ubn

Saturday, November 25

War & Business: The Ukraine Business Network has been launched. Tucked away amid the sloping hills of Kyiv, a select group of business investors, representatives, and entrepreneurs gathered at the Parkoviy Congress Center to gain insight into investment prospects ...

Monday, January 4

Despite the global economic recession, Ukraine’s trade deficit dropped in half last year Despite the global economic recession, Ukraine’s trade deficit dropped in half last year, from $10.22 billion to $4.9 billion in 2020, Taras Kachka, Ukraine’s Trade Representative, wrote on Facebook. ...

Despite a poor harvest, exports of the top three grains – corn, wheat and barley – were down only 2.3% yoy in dollar terms Despite a poor harvest, exports of the top three grains – corn, wheat and barley – were down only 2.3% yoy in dollar terms, to $9.4 billion for 2020. “Due to the reduction in the harvest, physical exp...

With new US sanctions on Nord Stream 2 made final by Friday’s vote in the US Senate With new US sanctions on Nord Stream 2 made final by Friday’s vote in the US Senate, the Norwegian company, Det Norske Veritas (DNV) GL announced Saturday that it will not be able to certify the $11.6...

“ “Russia Pushes Ahead on Europe Gas Link Before U.S. Sanctions,” headlines a Bloomberg story posted Thursday, the day before the US Senate vote. With 150 km of the 1,230 km pipeline left to be laid, No...

“US imposes new sanctions to kill off Putin’s pet pipeline,” “US imposes new sanctions to kill off Putin’s pet pipeline,” headlines an Atlantic Council piece by Diane Francis, posted Saturday. “It means almost certain doom for Putin’s most important energy proj...

Russia cut its volume of gas pumped across Ukraine by 38% in 2020 Russia cut its volume of gas pumped across Ukraine by 38% in 2020, compared to the previous year. Although Gazprom pumped 55.8 billion cubic meters through Ukraine’s east-west pipeline system, Russia’...

In reverse In reverse, gas transportation from Europe to Ukraine hit almost 16 bcm last year, 12% more than in 2019 and 27% more than the annual average for 2016-18. About 10 bcm went into storage as 52 Ukrainia...

Serbian President Serbian President Aleksandar Vučić opened Friday Serbia’s 403 km extension of the Balkan Stream natural-gas pipeline, AP reports from Belgrade. Fuel for the line comes from Anapa, Russia, and then flo...

Pumped from the Tristar Ruby, a US cargo of LNG from Cove Point, Maryland inaugurated last weekend Croatia’s first liquefied natural gas landing terminal Pumped from the Tristar Ruby, a US cargo of LNG from Cove Point, Maryland inaugurated last weekend Croatia’s first liquefied natural gas landing terminal at Krk, an island in the northern Adriatic. PO...

Separately, Azeri gas has started moving through the new Separately, Azeri gas has started moving through the new Trans Adriatic Pipeline, Interfax-Azerbaijan reports from Baku, citing Azerbaijan’s Energy Ministry. This 878 km pipeline picks up Azeri gas fr...

Tomasz Fiala, CEO of Dragon Capital, and Ivan Svitek, former Chairman of Alfa Bank Ukraine, have signed an agreement to buy Unex Bank from Vadim Novinsky’s Smart Holding Tomasz Fiala, CEO of Dragon Capital, and Ivan Svitek, former Chairman of Alfa Bank Ukraine, have signed an agreement to buy Unex Bank from Vadim Novinsky’s Smart Holding. “The Antimonopoly Commi...

To prevent a strengthening of the hryvnia, the central bank bought a net $335.5 million on the interbank market in December. To prevent a strengthening of the hryvnia, the central bank bought a net $335.5 million on the interbank market in December. By contrast, during the whole year, the bank bought a net $1.1 billion, rep...

Ukraine’s minimum wage increased Friday by $35, $212 per month Ukraine’s minimum wage increased Friday by $35, $212 per month. On Dec. 1, it increases to $230. With the minimum wage largely used to calculate pensions, Ukraine’s average monthly wage is $480.

Real wages were up 8% yoy in November Real wages were up 8% yoy in November, reports the State Statistics Service. Nationally, the average nominal wage was $404. In Kyiv, the wage was 54% higher — $622. Nationwide, the biggest regio...

Monday, December 28

The budget is built around these numbers for 2021: The budget is built around these numbers for 2021: GDP growth — 4.6%; inflation — 7.3%, public debt to GDP at 65%; average exchange rate — UAH 29.1 per dollar (versus UAH 28.39 today...

In 2021, the Infrastructure Ministry plans to spend $21 million to upgrade the runway of Vinnytsia In 2021, the Infrastructure Ministry plans to spend $21 million to upgrade the runway of Vinnytsia, the nation’s 11th busiest airport. At the same time, the city is going to upgrade the terminal to si...

Retail sales for this year through November are up 8% in real terms, compared to the same 11-month period in 2019, Retail sales for this year through November are up 8% in real terms, compared to the same 11-month period in 2019, reports the State Statistics Service. In November alone, retail sales were up 12.1% y...

Starting today, Turkey, the top foreign travel destination for Ukrainians, requires a negative result of PCR coronavirus test performed 72 hours before arrival Starting today, Turkey, the top foreign travel destination for Ukrainians, requires a negative result of PCR coronavirus test performed 72 hours before arrival. Egypt, the other leading destination fo...

Concorde Capital’s Evgeniya Akhtyrko writes Concorde Capital’s Evgeniya Akhtyrko writes: “Retail sales in Ukraine are booming, backed by fast growth of real wages. Strong household consumption is helping the economy to offset falling investment...

Investments were down 24% in the third quarter Investments were down 24% in the third quarter, compared to the same July-September period in 2019. The Central Bank attributes this to uncertainty over the Covid-19 pandemic and freezing of solar and...

To mitigate the impact of the upcoming Covid quarantine, the government last week distributed $80 million in aid to 278,000 employees and small business owners To mitigate the impact of the upcoming Covid quarantine, the government last week distributed $80 million in aid to 278,000 employees and small business owners, the Digitalization Ministry reports. Wi...

Restaurants and bars can stay open until 7 am on New Year’s Day Restaurants and bars can stay open until 7 am on New Year’s Day, the Cabinet of Ministers has decreed. The following weekend, on Friday January 8, a 2-week strict lockdown is to be imposed nationwide,...

China, already Ukraine’s largest trading partner, could increase its two-way trade with Ukraine by 50%, to $20 billion by 2025, China, already Ukraine’s largest trading partner, could increase its two-way trade with Ukraine by 50%, to $20 billion by 2025, Irina Nikorak, executive director of Silk Link, Ukraine’s Silk Road Asso...

Ukraine is negotiating with a Chinese manufacturer for a supply of vaccines against Covid-19, Ukraine is negotiating with a Chinese manufacturer for a supply of vaccines against Covid-19, Ukraine’s Foreign Minister Dmitry Kuleba said Thursday on Ukraine 24 TV channel.

Of the 30 million ‘economically active’ Ukrainians, only 37%, or 10.9 million, pay taxes Of the 30 million ‘economically active’ Ukrainians, only 37%, or 10.9 million, pay taxes, Oleksiy Lyubchenko, Head of the State Tax Service, said recently on the Freedom of Speech show of Ukraina TV. ...

The top tax dodging regions are largely in the West The top tax dodging regions are largely in the West: Uzhgorod – 63%; Chernivtsi – 53%; Odesa — 48%; and Lviv — 46%. In central Ukraine, rates are better: Kyiv – 30%; Cher...

Off the books transactions account for “somewhere over 50%” of GDP Off the books transactions account for “somewhere over 50%” of GDP, Danil Getmantsev, ruling party MP and chair of the Rada committee on finance, tax and customs policy, told Radio Liberty. He called ...

In one step, 100,000 small businesses have downloaded the ‘cash register in a smart phone’ app since its debut August 1 In one step, 100,000 small businesses have downloaded the ‘cash register in a smart phone’ app since its debut August 1, 2020 Getmantsev said. As a result, there have been 100 million sales receipts u...

Legalized gambling will bring in $270 million in new tax revenues in 2021 Legalized gambling will bring in $270 million in new tax revenues in 2021, Hetmantsev predicted in the Radio Svoboda interview. Gambling in high-end hotel casinos is to start in Ukraine next year.

Ukrainian Insurance Group, a unit of Vienna Insurance Group, has paid $1.3 million for a cargo of wheat destroyed on August 4 in the massive port explosion in Beirut Ukrainian Insurance Group, a unit of Vienna Insurance Group, has paid $1.3 million for a cargo of wheat destroyed on August 4 in the massive port explosion in Beirut. The cargo was insured against all...

In 2021, Ukraine’s air travel will only rebound to half the level of 2019 In 2021, Ukraine’s air travel will only rebound to half the level of 2019, Infrastructure Minister Vladyslav Krikliy estimated in a year end interview with Channel 24. The 2019 level 25 million passen...

President Zelenskiy signed on Friday the national budget for 2021 President Zelenskiy signed on Friday the national budget for 2021. Expenditures are to be $46.5 billion and revenues are $38.2 billion. The deficit of $8.3 billion is to be 5.5% of GDP, forecast at $1...

Wizz Air plans to fly from Vinnytsia, its sixth Ukrainian city, Vinnytsia Mayor, Serhiy Morgunov, told Wizz Air plans to fly from Vinnytsia, its sixth Ukrainian city, Vinnytsia Mayor, Serhiy Morgunov, told Avianews. He said: “We are talking about the potential opening of flights from Vinnitsa to Berlin...

Friday, December 25

Sixty-six Ukraine-connected IT firms have made the annual ranking of top 1,000 leading information technology companies worldwide Sixty-six Ukraine-connected IT firms have made the annual ranking of top 1,000 leading information technology companies worldwide, published by Clutch, a Washington-based matchmaker for IT companies a...

Ukraine’s IT sector grew by 20% last year, fueled by 4,000 IT companies in the market Ukraine’s IT sector grew by 20% last year, fueled by 4,000 IT companies in the market, according to a new report: “Ukraine: The Country that Codes.” The 56-page industry overview prepared by software ...

In a rebuff to China, Ukraine’s Foreign Affairs Ministry has decided to remove all Huawei equipment from its buildings. In a rebuff to China, Ukraine’s Foreign Affairs Ministry has decided to remove all Huawei equipment from its buildings. “Several other government agencies have followed this example,” the Foreign Mini...

The US government may help Ukraine pay the price difference between Huawei equipment and comparable equipment provided by Western companies The US government may help Ukraine pay the price difference between Huawei equipment and comparable equipment provided by Western companies, Keith Krach, US Under Secretary of State for Economic Growt...

Ukraine netted $90 million in 419 privatization auctions this year Ukraine netted $90 million in 419 privatization auctions this year, Economy Minister Ihor Petrashko said on Channel 24 TV, reported the Ministry. By using a transparent internet-based auction system, ...

The latest property of state alcohol producer Ukrspyrt was sold at auction yesterday for $2 million The latest property of state alcohol producer Ukrspyrt was sold at auction yesterday for $2 million, almost double the asking price, reports the State Property Fund. With almost half of Ukrspyrt’s 41 ...

In a nation building exercise, President Zelenskiy plans to inaugurate next year a Lviv-to-Luhansk highway, the longest in the nation. In a nation building exercise, President Zelenskiy plans to inaugurate next year a Lviv-to-Luhansk highway, the longest in the nation. Labelled the M-10, this east-west road would run 1,392 km, almost...

“ “We want to unite the West and the East with a big highway,” Zelenskiy said yesterday, speaking at the inauguration of the first section of Zaporizhia’s bridge over the Dnipro. Providing a new, intern...

With a two-year budget of $500 million With a two-year budget of $500 million, the M-30 saw 580 km restored this year. Another 750 km are to be repaired by the end of next year. For now, the high-speed road will terminate in Pokrovsk, Done...

Ukraine’s Cabinet has approved a $20 billion development plan to rebuild the Ukraine-controlled half of the Donbas. Ukraine’s Cabinet has approved a $20 billion development plan to rebuild the Ukraine-controlled half of the Donbas. Although multilateral institutions, such as the World Bank and the EBRD, are funding...

Concorde Capital’s Zenon Zawada writes: “ Concorde Capital’s Zenon Zawada writes: “Such economic development concepts will remain a fantasy for as long as the situation with the war in Donbas remains as it currently is, which is low-level fig...

The US is preparing new sanctions to block Russia’s Nord Stream 2 gas pipeline The US is preparing new sanctions to block Russia’s Nord Stream 2 gas pipeline, Reuters reports citing three Trump Administration officials. Relying on existing mandates from Congress, the Admin...

Ukraine does not plan to restrict air travel during the holidays Ukraine does not plan to restrict air travel during the holidays. “The government understands that people are in the mood for the holidays and does not plan to impose any restrictions on air traffic,”...

UIA is ending this year with a passenger count of 1,787,000 – only 22% of the level of 2019. UIA is ending this year with a passenger count of 1,787,000 – only 22% of the level of 2019. Transit passengers declined with UIA’s hub system, falling to 14% of last year. The number of flights was 1...

Seeking to put its airplanes to use, UIA is offering ‘flights to nowhere’ – one-hour sightseeing flights over Kyiv. Seeking to put its airplanes to use, UIA is offering ‘flights to nowhere’ – one-hour sightseeing flights over Kyiv. Passengers are guaranteed to fly above the clouds and to see the sun, a winter rarit...

Internet purchases by Ukrainians grew 41% in 2020, to top $7 billion Internet purchases by Ukrainians grew 41% in 2020, to top $7 billion, estimates a new study by EVO, an umbrella group of online companies. Last year’s growth was only 17%. “One year ago, we forecast e...