Economics

The Verkhovna Rada of Ukraine has dismissed Dmytro Sennychenko from the post of head of the State Property Fund of Ukraine A total of 318 MPs voted in favor of the relevant decision, an Ukrinform correspondent reported. Sennychenko was not present at the parliament’s meeting. As reported, Head of the State Property Fund Dmytro Sennychenko submitted a letter of resignation in November 2021. Read also: Parliament’s committee recommends dismissing Sennychenko as State Property Fund head At the parliament’s meeting on January 27, 2022, MPs rejected the dismissal of Sennychenko. Only 223 MPs voted in favor of the relevant decision, with…

During the plenary session in Strasbourg, the European Parliament gave the green light to a EUR 1.2 billion macro-financial loan to Ukraine. “The resolution, adopted under the urgency procedure, passed with 598 votes for, 55 against and 41 abstentions,” reads the European Parliament’s press release. The decision to provide macro-financial assistance to Ukraine must also be taken at the level of the Council of EU before it enters into force. On February 11, the Permanent Representatives Committee (COREPER) supported the European Commission's proposal to provide additional emergency macro-financial assistance to Ukraine to the tune of EUR 1.2 billion. The EU…

The Government focuses on a number of key priority projects that will help accelerate the growth of national GDP. First Deputy Prime Minister – Minister of Economy of Ukraine Yulia Svyrydenko said this during the nationwide TV marathon dedicated to the Unity Day, an Ukrinform correspondent reports. According to the minister, the first such project is a program to bolster Ukrainian exports. The recently signed free trade agreement with Turkey will help improve export performance. The document is currently pending ratification by the Verkhovna Rada. “Reducing energy dependence is also very important for us. Therefore, we will officially announce the…

The Ministry of Energy of Ukraine is interested in cooperation with Lithuania in cybersecurity, in particular, at the level of cybercenters operating on the basis of NEC Ukrenergo and NJSC Naftogaz of Ukraine. Deputy Minister of Energy for Digital Development, Digital Transformations and Digitization Farid Safarov said at a meeting with representatives of the Lithuanian National Cyber Security Centre, Ukrinform reports with reference to the Ministry of Energy. "We are interested in cooperation in the energy sector, in particular at the level of our cybercenters operating on the basis of Ukrenergo and Naftogaz. This will help strengthen not only the…

The consensus that a new Russian invasion of Ukraine will bring an end to the future of the Nord Stream 2 gas pipeline is a positive signal. Ukrainian Foreign Minister Dmytro Kuleba said this at a joint briefing with the foreign ministers of the Czech Republic, Slovakia and Austria in Kyiv on Tuesday, February 8, according to an Ukrinform correspondent. Kuleba recalled that Ukraine's position on Nord Stream 2 is unchanged - "we believe that this is a security problem not only for Ukraine but also for Europe." "We are working with our partners to find a mutually acceptable solution.…

U.S. President Joe Biden has promised to bring an end to the Nord Stream 2 gas pipeline if Russia launches a new invasion of Ukraine. He said this at a joint press conference with German Chancellor Olaf Scholz in Washington on Monday, February 7, according to an Ukrinform correspondent. "If Russia invades — that means tanks or troops crossing the border of Ukraine again — then there will be no longer a Nord Stream 2. We will bring an end to it," Biden said. When asked how he could do that exactly, since the project is largely within Germany's control,…

Ukrainian Foreign Minister Dmytro Kuleba and Danish Prime Minister Mette Frederiksen have discussed the issues of support for Ukraine's economic and financial stability. The meeting was held as part of an official visit of the Ukrainian Foreign Minister to Copenhagen on January 27, Ukrinform reports, referring to the ministry’s press service. The parties agreed on further participation of Denmark in supporting the reform process in Ukraine, in particular in the framework of Danish technical assistance in the next phase of the Danish Neighbourhood Programme (DANEP) in 2022-2026. As expected, Denmark will allocate EUR 73 million for the projects in Ukraine.…

Asian countries will experience the energy crisis that may arise in Europe as a result of possible Russia’s invasion of Ukraine. "When you have an energy crisis in Europe, that means we have an energy crisis in Asia simultaneously. Because if Europe feels the necessity to buy more gas ... they go to Qatar and they ask [for] more gas, and Qatar will choose supply to Europe or to Asia," Ambassador of Ukraine to Japan Sergiy Korsunsky said at the Foreign Correspondents Club of Japan, Ukrinform informs with reference to Nikkei Asia. According to him, energy disruptions in Europe would…

Continued escalation without military invasion is also part of Russia's scenario, which has a strong impact on the Ukrainian economy and stability of the banking sector. This was stated by Deputy Prime Minister for European and Euro-Atlantic Integration, Olha Stefanishyna, who spoke on the sidelines of an international symposium dedicated to the Babyn Yar tragedy, an Ukrinform correspondent reports. "This is strongly reflected in the Ukrainian economy and requires massive financial involvement to ensure stability of the banking sector. In fact, the weekly investment in the banking system’s stability is equal to all the military assistance that the United States…