Business news from Ukraine

Business news from Ukraine

“Energoatom” receives Westinghouse license to manufacture nuclear components

NNEGC Energoatom has received a license from Westinghouse to manufacture fuel rod shanks for nuclear fuel assemblies in Ukraine, the company said on Thursday.

Earlier, NNEGC completed the licensing of the production of heads for fuel cassettes.

“In 2025, we will start supplying both heads and shanks produced at the facilities of Energoatom, a Westinghouse company. That is, some of the elements required for the manufacture of fuel cassettes will be of Ukrainian production,” said NNEGC CEO Petro Kotin in the Energo Live program on the We-Ukraine TV channel.

As reported, cooperation between Energoatom and Westinghouse on the production of nuclear fuel began in the summer of 2018 when the American partner began qualifying one of NNEGC’s separate divisions as a supplier of fuel assemblies for the TVS-WR. In 2019-2020, work was organized to produce them for fuel assemblies of Westinghouse Electric Sweden.

In April 2022, the first batch of head components was manufactured and sent to Westinghouse for qualification.

In the summer of 2023, the Swedish regulator SSM granted an export license as part of the project to qualify NNEGC Energoatom as a supplier of nuclear fuel components manufactured in Ukraine using modern Western technologies.

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2024 was warmest year in Kyiv on record

The average annual temperature in Kyiv in 2024 was +11.4°C, which is 2.4°C higher than the climate norm, and 2024 was the warmest year in the capital since the observations were made, with 52 temperature records recorded, the Borys Sreznevsky Central Geophysical Laboratory reported.

“In 2024, the air temperature exceeded the long-term average in all its months. February and September were particularly notable, with the largest positive deviations – 5.2°C and 5.7°C, respectively,” the Sreznevsky Central Geophysical Laboratory said in a statement on its website on Thursday.

It is noted that the coldest day was January 9 – minus 15.8°C, the hottest – July 16, when the temperature in the shade reached plus 36.0°C.

In total, 52 temperature records were recorded in Kyiv in 2024, with the highest number of records in April – 13 and July – 14.

Precipitation amounted to 642 mm, which corresponds to 104% of the climate norm. However, they were distributed very unevenly over time – almost two monthly norms in April and June and only 23% and 36% of the long-term average in May and September.

According to the observations of the meteorological station of the Borys Sreznevsky Central Geophysical Observatory, the average monthly air temperature in Kyiv in December was 0.0°C, which is 1.8°C higher than the climatic norm. The coldest day in the capital was December 14, when the minimum temperature dropped to -9.8°C in the morning, and the warmest was December 19, when the maximum temperature reached +8.0°C in the afternoon.

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Shadow tobacco market in Ukraine decreased by 2 times in 2024

In 2024, Ukraine managed to reduce the volume of the shadow tobacco market to 12.6% from 25.7%, Danylo Hetmantsev, Chairman of the Verkhovna Rada Committee on Finance, Taxation and Customs Policy, said on Telegram.

“Thanks to joint work with law enforcement and tax authorities, we managed to reduce the volume of the shadow tobacco market from 25.7% to 12.6%,” he wrote.

Hetmantsev added that in June-December 2024, importers and manufacturers of tobacco products paid UAH 16.1 billion more in excise tax to the budget (+33.7%) than in the same period in 2023.

In June-October, manufacturers produced 2 billion more cigarettes than in the same period of 2023.

In addition, the development of the e-liquids market resulted in a 30-fold increase in the volume of ordered excise stamps in the third quarter compared to the first quarter of 2024.

As reported, in December 2024, the Verkhovna Rada adopted Bill No. 11090 on the revision of excise tax rates on tobacco products. The document provides for an equivalent increase in specific excise tax rates on cigarettes for tobacco, industrial tobacco substitutes and a reduction in their amount for tobacco-containing products for electric heating, as well as clarification of certain provisions of the administration of excise tax on tobacco products.

MP Yaroslav Zheleznyak (Holos faction) said that the adopted document was not signed by the President of Ukraine and was not published on the parliament’s website, which calls into question the revision of tobacco prices from January 1, 2025.

Ukraine launches Agrarian Notes Register for digitalization of agricultural sector

On January 1, the Law “On Agricultural Notes” came into force in Ukraine, which provides for the establishment of a separate Register of Agricultural Notes.

It is expected that the register will contain information on the issuance, content and change of details of agrarian notes, termination and encumbrance of agrarian notes, and the commencement of enforcement of obligations under agrarian notes on the basis of a special extract from the register.

The Registry, in turn, will ensure transparency, efficiency and convenience of operations with agricultural notes by automating the processes of forming the details of agricultural notes, making changes, issuing and terminating them. Automated work will simplify the interaction between agricultural producers, creditors, and investors.

In addition, the digitalization of processes in the Registry will reduce transaction costs associated with the issuance and termination of agricultural notes, making the instrument cheap and easy to use.

Oleksiy Yudin, Chairman of the Board of the National Depository of Ukraine (NDU), previously expressed confidence that the project would be an important step in building the digital infrastructure of the agricultural sector, help attract additional investment and ensure sustainable economic growth.

“This project is an important step for the digitalization of the capital market and the agricultural sector in Ukraine. The development of the Agricultural Notes Register will not only help strengthen our country’s position in the global agricultural market, but also create new opportunities for investors,” said Ruslan Magomedov, Chairman of the National Securities and Stock Market Commission.

The NSSM added that this decision is an important infrastructure element and a central component of the entire ecosystem of agricultural notes, without which the full implementation of the new instrument in the market is impossible.

As reported, in October 2024, the International Finance Corporation (IFC, a member of the World Bank Group) and the National Depository of Ukraine signed a grant agreement under which NDU will receive up to $300 thousand to create and implement an innovative Register of Agricultural Notes.

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Dynamics of reserves of Ukraine from 2012 to 2024, million USD

Dynamics of reserves of Ukraine from 2012 to 2024, million USD

Open4Business.com.ua

Ukraine’s agricultural sector earned $24.5 bln in 2024, setting second historical record

In 2024, the Ukrainian agricultural sector set a second historical record of $24.5 billion in foreign exchange earnings from the export of agricultural products, Minister of Agrarian Policy and Food Vitaliy Koval said in an interview with Ukrainian Radio.

“To summarize the 24th year, it brought us the second best result in terms of foreign exchange earnings from exports. We set the second historical record – the country received $24.5 billion from the export of agricultural products. This is a good indicator,” he said.

The Minister recalled that the best year in terms of foreign exchange earnings from agricultural exports was 2021, when the agricultural sector earned $27.7 billion due to a good harvest.

Koval noted that compared to 2023, the agricultural sector’s foreign exchange earnings from exports increased by more than $2 billion.

“I think 2024 was a year of resilience for the entire agricultural sector. Ukrainian agrarians withstood, persevered and proved to be the best. The fact that we harvested a good crop, 75 million tons of grains and oilseeds, despite the mined land and hostilities is a good result, given that the year was dry and we had to admit the loss of yields. But in general, Ukraine has not only resisted, but also increased its agricultural power,” the Minister of Agrarian Policy summarized.