ukrainebusinessnews

Monday, December 28

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 ...

Friday, December 25

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...

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...

Thursday, December 24

The Infrastructure Ministry plans to start laying European gauge track in Ukraine next year The Infrastructure Ministry plans to start laying European gauge track in Ukraine next year, Krikliy told Interfax-Ukraine. The priorities are two sections of Ukrzaliznytsia’s track to the Polish bord...

By opening Ukraine’s 13 state-owned seaports to private companies through concessions, the government hopes to draw $1.8 billion in private investment through 2038. By opening Ukraine’s 13 state-owned seaports to private companies through concessions, the government hopes to draw $1.8 billion in private investment through 2038. These concessions – largely renting...

The European Investment Bank Board has approved a €270 million loan to upgrade Boryspil Airport The European Investment Bank Board has approved a €270 million loan to upgrade Boryspil Airport, the Bank’s website reports. The money would cover about three quarters of a €351 million Boryspil renew...

Construction is to start next summer on a 4-year, $500 million project to build Ukraine’s largest and most modern ski area in Lviv’s Carpathian Mountains. Construction is to start next summer on a 4-year, $500 million project to build Ukraine’s largest and most modern ski area in Lviv’s Carpathian Mountains. Based in Volosianka, a 3-hour train ride sout...

Outgoing US President Donald Trump vetoed yesterday the US defense budget, a document that includes $275 million in military support for Ukraine Outgoing US President Donald Trump vetoed yesterday the US defense budget, a document that includes $275 million in military support for Ukraine and tighter sanctions on Western companies involved in ...

US Aid to Ukraine is coming under threat from a different direction – dissatisfaction over the coronavirus stimulus bill, which would give payments of $600 per person. US Aid to Ukraine is coming under threat from a different direction – dissatisfaction over the coronavirus stimulus bill, which would give payments of $600 per person. On Tuesday, President Trump call...

Over the next week, Ukraine will attract a 6-month loan from Deutsche Bank of up to $350 million Over the next week, Ukraine will attract a 6-month loan from Deutsche Bank of up to $350 million, the Cabinet of Ministers resolved yesterday. The move to take a bridge loan indicates that the governm...

The Cabinet of Ministers approved yesterday a bill to resume privatization of large state-owned companies The Cabinet of Ministers approved yesterday a bill to resume privatization of large state-owned companies, a process suspended last March due to the coronavirus outbreak. With investors now familiar w...

By Jan. 4, acting Energy Minister Yuriy Vitrenko is to prepare a solution for paying the $921 million solar and wind power debt By Jan. 4, acting Energy Minister Yuriy Vitrenko is to prepare a solution for paying the $921 million solar and wind power debt owed by the government’s Guarantee Buyer. Prime Minister Shmygal set the...

Today, the first cars are to roll across the first completed section of Zaporizhzhia’s new road bridge over the Dnipro Today, the first cars are to roll across the first completed section of Zaporizhzhia’s new road bridge over the Dnipro. Long lampooned as the city’s white elephant, the unfinished bridge saw construct...

The Infrastructure Ministry plans to restore 50% more roads in 2021 than this year The Infrastructure Ministry plans to restore 50% more roads in 2021 than this year, Minister Vladyslav Krikliy told Interfax-Ukraine in a wide-ranging interview. The 2021 goal is now 6,800 km. “Anothe...

Planning to open select highway sections to privately built and operated toll roads, the Cabinet of Ministers yesterday set tolls Planning to open select highway sections to privately built and operated toll roads, the Cabinet of Ministers yesterday set tolls, measured in Euros. For cars, motorcycles and minibuses up to 10 seats...

Road repair was the most popular phenomenon of 2020, winning the approval of 93% Road repair was the most popular phenomenon of 2020, winning the approval of 93% of 2,004 participants in a nationwide poll. The poll was conducted in the first half of December for the Kyiv Internati...

Wednesday, December 23

Stainless steel nuclear waste canisters, each weighing almost 200 tons, will arrive by rail at the repository site in Yaniv, Kyiv Oblast. Stainless steel nuclear waste canisters, each weighing almost 200 tons, will arrive by rail at the repository site in Yaniv, Kyiv Oblast. Over the next six months, Ukrzaliznytsia crews are to reopen 4...

Holtec will supply the first 94 containers — a $300 million contract Holtec will supply the first 94 containers — a $300 million contract. Simultaneously, Ukraine is to use Holtec technology to start making its own canisters, for domestic use and export. Yesterda...

During this decade, Ukraine’s electricity production from nuclear will rise from 53% today, to 57% in 2030. During this decade, Ukraine’s electricity production from nuclear will rise from 53% today, to 57% in 2030. At the same time, the electricity share from coal will drop almost in half, to 12%. These we...

In a radical corporate turnaround, DTEK wants to be Ukraine’s leader in decarbonization, In a radical corporate turnaround, DTEK wants to be Ukraine’s leader in decarbonization, Timchenko said during his presentation of DTEK’s strategy to 2030. “We want to change, we want to move fr...

After investing about $1 billion in Ukraine wind and solar projects in the last three years, DTEK now redirects its renewables investments to the EU. “ After investing about $1 billion in Ukraine wind and solar projects in the last three years, DTEK now redirects its renewables investments to the EU. “Today our investments in European countries are i...

Offering government bonds of 10 different tenors and two different currencies, the Finance Ministry raised the equivalent of $782 million yesterday Offering government bonds of 10 different tenors and two different currencies, the Finance Ministry raised the equivalent of $782 million yesterday at its weekly bond auction, the Ministry reports on ...

As foreign investors re-enter the government bond market, the hryvnia strengthens As foreign investors re-enter the government bond market, the hryvnia strengthens, write analysts from Alpari, Dragon and ICU. The dollar now buys 28 hryvnia, a rate little changed in nine months. ICU...

Datagroup, Ukraine’s leading fiber infrastructure and digital services provider, has agreed to buy 100% of Volia, Ukraine’s leading cable broadband service provider. Fully backed by Horizon Capital’s EEGF II fund, sole financial investor in Datagroup, the deal “is Datagroup, Ukraine’s leading fiber infrastructure and digital services provider, has agreed to buy 100% of Volia, Ukraine’s leading cable broadband service provider. Fully backed by Horizon Capital’s ...

Creating synergies, Volia generates 95% of its revenues from consumers, and Datagroup generates 85% of its revenues from businesses Creating synergies, Volia generates 95% of its revenues from consumers, and Datagroup generates 85% of its revenues from businesses. Datagroup’s Shelemba says the company is “a reliable partner for ov...

Canada’s Black Iron mining company has signed a preliminary agreement with an American institutional investor to raise US $100 million Canada’s Black Iron mining company has signed a preliminary agreement with an American institutional investor to raise US $100 million to create new iron ore production in Kryvyi Rih, Dnipropetrovsk r...

Stalled in the planning stages for a decade, Black Iron gained a new life this year due to three factors: Stalled in the planning stages for a decade, Black Iron gained a new life this year due to three factors: jumping iron prices, China’s drive to diversify raw material imports away from Australia, and ...

Dragon Capital has won approval to buy Kyiv’s Unex Bank from Vadym Novynskyi Dragon Capital has won approval to buy Kyiv’s Unex Bank from Vadym Novynskyi, reports Ukraine’s Antimonopoly Committee. Neither Dragon nor Novynskyi’s Smart Holding confirmed a sale to Interfax-Ukrain...

AxDraft, a fast-growing Kyiv startup that automates the preparation of legal documents, has been acquired by Onit, a Houston-based legal technology company. AxDraft, a fast-growing Kyiv startup that automates the preparation of legal documents, has been acquired by Onit, a Houston-based legal technology company. Founded only three years ago, AxDraft has w...

New Jersey’s Holtec International has completed the first $70 million stage of a 20-year, $1.3 billion project to build a nuclear spent fuel storage repository near Chornobyl. The site will take waste from three of Ukraine’s four nuclear power plants New Jersey’s Holtec International has completed the first $70 million stage of a 20-year, $1.3 billion project to build a nuclear spent fuel storage repository near Chornobyl. The site will take waste...

Tuesday, December 22

With Ukraine recording its first infection with new highly contagious coronavirus strain, the government decided last night not to suspend flights between Ukraine and Britain With Ukraine recording its first infection with new highly contagious coronavirus strain, the government decided last night not to suspend flights between Ukraine and Britain. First identified in Brit...

While France, Germany, Turkey and Poland stop flights from Britain While France, Germany, Turkey and Poland stop flights from Britain, Ukraine’s Cabinet of Ministers decided not to suspend air traffic with the UK, Infrastructure Minister Vladyslav Krykliy wrote on hi...

Today, there is only one flight from Kyiv to Britain Today, there is only one flight from Kyiv to Britain: a Wizz Air flight from Sikorsky Airport to London Luton. Last week, UIA inaugurated flights between Boryspil and London Heathrow. At that time, UI...