukraine.

The EU will confiscate Russia’s frozen assets, but not for Ukraine. Euroclear, the international clearing company, plans to withdraw and distribute approximately €3B in frozen Russian funds to compensate Western investors affected by the decisions of the Russian gover...

Friday, May 2

Ukrainian companies’ debt reduction exceeded foreign direct investment by 200%.

Ukrainian companies’ debt reduction exceeded foreign direct investment by 200%. Ukrainian businesses reduced their net debt over 2022-2024 by increasing their liquid funds and deposits and reducing debt to Ukrainian banks by $21B, which is 200% more than foreign investment over t...

Wednesday, April 30

Ukraine’s national energy company has reached an agreement to restructure its $825M green bond debt.

Ukraine’s national energy company has reached an agreement to restructure its $825M green bond debt. NEC Ukrenergo has finalized an agreement to restructure the terms of its debt stemming from state-backed green sustainability-linked development bonds with a rate of 6.875% per annum, maturing in 2028...

Ukraine’s national debt has reached another historic high of nearly $172B.

Ukraine’s national debt has reached another historic high of nearly $172B. According to the Ministry of Finance, Ukraine’s total public (direct and guaranteed) debt increased by 1.56%, or $2.64B, in March, totaling $171.73B compared to the previous month. Direct extern...

What are the possible consequences of reducing Ukraine’s financial assistance?

What are the possible consequences of reducing Ukraine’s financial assistance? If Ukraine’s budget gap increases in the next two years and the situation with external financing does not improve, a large-scale reduction in the NBU’s reserves and a sharp devaluation of...

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