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July 17, 2014

Cut off by Russian Gazprom, Ukraine Reduces Gas Consumption by Over 17%

The eastern European country of Ukraine, which has been cut off from Russian natural gas supply for a month now, managed to reduce domestic gas consumption in June down to 1.476 billion cubic meters - 17.3 percent decline compared with the previous month, according to the State Statistics Service. Notably, compared to June 2013 numbers, June 2014 gas consumption went down 18.4 percent.

July 11, 2014

The National Wounds the Mistrals Deal Obscures

France’s selling warships to Russia – the first arms deal between a NATO member state and Russia – has alarmed Ukraine and its supporters. Ukraine has seen Russia seize Crimea and escalate violence in eastern Ukraine. Russian president Vladimir Putin has not hidden his intention to “do whatever he wants” with the ships, according to The Guardian.

July 9, 2014

Escaped Former Ukrainian MP Shepelev Put on Interpol’s Wanted List

Ukraine placed former MP Oleksandr Shepelev, who recently escaped from custody, on the international wanted list. This was announced by the Head of National Central Bureau Kyiv, Interpol Ukraine, Vasyl Nevolia. On July 6, Oleksandr Shepelev fled Kyiv city hospital, where he was previously transferred to from prison due to allegedly deteriorating health.

July 8, 2014

Ukraine Increases Gas Supply from Hungary Threefold

Ukraine increased reverse supply of natural gas from Hungary threefold: up to 5.2 million cubic meters per day, which is 3.5 million cubic meters more compared to July 3 volumes. This was reported by Hungarian gas transporting system operator FGSZ Ltd, as reads wwc.un.ua.

June 16, 2014

Ukraine’s Helicopter Engine Producer Looks West for an Alternative to Russian Market

According to experts, Ukrainian military companies must turn to new markets in the West or elsewhere, or face possible financial trouble or collapse in the face of new regulations limiting the sale of military-related products to Russia. Motor Sich, the Zaporizhia-based aero-engine producer and billion dollar company, is looking to expand its market in Poland following the crisis over Russia’s annexation of Ukraine’s Crimean peninsula. Motor Sich and PZL Swidnik are in the midst of negotiations on joint cooperation and the modernization of PZL Swidnik’s production.

June 12, 2014

Russia Scores Contracts with Major Corporations Despite Western Sanctions

Russia continues to maintain strong business relations with Western corporations, particularly in the energy field. Following Russia’s seizure of Crimea in March, the European Union, the United States, and other states have largely avoided broader-based sanctions that might more effectively limit Russia’s ability to conclude business deals with the West. Instead, Western sanctions have targeted individuals in the political and economic arenas who are perceived to be part of or close to Putin’s inner circle, and seem to be powerful enablers of his regime.

June 6, 2014

Ukraine Files USD 85 Billion Lawsuit Against Russia

Ukraine is in the process of filing a lawsuit against the Russian Federation in the amount of one trillion Hryvnia (approximately USD 84.7 billion) for the recent annexation of Crimea, said Ukraine’s Acting Prime Minister Arseniy Yatsenyuk during his address to the Verkhovna Rada (Ukrainian Parliament - Ed.). Over the past month, Ukraine has already filed lawsuits against Russia over violations of the rights of Ukrainian citizens in Crimea by the Russian Federation and its military.

May 30, 2014

Ukraine Prepares to Challenge Russian Gazprom in International Arbitration Court

Despite the Ukrainian government being prepared to pay its bills for Russian gas, the Eastern European country has anticipated that the Russian Federation would further escalate the energy conflict and that it may eventually stall gas supplies to Ukraine. Prime Minister Arseniy Yatseniuk has provided evidence of Russia stealing gas and infrastructure objects from Ukraine. While the country strives for tripartite gas negotiations with Russia (with the EU as mediator), the Ukrainian Prime Minister stated that Ukraine and the EU would either succeed in the talks, or resort to the Stockholm Arbitration Court.

May 21, 2014

Ukraine Intensifies Gas Imports from Hungary

Ukraine increased daily imports of natural gas from Hungary by over 100 times, as reported Hungarian gas transmission system operator FGSZ Ltd. Earlier, the average daily deliveries of gas amounted to 22.5 thousand cubic meters, today, however, Hungarian operator received application from Ukraine for the supply of 2.46 million cubic meters of gas. At the same time, this volume is far from reaching the maximum technical capability of importing 16 million cubic meters of natural gas per day, reads economics.unian.net.

May 14, 2014

Ukraine, EU Sign Agreement on EUR 1.6 Bln Assistance for Ukraine

Members of the European Commission and the Ukrainian government, headed by President Barroso and Prime Minister Yatseniuk respectively, met in Brussels on May 13, where the European Commission reaffirmed EU’s strong commitment to Ukraine’s unity, sovereignty, independence and territorial integrity. Together with signing other bilateral agreements, the parties advanced the implementation of the Macro-Financial Assistance program for Ukraine with signing the Memorandum of Understanding by the Ukrainian Minister of Finance. The Memorandum of Understanding is currently pending ratification in the Verkhovna Rada of Ukraine.

May 8, 2014

IMF Approves USD 17 Bln Loan to Support Ukraine

IMF Executive Board approved USD 17.01 billion loan for the economic reform program in Ukraine. Jerome Vacher, IMF Resident Representative in Ukraine, stated that the fund was satisfied with its cooperation with the Ukrainian government and would continue to support it. This was stated at Vacher’s press briefing at the Ukrainian Crisis Media Center. He also talked about IMF’s support program in detail and key reforms to be done in Ukraine.

May 6, 2014

Ukraine’s Attorney General: Ex-President Yanukovych Suspected of Laundering USD 100 Billion from State Budget

Nearly USD 100 billion of Ukraine’s state budget was embezzled in the three years that Viktor Yanukovych was president, according to Ukraine’s interim attorney general Oleh Makhnitskyi, who released this information at the Ukraine Forum on Asset Recovery held in London. Currently, a special commission of Ukrainian and foreign experts is investigating 50 enterprises, banks and separate individuals indicted for money laundering.

April 30, 2014

European Commission Signs New Loan Program for Ukraine

European Commission Vice-President Siim Kallas signed the Memorandum of Understanding concerning the new loan program for Ukraine. The new program provisions Macro-Financial Assistance (MFA) for the Eastern European country in the amount of EUR 1 billion. The Memorandum was previously approved by the EU Council of Ministers on April 14.

April 28, 2014

Ukraine, Slovakia Strike Reverse Gas Supply Deal

Today Ukraine and Slovakia reached an agreement on the reverse gas supply. This was stated by the Minister of Economy of Slovakia Tomas Malatinsky, as reported Deutsche Welle. The gas will be supplied to Ukraine though the Voyany-Uzhgorod pipeline.

April 23, 2014

American TransGas to Produce Motor Fuel in Ukraine

TransGas Development Systems of the U.S. announced their plans to construct three plants in Ukraine. The plants would be using coal for producing motor fuel, reads Business newspaper. According to the company’s founder and President Adam Victor, the total worth of the project would reach USD 10 billion.

March 31, 2014

First Hilton Hotel Opens Its Doors in Ukraine

Largest international hotel chains continue opening up new properties in Ukraine, some of them – expanding their presence, while others enter the Eastern European country’s hospitality market for the first time. Thus, on March 27, international hotel chain Hilton Hotels&Resorts announced the opening of the first Hilton hotel in Ukraine. The new hotel is situated in the H-tower building in downtown Kyiv, within walking distance to some of the major attractions in Ukraine’s capital: Shevchenko Boulevard and the Kyiv University Botanical Garden.

March 29, 2014

Reuters: Russia Bullies States into Voting Against UN’s Crimea Resolution

Reuters published an exclusive material on Russia’s threatening a number of countries prior to the UN vote on Ukraine-Russia crisis. Based on the testimonies of a number of UN diplomats, who prefered to remain anonymous, Reuters reported that Moscow applied pressure to Eastern European Moldova, as well as to Central Asian Kyrgyzstan and Tajikistan, and a number of African countries. The Russian Federation (RF) threatened the states with “retaliation” in case they supported the UN General Assembly non-binding resolution declaring the Crimea referendum invalid, the envoys told the reputable international news agency.

March 27, 2014

Neutron Source Facility in Kharkiv Is Completed

This month the construction of the Neutron Source Facility was completed in the eastern Ukrainian city of Kharkiv. The facility is equipped with the most up-to-date technology and will operate in accordance with the highest safety standards. It will provide Ukraine with new research potential and the ability to produce industrial and medical isotopes. This was announced in a joint statement by the U.S. and Ukraine at the occasion of the third Nuclear Security Summit in the Hague (NSS).

March 25, 2014

Russian Seizure of Crimea Undermines Global Nuclear Security – UN Secretary-General

Russia’s military actions in Ukraine have undermined the reliability of the Budapest Memorandum, stated UN Secretary-General Ban Ki-moon at today’s Nuclear Security Summit in the Hague (NSS 2014). The memorandum and the guarantees it provides are key tools for global cooperation on nuclear security and non-proliferation.

March 22, 2014

Ukraine Signs Association Agreement with the European Union

Ukraine and the European Union signed an Association Agreement aimed at forging closer economic ties between the two partners. Signing of the Agreement de facto demonstrates Ukraine’s decision to follow a European path, further distancing itself from the Kremlin-led Customs Union.

March 18, 2014

Three Reasons that May Explain Putin’s Military Intervention in Crimea

For the past several years, growing dissatisfaction of the Russian population with authorities, increased nationalist sentiment and a negative attitude among modern Russian ideologists toward the Russian government in general and to Putin in particular as well as an anticipated large-scale economic crisis have put the existence of Putin’s regime at risk. Therefore, the ‘Crimean campaign’ may have been devised to divert attention from the domestic situation and to ease tensions inside Russia. A possible explanation for Russia’s invasion of Crimea resembles a proverb – “the best defense is a strong offense.”

March 16, 2014

Is Russia Tough Enough to Handle World Sanctions?

The world’s leading economies stand on the brink of applying harsh political and economic sanctions against Russia as the latter continues its military occupation of Ukrainian Crimea. Having launched a not so covert military invasion of Ukraine, Russia may have triggered certain processes which may sooner or later lead to the collapse of the Russian economy. Numerous nations, including the U.S. and the EU, have called upon Russia to comply with international treaties, respect the sovereignty of Ukraine, withdraw its troops from Crimea and start negotiations. All to no avail.

March 13, 2014

Russian Aggression in Ukraine Has Its Price; Too High to Pay?

In late 2013 experts predicted that Russian economy would suffer shortcomings due to gas and oil prices reduction, outflow of capital, deep financial system crisis, and unreasonably high costs for hosting the Olympics, reads finance.obozrevatel.com. Therefore, it was expected that Russia should have had a “calm” spring, to catch its breath, however, the country’s leader Putin decided otherwise. Russian president de facto declared war on Ukraine and on his own country’s economy.

February 27, 2014

Visegrad Four Puts Reverse Gas Supply from Europe to Ukraine Back on the Table

The Visegrad Four (V4 Group: Czech Republic, Hungary, Poland and Slovakia) expressed readiness to resume the project which involves the reverse supply of natural gas from Europe to Ukraine. Such was a joint statement issued by the Ministers of Foreign Affairs of the V4 Group during their meeting in Budapest, as reported by ITAR TASS...

February 25, 2014

Europe’s Ready to Extend Financial Support to Ukraine

EU has offered to immediately provide financial aid to Ukraine in the amount of about EUR 20 billion. Such statement was released by the Chairman of the European Parliament’s Foreign Affairs Committee Elmar Brok MEP when he visited Kyiv over the weekend.

February 7, 2014

Ukraine Makes USD 6 Billion on Grains Export

The Ministry of Revenue and Duties of Ukraine estimated Ukraine’s grain exports in 2013 to bring USD 6.4 billion to state budget. Corn and wheat dominated the national export market occupying 89 percent of the market share, while soybeans, barley and grains of other kind shared 11 percent of Ukraine’s total grain export. Compared to the previous year grain export in 2013 increased by 5.8 percent and was estimated to reach 22.85 million tons.

February 5, 2014

Kyiv Attracts Largest International Hotel Chains

Ukrainian Kyiv continues to develop its hospitality market as largest international hotel chains continue opening up new properties. Such statement was made during the recent interview with Jean Baptiste Pigeon, General Manager of InterContinental hotel in Kyiv, as reported by Korrespondent.

February 1, 2014

Ukraine Evinces Breakthrough in Doing Business Rating

With the significant breakthrough in dealing with construction permits and registering property, the analysts of the World Bank placed Ukraine on the 112th spot in the Doing Business 2014 rating. In 2013, the grading embraced comprehensive comparative analysis of 189 world’s economies. Overall, Ukraine has made reforms in eight areas and improved its rating in six out of ten areas of business regulation.

January 29, 2014

Ukraine Among Key Partners of Europe’s Major Scientific Innovation Program

Ukraine has been identified as one of 11 key strategic partners and the only country in Eastern Europe to join the EU scientific and innovation program Horizon 2020. Such statement was made by the international relations officer at the EU Directorate for Research and Innovation Thierry Dewars during the media briefing.

January 15, 2014

Ukrainian Government, Slovakia Sign Reverse Gas Supplies Agreement

Ukraine’s Cabinet of Ministers signed the agreement with Slovakia on reversing natural gas supplies, reported the Minister of Energy and Coal Industry of Ukraine Eduard Stavytskyi, reads rbc.ua. The document signed by Ukrainian party has already been forwarded to Slovakia. In December 2013 Stavytskyi stated that the agreement would be signed before the end of the year.

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