Sanctions are slowly destroying Russian businesses with payment issues. New US restrictions imposed in June have put local banks in countries that trade with Russia at a higher risk of so-called secondary penalties, which is delaying or disrupting payments to and from cou... #China #RussianBusiness #SanctionsAgainstRussia #SecondarySanctions #Turkey
The EC has restricted companies and private investors from exchanging assets with Russians. The European Commission has prohibited individuals and legal entities from EU countries from participating in an asset exchange scheme proposed by Russia. This is in response to the participation of t... #circumventionOfSanctions #EuropeanCommission #ExchangingAssets #ForeignInvestor #RussianAssets
Ukrainian farmers have received ₴62.9B in loans since the beginning of the year, and banks have received ₴38B in loan applications for energy infrastructure restoration projects. Since the start of the year, 9,075 farmers have received ₴62.9B in bank loans. Farmers from the Kyiv, Dnipropetrovsk, Cherkasy and Kirovohrad regions received the largest loans under various programs.... #AffordableLoans #AndriiPyshnyi #BusinessDevelopment #LoansforBusiness #SupportBusiness #Ukrainianfarmers
The EU is preparing indefinite sanctions to be placed on Russian assets to enable Ukraine’s $50B loan as part of the G7 initiative. EU countries are discussing options for extending the period between reviews of the sanctions on the Russian central bank’s assets to ensure the operation of the G7 plan to provide Ukraine with ... #LoanForUkraine #RussianAssetsArrested #RussianAssetsProfits #RussianCentralBank #SanctionsAgainstRussia
The US is preparing to confiscate Russian money: Financial institutions are required to report any Russian assets. The US Treasury Department has required institutions that own Russian state assets to inform about them as part of implementing the Law on Restoring Economic Prosperity and Opportunities for Ukrainian... #CompensationForUkraine #ReparationsForUkraine #RussianAssets #RussianAssetsConfiscation
Ukrainians continue to deposit more money into their savings; in the first half of the year, deposits increased by ₴60.2B. According to the Deposit Guarantee Fund for Individuals, as of July 1, 2024, the total amount of deposits of individuals and entrepreneurs in Ukrainian banks reached ₴1,295T, which is ₴28.9B more than... #BankDepositsinUkraine #DepositGuaranteeFund #financeUkraine #UkrainianBanks
The NBU has simplified access of foreign investors to instruments for rebuilding Ukraine. The National Bank of Ukraine has adopted a decision that will allow foreign investors to get direct access to marketable debt instruments aimed at Ukraine’s recovery. Starting on July 24, the li... #ForeignInvestor #InvestmentsinUkraine #nbu #UkraineRecovery #UkraineSecurities
The EU will adjust sanctions to ensure the earnings from frozen Russian assets are not interrupted. The EU has presented member states with two options to freeze Russian Central Bank assets for extended periods. It seeks to assuage US concerns over a G7 plan to leverage the profits from these assets... #G7 #LoanForUkraine #RussianAssetsArrested #RussianAssetsProfits #RussianCentralBank #SanctionsAgainstRussia #SupportUkraine
The EU will provide Ukraine Railways €43M for the modernization and construction of European-standard track. The EU will allocate €42.95M to Ukrainian Railways (UZ) to improve the country’s railway network and begin the transition to 1,435 mm track to ensure infrastructure compatibility and increase th... #EuroTrack #RailwayInfrastructure #UkrainianRailways #UZmodernization
Founders of industrial parks are eligible to receive ₴150M from the state for infrastructure development. The Ministry of Economy agreed to cooperate with Ukreximbank through the State Stimulation of the Creation of Industrial Parks program. Oschadbank and Ukrgazbank plan to join the program soon. The pro... #IndustrialPark #infrastructureUkraine #oschadbank #SupportBusiness #Ukreximbank #ukrgazbank
Ukraine agreed to a debt restructuring with its Eurobond holders. As Prime Minister Denys Shmyhal reported, Ukraine has reached fundamental agreements with a committee of Eurobond owners. This is a crucial stage in Ukraine’s debt restructuring, saving $11.4B i... #DebtRestructuring #DenysShmyhal #Eurobond #UkraineBond #ukrainedebt
International partners offer development grants to Ukrainian businesses. The Norwegian Nansen Grant Program opened a competition for projects from Ukrainian agricultural producers and processing enterprises. The competition aims to promote investment-ready projects, partic... #GrantsForBusiness #InvestmentsinUkraine #NansenGrantProgram #ProcessingPlantUkraine #STAGEinitiative #SupportBusiness #ukrainianbusiness
The Ministry of Finance has updated the Reform Matrix; Ukraine has already fulfilled 108 indicators in the year’s first half. The Ministry of Finance has updated the Reform Matrix, an analytical tool used to monitor the fulfillment of the requirements of international partners in real-time. In the updated Reform Matrix, ther... #imf #ReformMatrix #ReformsinUkraine #UkraineFacility #worldbank
Ukraine has fulfilled more than 50% of the IMF’s requirements and received $10.2B from the IMF since the beginning of the war. As Minister of Finance, Serhiy Marchenko noted: “The Government of Ukraine, the National Bank of Ukraine, and other authorities have so far implemented 23 structural beacons out of 37 stipulated... #financialaidforUkraine #imf #IMFStructuralBeacons #ReformsinUkraine #SerhiyMarchenko #UkraineBudget2024
The German government has confirmed that it has earmarked half the amount for military aid to Ukraine in the 2025 budget, counting on income from the Russian assets. In its draft budget for 2025, Germany will provide €4B for military aid to Ukraine, calculating that Kyiv’s needs for military support will be covered mainly by interest from the frozen assets o... #Bundestag #ChristianeHoffmann #Germany #MilitaryAidforUkraine #RussianAssetsProfits
The Ministry of Defense explained where the additional almost ₴500B from the state budget will be allocated. In a draft law on increasing state budget expenditures in 2024 approved by the Cabinet of Ministers, which the parliament must approve, financial support for the security and defense sector is expecte... #DefenseIndustryUkraine #DefenseSpending #UkraineBudget2024 #WarinUkraine
Ukraine is trying for the second time to restructure more than $20B in Eurobonds. A group of Ukrainian bondholders has signed non-disclosure agreements to begin a second round of formal talks with the Ukrainian government to restructure more than $20B in debt. Negotiations started ... #DebtRestructuring #Eurobond #imf #UkraineBond #ukrainedebt
The government proposes increasing budget expenditures by more than ₴500B and raising taxes to obtain an additional ₴140B. Ukraine’s government approved changes to the state budget that include a proposed spending increase of ₴500.3B, of which ₴495.3B would be directed to the security sector and defense. The head of... #DefenseSpending #ExciseTaxesOnFuel #RoksolanaPidlasa #TaxesUkraine #UkraineBudget2024
The World Bank will finance Ukraine’s private sector with $1B through 2027. Deputy Minister of Economy Oleksiy Sobolev noted that over the past 1.5 years, the scope of joint work between the Ministry and the World Bank has grown significantly in many areas. Among other things... #AffordableLoans #eRobota #GrantsforUkraine #OleksiySobolev #RISE #VolodymyrKuzyo #worldbank
The EBRD provides €200M to strengthen Ukraine’s energy security and will help increase the number of Ukrainian projects that are ready to attract foreign investment. €200M from EBRD will support Naftogaz of Ukraine in creating strategic reserves of natural gas and supporting energy security. The corresponding guarantee agreement was signed by the Minister of Finan... #ArvidTuerkner #ebrd #EnergyIndependence #InvestmentsinUkraine #Naftogaz #SerhiyMarchenko #UkraineFacility
The G7 agrees to distribute a $50B Ukrainian loan from revenues from frozen Russian assets, and Moscow continues to send new threats. The G7 members are currently negotiating the allocation of aid to Ukraine following the agreement that the G7 leaders reached in June at the summit in Italy to provide a $50B loan backed by proceeds f... #G7 #Japan #LoanForUkraine #RussianAssets #RussianAssetsProfits
Russian oligarchs might be offer to provide money for Ukraine’s reconstruction in exchange for the lifting of individual sanctions. The cost of financing the post-war rebuilding of Ukraine, which exceeds $500B, requires the study of numerous financing mechanisms. Additional funds can be provided by the creation of a new type of di... #IndividualSanctions #InvestmentsinUkraine #RussianAssets #RussianOligarchs #UkraineRecovery
The EU is in a hurry to issue a $50B loan to Ukraine backed by the Russian frozen assets. The European Commission plans “very soon” to propose a $50B loan to support Ukraine and finish all the legislative work for it by the end of the year, says the Commissioner for Economy, Pa... #HungaryVeto #LoanForUkraine #PaoloGentiloni #RussianAssets #VictorOrban
Ukraine lacks ₴500B to finance planned expenditures this year, although the financial sector has increased tax payments by 170%. According to the head of the Budget Committee, Roksolana Pidlasa, to finance the necessary expenses, the state budget for 2024 lacks about ₴400-500B ($10-12B). The question of funding the state budget... #BudgetDeficit #RoksolanaPidlasa #TaxesUkraine #UkraineBudget2024 #UkraineBudgetRevenue
Banks invested 25% of assets in OVDP, so the NBU sees no need for further stimulation. The National Bank believes there is no need to stimulate banks to increase investments in domestic government bonds (OVDP). In January 2023, banks introduced the possibility of covering mandatory rese... #financeUkraine #nbu #OVDP #UkraineBond #UkrainianBanks
The NBU insists on further narrowing the state’s 5-7-9% preferential lending program. The Affordable Loans 5-7-9% state program, despite recent changes that narrowed the financing limit of working capital to ₴5M, is still not sufficiently focused on helping businesses that need it, com... #5-7-9loanprogram #AffordableLoans #financeUkraine #LoansforBusiness #nbu
War risk insurance will initially focus on retail products. According to NBU department director Pervin Dadashova, the NBU is finalizing work on a draft law that will establish a full-fledged military insurance system, which, for the first time, will focus on ... #InsuranceUkraine #nbu #WarRiskInsurance #WarRisks
DTEK Renewables has prolonged its green Eurobond payments and received support for constructing the second stage of the Tyligulska wind farm. DTEK Renewables Finance B.V. successfully negotiated with its investors, and they agreed to extend payments on green Eurobonds for three years – from November 2024 to November 2027. The bondholders al... #DTEK #EurobondsPayments #TyligulskaWindPowerPlant #UkraineGreenEnergy #WindPowerPlant
Deposit yields in Ukraine continue to fall, but loan rates are also falling. In June, the average interest rates on new hryvnia consumer deposits amounted to 10.8% per annum, 0.2 percentage points lower than a month ago, according to the National Bank. Interest rates on new de... #BankLoans #Depositrates #financeUkraine #ForeignCurrencyDeposits #HryvniaDeposits #nbu #UkraineDeposits
In August, Ukraine is scheduled to pay $210M to the owners of GDP warrants, but the Ministry of Finance is delaying the decision. Ukrainian Eurobonds holders are still determining the fate of their GDP warrants, the total nominal value of which is $3.2B. On August 1, in addition to the payment for Eurobonds maturing in 2026, Ukr... #Creditors #DebtRestructuring #Eurobond #ForeignInvestor #GDPwarrants #UkraineBond #ukrainedebt
Owners of Ukrainian GDP warrants are rallying for negotiations on restructuring. Some holders of Ukrainian GDP warrants are planning to create a group that will represent their interests in restructuring sovereign debt, the data platform on public markets, and REDD companies repor... #Creditors #DebtRestructuring #ForeignInvestor #GDPwarrants #imf #UkraineBond #ukrainedebt
Ukrainians are ready for EU tax norms but are not prepared for an immediate tax increase. Most Ukrainians (52%) are inclined to believe that the tax policy should correspond to EU taxation, according to survey data from the Razumkov Center. At the same time, 35% of respondents believe this... #RazumkovUkraine #SociologicalSurvey #TaxesinUkraine #UkraineTax #UkrainiansIncome
In June, the Ministry of Finance attracted more funds from OVDP auctions than it paid out to investors. In June, the Ministry of Finance raised ₴38.41B and $407.33M from the issuance of domestic government bonds. ₴35.3B of the total volume of OVDP issued in June were military bonds. The refinancing perc... #financeUkraine #investments #MiiltaryBonds #nbu #UkraineBond
Due to debt repayment, Ukraine’s international reserves decreased by 2.9% to $37.9B. As noted by the National Bank, June’s dynamics were caused by the NBU’s currency interventions to cover the market’s currency deficit and smooth out exchange rate fluctuations and th... #CurrencyMarket #internationalReserves #nbu #ukrainedebt #UkraineDebtRepayment #UkraineFacility #worldbank
Despite the war, Piraeus Bank continues to show long-term dedication to Ukraine by supporting the rebuilding of energy infrastructure. Piraeus Bank joined 17 leading financial institutions by signing a memorandum in Kyiv on bank lending for rebuilding energy infrastructure projects in the war-torn country. This pivotal step reaffirms... #EnergyRestore #IoannisKyriakopoulos #LoansforBusiness #PiraeusBank #PiraeusBankUkraine #YannisKyriakopoulos
Washington still needs to decide on the amount it will provide to Ukraine as part of the $50B loan secured by frozen Russian assets. The leaders of the G7 countries have agreed that each will provide Ukraine with a loan that will be repaid with the annual profit generated by frozen Russian assets. Politico believes that this proces... #G7 #GiorgiaMeloni #LoansForUkraine #RussianAssetsArrested #RussianAssetsProfits #SupportUkraine #Washington
Where will Ukraine spend the $2.2B tranche recently received from the IMF? This is part of the funds provided by the $16B Extended Fund Facility (EFF) program. Prime Minister Denys Shmyhal said this will help the government finance critical budget expenditures, social assist... #DenysShmyhal #EFFprogram #financialaidforUkraine #imf #ReformsinUkraine #UkraineBudget
Ukrnafta will receive a loan from the EBRD and invest $1B in constructing power plants to become a multi-energy company. Ukrnafta CEO Serhiy Koretskyi said that the company plans to build gas piston installations with a capacity of at least 1,000 MW. For this, the company will use its own funds and borrow funds from Ukr... #ebrd #ElectricityGeneration #energyukraine #PowerPlantUkraine #SerhiyKoretskyi #Ukrnafta
Ukrainian businesses will start insuring elevators against war risks. Elevator equipment manufacturer KMZ Industries concluded a partnership agreement with the leading insurance company in Ukraine, ARX, regarding the provision of insurance services for elevator complexe... #AgroLossesUkraine #GrainElevator #Kernel #KMZIndustries #MilitaryRiskInsurance #nibulon #UkrLandFarming #WarRisks
Ukraine makes new offers to creditors to reach an agreement on debt restructuring. Ukraine plans to include GDP warrants in a proposal to restructure international bonds worth about $20B. This is a new attempt by Kyiv to establish contact with investors after formal negotiations thu... #Creditors #DebtRestructuring #GDPwarrants #imf #UkraineBond #ukrainedebt
The NBU’s currency restrictions threaten defaults in the corporate sector and an increase in the cost of loans to the state. Oleksandr Vodoviz, the top manager of the Metinvest group, noted: “The largest easing package was introduced in May 2024: businesses were allowed to take foreign currency abroad to pay loans and... #CurrencyRestrictions #Metinvest #nbu #OleksandrVodoviz #UkraineDebtRepayment #ukrainianbusiness
Ukraine has a month to avoid default. According to The Economist, Ukraine is facing a looming financial crisis, because the two-year deferral of debt service payments that the country’s creditors agreed to is about to expire. The de... #Creditors #DebtRestructuring #DefaultUkraine #UkraineBond #ukrainedebt #UkraineEconomy
The state budget has received $20.2B in revenue so far this year: Where did most of these funds come from? The Ministry of Finance reported that the largest revenues were from international partners and domestic state loan bond (OVDP) issuance. External financing amounted to $13.8B, and the largest donors ... #Canada #financialaidforUkraine #Japan #UkraineBond #UkraineBudget2024 #UkraineFacility
At the IMF’s request, Ukraine will work on creating a postal bank. Ukraine’s memorandum with the IMF says that the Ukrainian authorities plan to create a specialized bank to ensure access to financial services for residents in remote settlements, de-occupied te... #financeUkraine #financialservices #IhorSmilyansky #imf #nbu #PostalBank #Ukrposhta
The largest Ukrainian state bank predicts interest rate decreases on loans and deposits. As PrivatBank noted, these dynamics will be determined by the reduction of the NBU’s discount rate. A member of the NBU board, Yevhen Zaigraev, noted that the situation with client funds reflect... #Depositrates #financeUkraine #InterestRate #KeyPolicyRate #nbu #PrivatBank
Ukraine will receive the first funds from the frozen assets of the Russian Federation this summer. This summer, the European Council hopes to direct to Ukraine the first revenues from profits generated by the assets of the Russian Central Bank, which were blocked in Europe after the Russian full-sc... #EuropeanCouncil #LoanForUkraine #ReparationsForUkraine #RussianAssetsArrested #RussianAssetsProfits #RussianCentralBank
Ukraine will receive another $2.2B from the IMF. The Board of Directors of the IMF completed the fourth review of the Extended Fund Facility for Ukraine (EFF), deciding to allocate about $2.2B to budget support. “Despite the difficult conditio... #EFFprogram #financialaidforUkraine #imf #IMFStructuralBeacons #ReformsinUkraine #UkraineEconomy
NBU: Life insurance is a potential source of long-term funds for Ukraine’s economy. In Ukraine, there is a significant potential for the development of life insurance, which can become a source of long-term funds for the economy, said the deputy head of the NBU, Kateryna Rozhkova. Th... #InsuranceUkraine #KaterynaRozhkova #LifeInsurance #nbu #UkraineEconomy
Ukraine seeks a common ground with bondholders and tries to avoid default. As Bloomberg explains, Ukraine is trying to reduce debt payments in wartime, but Kyiv needs to maintain good relations with creditors to restore the economy after the war. The Ukrainian government ins... #Creditors #DebtRestructuring #DefaultUkraine #JPmorgan #UkraineBond #ukrainedebt
Spain provides a €50M soft loan to support the private sector of Ukraine and will help UZ to adapt its trains to EU standards. Spain will allocate a soft loan for €50M and an additional grant of €1M in partnership with the IFC to support the stability of the private sector of Ukraine, the Minister of Economy of Spain Carlos C... #CarlosCuerpo #EuroTrack #LoansforBusiness #Renfe #Spain #UkrainianRailways
