economy
Some Russian billionaires have given up trying to keep their money in the West and are now resigned to bringing it back to Russia where it faces the ever-present risk of being seized by the Kremlin, Bloomberg reported on May 8. Increasingly cut off from Western banking and financial services, Russia's wealthiest individuals are facing a dilemma when it comes to handing their fortunes to the next generation, according to Bloomberg. Most of the billionaires who were sanctioned have opted to move assets home, the news agency reported. "The fate of this vast wealth has major implications for Russi...
Kyiv Independent (CA)
Editor’s Note: This is issue 130 of Ukrainian State-Owned Enterprises Weekly, covering events from April 27 – May 3, 2024. The Kyiv Independent is reposting it with permission. Corporate governance of SOEsUkreximbank appoints a new CEO. On May 3, Ukreximbank reported that its supervisory board had elected Viktor Ponomarenko as the new bank’s CEO following a competitive selection. According to Ukreximbank, the selection was carried out with the assistance of the recruitment company Odgers Berndtson. Ponomarenko’s candidacy is yet to be approved by National Bank of Ukraine (NBU). The bank said t...
Kyiv Independent (CA)
The National Bank of Ukraine (NBU) announced on May 3 that it was implementing the largest set of currency liberalization measures since the beginning of the full-scale war. The measures are aimed at decreasing restrictions on businesses and currency controls. Ukraine implemented strict controls over its currency and tightly regulated foreign exchanges in 2022, hoping to stave off a collapse of the hryvnia. "This move, together with other measures by the NBU, should allow Ukrainian businesses to 'breathe to their full potential' and help attract private capital to recover the economy," said NB...
Kyiv Independent (CA)
An increasing number of Russians who left abroad after the outbreak of the full-scale invasion are returning home, namely due to difficulties with residence permits and jobs abroad, Bloomberg reported on May 2. Around 1 million Russians left the country after the start of the all-out war due to their opposition to the invasion or out of fear of mobilization. As the war entered its third year with no end in sight, many Russian expatriates are being rejected when applying for extended residency, or face challenges with running businesses abroad, Bloomberg wrote. Russia claimed in June 2023 that ...
Kyiv Independent (CA)
Seventy-four percent of surveyed companies in Ukraine are experiencing a personnel shortage, according to a new study published by the European Business Association (EBA) on April 24. This is a significant increase from the 55% of surveyed employers experiencing a shortage in 2023. The study noted that nearly three-quarters of surveyed employers are struggling with a hiring shortage, 17% are experiencing a partial shortage, and only 7% are not experiencing a shortage of any kind. Previous studies of Ukraine's labor market took place in the fall of 2023 and revealed that 55% of employers strugg...
Kyiv Independent (CA)
Editor’s note: This is issue 52 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly “Ukrainian Economy in Brief” newsletter, covering events from April 15-22, 2024. The digest highlights steps taken in the Ukrainian parliament related to business, economics, and international financial programs. The Kyiv Independent is republishing with permission. World Bank prioritiesThe Committee on Law-Enforcement recommended a draft law with changes in the High Anti-Corruption Court hearings. On April 22, the Committee on Law Enforcement Issues recommended adopting draft law #11130. The draft law suggests ...
Kyiv Independent (CA)
The following is a chart based off of data originally published in the Kyiv-based Center of Economic Strategy's "Ukraine War Economy Tracker." The Kyiv Independent is republishing it with permission. Ukraine is forced to rely on electricity imports after Russian attacks Net commercial exports of electricity, MWh Positive net exports Negative net exports Source: entso-a • Difference between incoming and outgoing scheduled Commercial Exchanges from Ukraine, Border-Country, total for all countries bordering Ukraine On April 11, Russia carried out another large-scale attack on Ukraine's energy inf...
Kyiv Independent (CA)
Ukrainian grain exports decreased in March and are expected to further slow down this year amid lower supply and smaller harvest predictions. Grain exports amounted to 5.2 million metric tons in March, down from 5.8 million metric tons the month before, according to various estimates. After Kyiv set up its own corridor in the Black Sea following Russia’s withdrawal from the U.N.-brokered Black Sea Grain Initiative in July 2023, shippers rushed to get grain to market, leading to higher export volumes in recent months. The larger volumes were also due to large backlogs of grain traders had to se...
Kyiv Independent (CA)
Editor’s Note: This is issue 128 of Ukrainian State-Owned Enterprises Weekly, covering events from April 13-19, 2024. The Kyiv Independent is reposting it with permission. BanksOschadbank earns a record Hr 6 billion profit in 2023 (audited). On April 19, Oschadbank reported that its executive and supervisory boards approved the 2023 audited financial statements. The net profit of almost Hr 6 billion ($151 million) is the highest in its history; Hr 1.2 billion ($30.2 million) more than the preliminary net profit for 2023. Oschadbank on Feb. 5 reported an unaudited net profit of Hr 4.75 billion ...
Kyiv Independent (CA)
The private financing arm of the World Bank plans to invest $1.9 billion in projects in Ukraine over the next 18 months, Reuters reported on April 22. According to its website, the International Finance Corporation (IFC) is the "largest global development institution focused exclusively on the private sector in developing countries." Since the launch of Russia’s full-scale invasion, it has already invested $1.1 billion in Ukraine. The new funding will go into projects such as river transport on the Danube or energy generation from solar and wind. "It will allow us to start looking at investmen...
Kyiv Independent (CA)
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