“Banking tourism”: Ukraine explains how Russians circumvent sanctions through Belarus
To dodge international sanctions, Russian nationals travel to Belarus, where they are issued Visa and MasterCard bank cards.
Economy
24 May 2022
EU assistance to Ukraine since war-start reaches EUR 4.5B
Since the start of a full-scale Russian invasion of Ukraine, the European Union has provided a total of EUR 4.5 billion in financial support to Ukraine.
Five Ukroboronprom’s enterprises seized by Russian invaders
Five enterprises, which are part of Ukroboronprom State Concern, have been seized by Russian invaders. Personnel documents were either destroyed or made inaccessible.
President: Corridor for Ukrainian grain and oil exports should be set up
President of Ukraine Volodymyr Zelensky considers unblocking Ukrainian ports a strategic issue as Russia's blockade could lead to grain and oil shortage around the globe.
WEF President roots for Marshall Plan for Ukraine
President of the World Economic Forum Borge Brende has urged the international community to adopt a Marshall Plan for Ukraine.
Zelensky to speak at Davos forum
Ukrainian President Volodymyr Zelensky will address participants in the World Economic Forum’s Annual Meeting 2022.
Duda: Unblocking Odesa port very important for global food security
President of Poland Andrzej Duda considers that it is very important for global food security to unblock the port in Odesa so that Ukraine will be able to export food to countries that need it.
Moody's downgrades Ukraine's ratings, expects gradual economic recovery from 2023
Moody's has downgraded the Government of Ukraine's foreign and domestic currency long-term issuer ratings and foreign currency senior unsecured debt ratings to Caa3 from Caa2.
Ukraine will remain in grain market under all circumstances - Kachka
Ukraine will remain in the grain market under all circumstances, including through efforts to simplify logistics between Ukraine and the EU.
Sanctions severe logistical chains in Russia, transport minister acknowledges
Russia’s Transport Minister Vitaly Savelyev says western sanctions have led to serious problems with logistics across Russia.
Hryvnia rate to stabilize in next 10 days - expert
Normalization of the cash exchange rate after the National Bank removed rate caps is expected within 10 days. In the near future, the hryvnia rate will be at UAH 34-36 to the U.S. dollar.
Two alternative routes set up for Ukraine’s agri exports - Kuleba
Together with partners, Ukraine has established two alternative land routes for shipping agricultural products, but Russia has to cease its blockade of the Black Sea to allow “full and free export.”
Ukraine freezes more than UAH 30B in Russia’s and Belarus’ assets
The total value of assets of Russia and Belarus frozen by the Bureau of Economic Security of Ukraine (BESU) exceeds UAH 30 billion.
PM Shmyhal: Ukraine hopes to get another €9B from EU in coming months
In the coming months, Ukraine is to receive another €9 billion in aid from the European Union.
Canada to provide CAD 250M in additional support to Ukraine
Canada will provide CAD 250 million (about $210 million) in additional support to Ukraine through the International Monetary Fund.
Ukrainian, Chadian foreign ministers agree to jointly counter food crisis
Foreign Ministers Dmytro Kuleba of Ukraine and Cherif Mahamat Zene of Chad have agreed to work to counter the food crisis caused by Russia's blockade of Ukrainian seaports.
NBU lifting cap off cash forex rate for banks
As of May 21, the National Bank will lift restrictions on setting the exchange rate at which banks can sell cash foreign currency to clients.
War to shrink Ukraine’s economy at least by a third - National Bank
The National Bank of Ukraine estimates the war-related economic contraction by at least a third compared to pre-war levels.
Ukraine received $5.6B from international partners since Russian invasion started – NBU
Ukraine has received $5.6 billion from international partners since the Russian invasion started.
G7 countries mobilized $19.8B in economic support to Ukraine
The G7 Finance Ministers and Central Bank Governors, as well as the representatives of the International Monetary Fund (IMF), World Bank Group, Organisation for Economic Cooperation and Development (OECD), and Financial Stability Board (FSB) have announced the mobilization of $19.8 billion in economic support to Ukraine.
Shmyhal thanks EU for EUR 600M tranche
Ukrainian Prime Minister Denys Shmyhal has thanked the European Union for a EUR 600 million tranche.
EU transfers EUR 600M to Ukraine – von der Leyen
The European Union has disbursed a new tranche of EUR 600 million to Ukraine and is working on a procedure to provide an additional EUR 9 billion loan by the end of this year.
Zurich Insurance leaving Russian market
A Swiss-based Zurich Insurance Group Ltd. (Zurich), one of the world’s leaders in insurance, is set to leave the Russian market, selling its business to 11 members of its local team.
Japan to donate $2.1M to strengthen safety of Ukrainian NPPs
Japan announced Thursday that it will donate EUR 2 million ($2.1 million) to the International Atomic Energy Agency for its efforts to ensure the safety of Ukrainian nuclear facilities that have come under Russian attack.
EU seeking ways to use Russian frozen assets to rebuild Ukraine
The European Union is looking into ways of using the frozen assets of Russian oligarchs to fund the reconstruction of Ukraine after the war.
Shmyhal calls on G7 to provide Ukraine with urgent funding
Ukrainian Prime Minister Denys Shmyhal has said that Ukraine needs at least $15 billion over the next three months to cover its operational budget needs, and has called on the Group of Seven countries to provide urgent funding to the country.
Japan to extend another $300M loan to Ukraine
The Japanese government has decided to grant Ukraine an additional $300 million loan to support the country, which continues to resist Russia's invasion.
Balance of payments situation worsens in April - NBU
In Ukraine, the balance of payments situation deteriorated somewhat in April.
Poland to provide 25,000t of petrol to Ukraine
Poland will supply 25,000 tonnes of petrol to Ukraine to help the nation overcome shortages.