US softens demands on Ukraine minerals deal after Washington talks, Bloomberg reports
The Trump administration has reportedly lowered the payback it seeks under a minerals agreement with Ukraine from $300 billion to $100 billion.
Economy
Ukraine Business Roundup — Tariff war
The following is the April 9, 2025 edition of our Ukraine Business Roundup weekly newsletter. To get the biggest news in business and tech from Ukraine directly in your inbox, subscribe here. President Trump shocked the world on April 2 when he announced what he dubbed “Liberation Day,” slapping tariffs
Ukraine Reforms Tracker Weekly — Issue 20
Editor’s note: This is issue 20 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly "Ukraine Reforms Tracker" covering events from March 24–April 6, 2025. The digest highlights steps taken in the Ukrainian parliament related to business, economics, and international financial programs. The Kyiv Independent is republishing with permission. Benchmarks
US-Ukraine technical consultations on minerals deal to start on April 11, deputy PM says
Ukraine will begin technical consultations with the U.S. on the minerals agreement on April 11, Deputy Prime Minister for European and Euro-Atlantic Integration and Justice Minister Olha Stefanishyna said, as reported by Interfax-Ukraine on April 10.
Ukraine ready to negotiate 'abolition of duties' on all US goods amid Trump's tariffs
"Our priority is the abolition of duties, not escalation," Deputy Economy Minister and Trade Representative Taras Kachka said.
EU transferring new $1-billion tranche for Ukraine covered by frozen Russian assets
"We are grateful to our partners for supporting the economy and the rapid recovery of our country," Prime Minister Denys Shmyhal said after meeting EU Economy Commissioner Valdis Dombrovskis in Brussels.
EU farmers warn Russian fertiliser ban risks price surge, AFP reports
The European Commission aims to halt imports from Russia and Belarus—totaling 3.6 million tonnes valued at $1.41 billion (1.28 billion euros) in 2023—to limit revenue flowing to Moscow's war effort.
Kremlin panics as Russian Urals crude oil price nears crucial $50 mark
Kremlin spokesperson Dmitry Peskov attributed the price decline to "the US decision to introduce tariffs for most countries in the world."
Mineral diplomacy or modern-day extortion in Ukraine?
Eleven years ago, Russia seized Ukrainian territory by force. Three years ago, Russia launched a full-scale invasion of Ukraine. Today, Ukraine faces a new threat to its sovereignty: U.S. President Donald Trump’s demand that the country hand over a significant amount of its mineral wealth or face the
Ferrexpo cuts pellet production by 26% after Ukraine suspends VAT refunds
Ferrexpo, the London-listed iron ore producer with significant operations in Ukraine, reported a 26% year-on-year decline in pellet production during the first quarter, attributing the drop to the suspension of value-added tax (VAT) refunds by Ukrainian authorities.
Russia excluded from US tariff list due to ongoing ceasefire negotiations, White House says
White House National Economic Council Director Kevin Hassett said on April 6 that Russia was excluded from the U.S. tariff list due to ongoing peace negotiations with Ukraine.
Ukraine Business Roundup — The Black Sea ceasefire deal Ukraine doesn't need
The following is the April 1, 2025 edition of our Ukraine Business Roundup weekly newsletter. To get the biggest news in business and tech from Ukraine directly in your inbox, subscribe here. Washington proudly announced on March 25 that it had brokered an agreement between Russia and Ukraine to "eliminate
'Difficult, but not critical' — Ukraine's economy minister reacts to Trump's tariffs
Ukraine's exports to the U.S. in 2024 amounted to $874 million, including $363 million in cast iron and $112 million in pipes, Economy Minister Yuliia Svyrydenko said.
Ukraine received new minerals deal draft on March 28, talks with US ongoing, FM confirms
"Ukraine was ready to sign the previously developed framework agreement. Now we have received a proposal for development and a new text of the agreement," Foreign Minister Andrii Sybiha said on April 1.
Ukraine receives $400 million tranche from IMF
The funds represent the latest tranche of the Extended Fund Facility (EFF) program, which will provide Kyiv with $15.6 billion in budget support over four years. With the additional $400 million in funding, the program has now distributed $10.1 billion in financing to Ukraine.
US, Russia begin talks on rare earth minerals projects, Moscow claims
"Rare earth metals are an important area for cooperation, and, of course, we have begun discussions about various rare earth metals and projects in Russia," said Kirill Dmitriev, head of the Russian Direct Investment Fund.
Ukraine to request changes to new minerals deal, Bloomberg reports
Ukraine will be seeking for the U.S. to commit to more U.S. investment and clarify how a reconstruction fund would operate, a person familiar with the matter said.
Ukraine Business Roundup — More wartime M&A deals
The following is the March 25, 2025 edition of our Ukraine Business Roundup weekly newsletter. To get the biggest news in business and tech from Ukraine directly in your inbox, subscribe here. Ukraine’s largest telecom operator, Kyivstar, signed an agreement to acquire Uklon, a leading ride-hailing and delivery platform
Ukraine Reforms Tracker Weekly — Issue 19
Editor’s note: This is issue 19 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly "Ukraine Reforms Tracker" covering events from March 17–23, 2025. The digest highlights steps taken in the Ukrainian parliament related to business, economics, and international financial programs. The Kyiv Independent is republishing with permission. Benchmarks and
Kyiv, Lviv airports not cooperating on reopening plans, Ryanair CEO says
The restart of flights is vital for rebuilding Ukraine's economy, a process that cannot start unless "somebody gives the airports a kick up the backside," Ryanair CEO Michael O'Leary said.
62% of foreign companies from 'unfriendly' states exit Russia amid war, media reports
The analysis covered over 300 foreign firms with "significant assets" and annual revenue of at least 1 billion rubles ($12 million) in Russia. Of these, 183 companies had fully withdrawn by the end of 2024.
Trump administration preparing to impose tariffs on 15 countries, including Russia
Those expected to be impacted by sanctions include Russia, Australia, Canada, the EU, and China, among many other expected targets, the Wall Street Journal (WSJ) reported.
EU considers cutting Ukrainian sugar imports after price drop, Reuters reports
The European Commission is contemplating significant cuts to Ukrainian sugar imports after complaints from EU producers about plummeting sugar prices, Reuters reported on March 20, citing information from three sources.
Ukraine Business Roundup — McDonald's and DOGE in Ukraine
The following is the March 18, 2025 edition of our Ukraine Business Roundup weekly newsletter. To get the biggest news in business and tech from Ukraine directly in your inbox, subscribe here. I’ve always wanted an excuse to talk to this newsletter audience about McDonald’s in Ukraine and
Ukraine Reforms Tracker Weekly — Issue 18
Editor’s note: This is issue 18 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly "Ukraine Reforms Tracker" covering events from March 10–16, 2025. The digest highlights steps taken in the Ukrainian parliament related to business, economics, and international financial programs. The Kyiv Independent is republishing with permission. Benchmarks and
EU approves over $2 billion in economic support for Moldova
The Reform and Growth Facility, which includes 1.5 billion euros ($1.6 billion) in low-interest loans and 385 million euros ($420 million) in grants, will cover the period of 2025-2027 and is part of the EU's long-term Moldova Growth Plan.
EU approves third $3.8 billion tranche for Kyiv under Ukraine Facility program
With this disbursement, Ukraine will have received nearly 20 billion euros ($21,7 billion) under the Ukraine Facility since the program was launched in early 2024.
Ukraine is the front line in the battle against oligarchic capitalism
The war in Ukraine is not just a fight for national sovereignty — it’s a battle at the crossroads of a collapsing global order. While Ukrainians heroically resist Russia’s brutal invasion, the war has exposed the fractures of an economic system that has, for decades, concentrated wealth, power, and
Ukraine Business Roundup — The foreign arms producer showing real results in Ukraine
The following is the March 11, 2025 edition of our Ukraine Business Roundup weekly newsletter. To get the biggest news in business and tech from Ukraine directly in your inbox, subscribe here. For all the hype around foreign weapons producers setting up shop in Ukraine to help it fend off
Ukraine Reforms Tracker Weekly — Issue 17
Editor’s note: This is issue 17 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly "Ukraine Reforms Tracker" covering events from March 3–9, 2025. The digest highlights steps taken in the Ukrainian parliament related to business, economics, and international financial programs. The Kyiv Independent is republishing with permission. Benchmarks and
Ukraine's central bank raises key policy rate to 15.5%, warns about foreign policy risks
The move marks the second raise of the key policy rate since the beginning of 2025. In late January, the central bank raised it from 13.5% to 14.5%.
Ukraine Reforms Tracker Weekly — Issue 16
Editor’s note: This is issue 16 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly "Ukraine Reforms Tracker" covering events from Feb. 24–March 2, 2025. The digest highlights steps taken in the Ukrainian parliament related to business, economics, and international financial programs. The Kyiv Independent is republishing with permission. Benchmarks
Ukraine’s Economy
Russia’s 10-year war of aggression against Ukraine has caused widespread and long-lasting damage to the country’s economy. Positive growth predictions were squashed following Russia’s annexation of Crimea and invasion of Ukraine’s eastern Donbas region in 2014. Then came Russia’s full-scale invasion in February 2022, wreaking havoc on an economy that had just started to recover following the Covid-19 pandemic. The country’s financial sector and economy have proved resilient throughout Russia’s full-scale invasion, bouncing back in 2023, although the economy is still around a third smaller than its pre-war level.
Learn more about Ukraine’s Economy
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