The United States has provided more than $46 billion in security, economic and humanitarian aid to Ukraine since the Russian invasion began and will continue to provide the economic assistance that makes Ukraine’s resistance possible by supporting the home front: funding critical public services and helping the government work, U.S. Treasury Secretary Janet Yellen said.
“In the coming months, we expect to provide about $10 billion in additional economic support to Ukraine,” she reiterated at a news conference Thursday in Bangalore, India, of earlier U.S. commitments.
The secretary recalled U.S. President Joseph Biden’s words about supporting Ukraine in its struggle for as long as it takes and thanked allies for stepping up their direct assistance.
“And we think it is critical that the IMF move quickly to a fully funded program for Ukraine, as it has promised,” Yellen said.
“We very much want the IMF to come to an agreement on lending to Ukraine. The managing director (of the Fund) has made it clear that she should agree on a full program by the end of March,” the secretary added.
She stressed that continued and reliable support for Ukraine would be a major topic of discussion during her visit to India, where she is attending the G20 finance ministers’ meeting.
Yellen recalled that since the early days of the war, the U.S. has worked with a multilateral coalition of more than 30 countries to impose serious economic costs on Russia for its brutal attack.
“Our twin goals are to degrade Russia’s military-industrial complex and reduce the revenue it can use to finance its war,” she said, pointing out that Russia’s economy has become increasingly isolated, with nearly a million Russians leaving the country last year.
Responding to questions, the U.S. Treasury chief said a joint communiqué from G20 finance ministers was still under discussion. “Of course, we would like to see a sharp condemnation of the impact that the war has had on Ukraine and on global economic prospects. It is one of the most significant factors reducing growth and causing very negative side effects, especially for low-income countries,” Yellen stressed.
As reported, Ukraine hopes that the IMF Monitoring Program will be replaced by the Extended Funding Facility program as early as the second quarter of 2023, which can partially cover the gap in covering the $38 billion deficit of the state budget-2023, which is now about $10 billion. Kiev expects that the U.S. will provide $10 billion in grant aid by September, and the EU – EUR18 billion of preferential credit support during the year.
Ukrainian President Vladimir Zelensky discussed with Egyptian President Abdel Fattah As-Sisi the issues of strengthening food security and cooperation in the opening of food hubs in Africa by Ukraine.
According to the Telegram channel of the Ukrainian head of state on Thursday, the parties also noted the importance of extending the “grain initiative.”
“Supported the goals and principles of the UN Charter, in particular the sovereignty and territorial integrity of states,” the message said. Earlier, the “Club of experts” in a video review analyzed trade and economic relations between Egypt and Ukraine, see more at the link on the channel of the club:
Germany has joined an international project to restore Ukrainian cities #UN4Kharkiv-Mykolaiv and allocated EUR5 million.
As it was informed, the UN Economic Commission for Europe (UNECE) has created working groups #UN4Kharkiv and #UN4Mykolaiv and invited international architects to help these cities develop future master plans. The British architect Norman Foster Foundation helps Kharkiv, while the global design and architectural company One Works (Italy) coordinates the work in Nikolaev.
It became known about the German side joining the projects during the online meeting of the working groups, which was attended by representatives of the Ministry of Community Development, Territories and Infrastructure of Ukraine, UNECE, the Federal Ministry of Economic Cooperation and Development of Germany, local governments of Mykolaiv and Kharkiv and other international organizations.
“Since the beginning of Russia’s full-scale aggression, we have been sending the most necessary aid to Ukraine. And at the same time we are thinking about how to support you in rebuilding after the end of the war, because it is necessary to prepare for this now. I personally received a task from the German Federal Chancellor Olaf Scholz to represent our country in this work,” said State Secretary of the Federal Ministry for Economic Cooperation and Development Jochen Flasbart.
He recalled that the G7 countries met last December, during which the member states expressed their understanding that Ukraine needed comprehensive assistance.
Flasbat said that the German Federal Ministry for Economic Cooperation and Development will provide the international project #UN4Kharkiv-Mykolaiv with financial support of EUR5 million.
“We are giving the “green light” and preparing funds so that these projects can be successfully implemented. We hope that the terrible war will end as soon as possible, and we will start rebuilding Ukraine,” Jochen Flasbarth makes plans for the future.
AXOR Industry in 2022 invested $10 million to expand the production of fittings for windows and doors in Ukraine, the total investment in the enterprise reached $35 million, the company’s press service told the Interfax-Ukraine news agency.
“We continued to invest both in the development of new products and in new equipment and new production workshops. In 2022, two workshops for painting aluminum elements of fittings for windows and doors started working,” said AXOR Industry CEO Yilmaz Osman, whose words are cited in the press release.
He added that $10 million was invested in the expansion of production and a total of $35 million has been invested since 2011.
It is also noted that AXOR Industry is the only enterprise producing fittings for windows and doors in Ukraine. Its production facilities are located in Dnipropetrovsk. The company has not stopped its work since the beginning of the war.
Before the full-scale invasion of the Russian occupation troops into Ukraine AXOR hardware was supplied to 26 countries. Since February 24, deliveries to Russia and Belarus have been stopped. The company lost a significant amount of sales, but in spite of this it has kept jobs for Ukrainians (there are now 365).
“Only by providing jobs and developing international relations can we win the war and further ensure the development of both the production itself and the country. This is why in 2023 we aim to increase the presence of AXOR hardware in the international market and develop new lines of fittings and accessories for windows and doors,” said Osman.
According to the general director, from the first days of the full-scale invasion of Russia, the company began to help its employees who enlisted in the AFU and displaced persons. Also provides for the families of deceased employees.
According to the State Register of Legal Entities and Individual Entrepreneurs, the authorized capital of AXOR Industry is 135.38 million UAH. The founders are Funama Holdings Limited (Cyprus), AMC Altus Assets Activitis and Basera Holding Limited (Malta). Vadim Yermolaev is indicated as the ultimate beneficiary.
The Verkhovna Rada of Ukraine has adopted in general draft law No. 7198 on the creation of a state register of housing damaged and destroyed as a result of Russia’s armed invasion of Ukraine, and the procedure for compensation for it.
The bill was supported by 275 people’s deputies at Thursday’s meeting, Yaroslav Zheleznyak, a member of the Golos faction, said in a Telegram feed.
According to the draft law, compensation will be provided only for residential property damaged or destroyed since February 24, 2022. At the same time, the law does not apply to the objects that on the date of martial law were located in the temporarily occupied territories.
Owners of apartments and other residential premises will be able to receive a housing certificate confirming guarantees of the state to finance the purchase of housing (including those built in the future) within a certain amount, while owners of private houses will have a choice between receiving a certificate and monetary compensation. Such monetary compensation will be accrued in a special regime to finance construction.
The bill does not set a limit on the amount of compensation, as well as limits on the location, type and size of new housing financed by the certificate. At the same time, if the cost of housing will be lower than the amount specified in the certificate, the balance of compensation will be paid only at the expense of funds received from the Russian Federation for the reimbursement of damages.
The term for applying for compensation is during martial law and within one year after its cancellation. It is possible to use the certificate within five years from the date of its issue, and it is prohibited to alienate housing (except inheritance) for five years.
The applications will be considered by the commissions for consideration of compensation established by the executive bodies of local councils, military or civilian-military administrations.
According to the draft law, sources of financing of compensations can be state and local budgets; funds from international financial organizations, creditors and investors; international technical and/or refundable or non-refundable financial aid; reparations or other recoveries from Russia and others.
As reported, Ukrainians have already submitted more than 325,000 reports of destruction or damage to housing through Diya
The court has arrested the property of Oksana Marchenko, the wife of Viktor Medvedchuk, suspected of funding Russian occupation groups, the Security Service of Ukraine (SBU) said.
“According to the materials of the Security Service, the court arrested the property of Oksana Marchenko, suspected of financing Russian occupation groups. The total value of the seized assets is more than 5.6 billion hryvnias,” the SBU Telegram channel reported Thursday.
According to the report, the court’s decision concerns stakes of 14% each in two oblenergos and more than 4% in a third, which Marchenko owns through five offshore companies.
In addition, two land plots, four residential houses in Kiev and Crimea, as well as 10 cars belonging to the figure, the SBU informs.
“In addition, the assets of Marchenko in 18 investment, agro-industrial, telecommunications and other companies were arrested. Among them – Kiev companies “Terra-Invest”, “Ukrkapital” and “Sport-Tour”, which the wife of Medvedchuk used to conduct subversive activities against Ukraine,” informs the SBU, specifying that “they (these companies – IF-U) founded a firm under Russian law, through which Marchenko transferred millions of dollars to accounts of the Russian Federal Guard Service and the Russian Interior Ministry in occupied Crimea, and also paid ‘taxes’ to the Russian budget.”
Earlier it was reported that SBU investigators notified Marchenko and the head of the affiliated Crimean firm of suspicion under Part 3 Article 110-2 of the Criminal Code of Ukraine (financing actions committed for the purpose of violent change or overthrow of the constitutional order or seizure of state power, changing the borders of the territory or state border of Ukraine).
Under the same article, the top manager of Ukrkapital and Sport-Tura was reported as suspected. The perpetrator was detained and a preventive measure in the form of detention was chosen.
As noted in the report of the SBU, the crime suspected Marchenko and the managers of the companies involved, provides for punishment in the form of imprisonment with confiscation of property. Seizure of assets will ensure the possibility of confiscation by a court decision and protect the property from re-registration to other persons.
The investigation continues.
Investigative and operational activities were carried out by employees of the Security Service of Ukraine in Ivano-Frankivsk region under the procedural guidance of the regional prosecutor’s office.
