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A burst of Russian brutality
UKRAINE · Report · 23 Apr 2024

Ukraine has since mid-March faced unprecedented air raids targeting energy infrastructure, unlike anything seen since the start of the war. In previous years, such as 2022-2023, Russian strategy focused on disrupting energy supplies, to cause nationwide blackouts. But now the focus has shifted to...

Collapse of the Western narrative
UKRAINE · Report · 19 Mar 2024

The gloomy sentiments of winter have transformed into a “we’ll cope with that” attitude. Ukrainian forces retreated from Avdiivka due to a shortage of ammunition, while the Russians employed new tactics of distant, massive barrages with guided aerial bombs. The retreat was painful, but the withdr...

NBU surprised with a minor prime rate cut by 0.5 ppt down to 14.5%
UKRAINE · In Brief · 14 Mar 2024

The NBU Board reduced the prime rate by 0.5 ppt to 14.5%, effective March 15. This decision came as a surprise to the market, especially following the January announcement that a minor prime rate cut might only be considered in the second half of 2024. The main justification for this unexpected m...

Dancing on the edge of an abyss
UKRAINE · Report · 16 Feb 2024

The last few months have been far from enjoyable. The anxious anticipation of decisions from the West regarding military supplies, coupled with persistent efforts by Russian friends to disrupt the process, paints a bleak picture. The tension between President Volodymyr Zelenskiy and Commander-in-...

Zelenskiy dismissed Commander-in-Chief Valerii Zaluzhnyi
UKRAINE · In Brief · 08 Feb 2024

The tension between President Volodymyr Zelenskiy and Commander-in-Chief Valerii Zaluzhnyi has been simmering for quite some time and became notably public after the problematic counteroffensive in the summer of 2023. Zelenskiy attempted to justify his dissatisfaction with Zaluzhnyi, citing modes...

NBU keeps prime rate unchanged at 15%, updates forecast
UKRAINE · In Brief · 26 Jan 2024

As expected, the NBU Board left the prime rate unchanged at 15% on January 25th. Following a month of FX market turbulence, pausing rate cuts was a natural decision, particularly in light of the still-delayed financial support decisions from both the EU and the US for 2024. The press release sugg...

The mood has soured
UKRAINE · Report · 09 Jan 2024

The mood has soured dramatically, amid discussions focusing on the West's indecisiveness, potential cuts in military supplies, delayed financing from the United States and looming tightened recruitment measures. Yet if we set aside the issue of soured sentiments, we can see that Ukraine's pos...

EU opens membership talks with Ukraine, history is being made right now
UKRAINE · In Brief · 15 Dec 2023

European leaders approved to open EU membership talks with Ukraine on December 14th, marking another historic day for the nation. This decision signifies that Ukraine's integration into the EU is not just a dream held by a few but is actively supported by the political leaders of EU member states...

NBU predictably cuts prime rate by 1 ppt to 15%, future uncertain
UKRAINE · In Brief · 14 Dec 2023

This time, the decision of the monetary authorities aligned with expectations. On December 14th, the NBU Board predictably reduced the prime rate by 1 ppt to 15%. Following this, the "working" rates were also cut by 1 ppt: the rate for overnight deposit certificates was lowered to 15%, three-mont...

Divergent views on how the war might end
UKRAINE · Report · 29 Nov 2023

The lack of significant land gains in Ukraine's 2023 summer counter-offensive has sparked intensive discussions about a potential stalemate in the war, and the West's vision for its conclusion. General Valery Zaluzhny's essay in The Economist, widely interpreted as an admission that the front has...

Spending plan 2024 approved with 20.6% GDP deficit
UKRAINE · In Brief · 10 Nov 2023

On November 9th, the Verkhovna Rada approved the 2024 spending plan, which saw only modest changes from the initial budget proposed in September. The central budget's revenues are set at UAH 1.77 trillion, with expenditures at UAH 3.36 trillion, leading to a deficit of UAH 1.57 trillion, or 20.6%...

Avdiivka offensive amid depleted Russian artillery
UKRAINE · Report · 31 Oct 2023

Despite no significant territorial gains being reported, the intensity of the fighting escalated along all fronts throughout September and October. Ukrainian forces continued their push south toward Tokmak, and have been gradually encircling the ruins of Bakhmut. However, since the beginning of O...

NBU slashes prime rate by 4 ppt to 16%, keeps "working" rates steady
UKRAINE · In Brief · 26 Oct 2023

Today, on October 26th, the NBU Board made an unexpected decision, slashing the prime rate by 4 ppt to 16%, effective from October 27th. While the market did anticipate a rate cut, analysts had predicted a more modest 2 ppt reduction. Despite the significant cut in the prime rate, the NBU essenti...

The NBU Switches to Controlled Fluctuation FX Regime
UKRAINE · In Brief · 02 Oct 2023

The NBU has announced a controlled fluctuation FX regime beginning October 3rd, abandoning the fixed exchange rate regime that had been in place since the full-fledged Russian invasion in February 2022. While the move was anticipated, the timing was unpredictable, catching observers by surprise. ...

Unlocking the grain corridor
UKRAINE · Report · 27 Sep 2023

Provisional reports suggest that the main Russian defense line has been breached to the north of Tokmak. Fighting continues, but the redeployment of competent Russian paratrooper divisions from other front sectors to the Tokmak area clearly signifies a crisis there. Meanwhile, in sectors stripped...

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