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COUNTRY INSIGHTS

Head of Naftogaz Kobolev Reports Ukraine’s Big Win against Gazprom
UKRAINE · In Brief · 31 May 2017

Head of Naftogaz Andriy Kobolev reported positive decision of the Arbitration Institute of the Stockholm Chamber of Commerce on lawsuit of Russian Gazprom against Naftogaz. In particular, the arbiters rejected take-or-pay rule that Gazprom was insisting on. Also the court cancelled ban on re-expo...

IMF mission leaves Kyiv – official statement looks disturbing
UKRAINE · In Brief · 26 May 2017

The IMF released official statement on conclusion of its mission to Ukraine. It looks the IMF officers are unhappy with the progress they observed. The statement says “further technical work is needed” in the area of pension reform, land reform, privatization and anticorruption “to transform thes...

The Central bank cuts policy rate by 0.5 ppt down to 12.5%
UKRAINE · In Brief · 25 May 2017

The Central bank cut policy rate by extra 0.5ppt down to 12.5% today. Slowing inflation as well as steady strengthening of hryvnia stands behind this decision. In particular, in April CPI slowed down to 0.9% m/m (+12.2% y/y) vs. 1.8% m/m (+15.1% y/y) in the prior month. Hryvnia strengthened by 0....

Minister of agriculture Taras Kutovyi resigns – good sign for land reform
UKRAINE · In Brief · 23 May 2017

Minister of agriculture Taras Kutovyi wrote on his Facebook page that he decided to resign. The decision is related to his position on land reform. Taras Kutovyi, a person from local agro-business, was clearly against free land circulation. He openly was standing for so called ‘lease rights’ circ...

Prime-minister Groysman presents pension reform, still to be approved by the IMF
UKRAINE · In Brief · 17 May 2017

Today Prime-minister Volodymyr Groysman finally presented to public his proposal on pension reform. He suggested increasing years of service (before being vested in a pension) up to 25 years from 15 years previously (35 years by 2028). At the same time, retirement age was left unchanged at 60 yea...

President Poroshenko bans Russian social nets in Ukraine
UKRAINE · In Brief · 16 May 2017

On May 15th President Poroshenko signed a decree imposing sanctions on 1700 Russian legal entities. At the sanction list we can see Russian TV channels, banks and… very popular Russian social nets like VKontakte and Odnoklassniki. Also the President banned Russian mail service mail.ru and search ...

Eurovision might light up Ukraine for tourists
UKRAINE · In Brief · 14 May 2017

Over the last week Ukraine hosted the Eurovision Song Contest 2017. It was already for the second time in our history that Eurovision took place in Kyiv. But it was never before that visitors were so positive about friendly Ukrainians, well-organized event and high level of services provided for ...

Visa-Free Travel to Europe A Feather in Poroshenko’s Cap
UKRAINE · Report · 09 May 2017 · 1 response

Positive developments in April included receipt of a third IMF loan tranche, the European Parliament’s surprise approval of a visa-free regime for Ukraine, a big win for the president that should nicely position him for a second five-year term. The Verkhovna Rada approved a key law for electrici...

Secret service conducts a search at one of the largest local investment bank
UKRAINE · In Brief · 26 Apr 2017

Secret service of Ukraine conducted a search in Dragon capital, one of the largest local investment banks – this news broke the headlines today. Press-service of Dragon capital reported that secret service was looking for unlicensed soft at the computers of the investment company (ridiculous blam...

Another failed attempt to arrest ‘big fish’
UKRAINE · In Brief · 23 Apr 2017

Last Thursday, on April 20th National Anti-Corruption Bureau (NABU) put under detention another well-known rent-seeker Mykola Martynenko. Martynenko is the purse of ‘People’s front’ party led by ex-prime minister Arseniy Yatsenyuk. He was arrested under suspicion of abusing $17.28 million of fund...

A year of Groysman Cabinet: None is Ready to Change the Government
UKRAINE · In Brief · 18 Apr 2017

On Friday, April 14th there expired a year of immunity for the Cabinet of Volodymyr Groysman. Now the parliament will be evaluating Prime-Minister performance. Politicians, experts and journalists actively discuss achievements and failures of the Cabinet. General impression – the key political pl...

The Central bank cuts policy rate by 1 ppt down to 13%
UKRAINE · In Brief · 13 Apr 2017

Today the Board of Directors of the Central bank cut policy rate by 1ppt down to 13%. This decision was quite surprising after Valeria Hontareva, the Head of the Central bank announced her resignation from May 10th. We expected the Board of Directors to take a pause till the day new Head of the C...

Head of Ukraine's Central bank resigns
UKRAINE · In Brief · 10 Apr 2017

The Head of the National bank of Ukraine Valeria Hontareva resigns today. She did not mention who will be her successor. Observers mention Volodymyr Lavrenchuk (Chairman of the Board of Aval bank) and Roman Shpek (Head of Independent Bank Association of Ukraine) as the most probable candidates fo...

Visa-free for Ukraine – big win for President Poroshenko
UKRAINE · In Brief · 06 Apr 2017

European Parliament approved visa-free regime for Ukraine. Ukrainians will be able to travel without visas to all EU countries, except Ireland and the UK, plus Iceland, Liechtenstein, Norway and Switzerland. The legislation was approved but still needs to be formally adopted by the Council of Min...

Links Cut to Occupied Donbas Likely to Stymie Growth
UKRAINE · Forecast · 05 Apr 2017

GDP expanded 2.3% y/y in 2016, far more than we’d expected. An upsurge in local investment, of 20.1% y/y, and expansion of inventories, were the main drivers. Investment grew, despite scarce FDI, on the back of agro and state investment. An impressive +9.7% y/y grain harvest increased inventorie...

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