The issue of resetting the government in Ukraine depends on the financial deficit, Ukrainian President Volodymyr Zelenskyy said at a press conference in Kyiv on Sunday.
“We have a conversation with the Prime Minister. And it is based solely on the deficit of money. If the corresponding deficit continues, we will do everything to ensure that the infrastructure, and this is not just the Cabinet of Ministers, that the infrastructure of our state’s management is reduced,” he said.
“Reducing the number of ministries, reducing the number of ministers, coordinated management. That is why we have an absolutely open dialog here, and we are ready for it. I think the indicator will be an understanding of what we will have in the spring. A little later, in a month or two, we will understand everything,” Zelensky said.
At its plenary meeting on February 21-23 in Paris, the FATF (Financial Action Task Force) once again ignored Ukraine’s call to add Russia to the list of high-risk jurisdictions – the so-called “blacklist”.
The FATF merely recalled its statement condemning Russia’s actions a year ago and added that “members note with concern the potential risks to the international financial system, including Russia’s growing financial ties to countries subject to FATF countermeasures, the risks of financing the proliferation of weapons of mass destruction, and malicious cyber activity and ransomware attacks.”
The organization noted that, given the seriousness of these risks, many FATF members are taking proactive measures to protect themselves and the global financial system, and reiterated its call for all jurisdictions to remain vigilant in relation to the above risks.
“As we have done since the outbreak of Russia’s aggressive war, FATF members will continue to monitor the situation and the risks to the global financial system. As a suspended member of the FATF, the Russian Federation remains responsible for fulfilling its obligations to implement FATF standards,” the updated statement reads.
The Ministry of Finance of Ukraine, for its part, welcomed these expanded comments, but emphasized that they do not comprehensively address the Kremlin’s continued and deliberate disregard for FATF standards and principles since its membership was suspended a year ago.
“The Ministry understands the political problems associated with reaching a consensus on further measures, but the facts show that more needs to be done to counter the threats that Russia poses to the integrity of the global financial system,” the Finance Ministry said in a statement on Friday.
The Ukrainian ministry recalled that last year Russia increased its arms trade with FATF blacklisted states Iran and North Korea, and since December, evidence has continued to emerge that Russia is purchasing North Korean missiles for use on the battlefield against Ukraine, in violation of UN sanctions.
Kyiv believes that at its next plenary meeting, the FATF should adopt tougher restrictive measures to mitigate these serious threats. The Ministry of Finance of Ukraine also called on individual countries not to wait for the FATF’s decision, but to add Russia to their national lists of high-risk jurisdictions, which will require a more thorough examination of all transactions related to Russia and other restrictive measures.
“The FATF, an organization charged with ensuring the safety of the global financial system, must fulfill its mandate. The absence of more stringent restrictive measures dangerously plays into the hands of the Kremlin, giving it and possibly other malicious actors the green light to continue the gradual destruction of the rules-based international structure,” commented Finance Minister Sergii Marchenko on the decision of the plenary session.
The FATF communiqué states that the plenary session chaired by T. Raja Kumar from Singapore was attended by delegates from over 200 jurisdictions. Among the key outcomes is new risk-based guidance on the implementation of Recommendation 25 on beneficial ownership and transparency of legal entities.
The Plenary also agreed to publish for public comment a number of options for potential changes to Recommendation 16 and its Interpretive Note on wire transfers. The proposed amendments are aimed at adapting the FATF standards to changes in payment system business models and messaging standards, as well as at ensuring that they remain technology-neutral.
The organization added Kenya and Namibia to the list of jurisdictions under enhanced scrutiny that are working with the FATF to address strategic deficiencies in their anti-money laundering regimes, while removing Barbados, Gibraltar, Uganda and the UAE from the list due to significant progress.
The plenary agreed to appoint a new FATF president for a two-year term starting in July 2024: Elisa de Anda Madrazo of Mexico, who served as FATF vice president from July 1, 2020, to June 30, 2023, will take over from Elisa de Anda Madrazo.
Ukraine is ready to fix the level of exports of eggs, chicken meat and sugar to Poland at the level of 2022-2023, Prime Minister Denis Shmygal said.
“We have already introduced a verification and control mechanism for four groups of cereals on September 16. We are also ready to go in terms of setting the export level for eggs, chicken meat and sugar at the level of 2022-2023. These are quite large volumes. We are ready to fix them and move within these boundaries,” Shmygal said at the forum “Ukraine. Year 2024” on Sunday.
Prime Minister also said that representatives of the Ukrainian government were at the Ukrainian-Polish border on Friday and talked to Ukrainian carriers who were returning by grain carriers from Europe.
Commenting on the protests of Polish farmers on the Ukrainian-Polish border, the Prime Minister reminded that they were taking place against the background of Russia’s hybrid warfare in Europe. “This should not be forgotten. There is support for radical and pro-Russian political forces throughout the European Union, particularly in Poland. This leads to terrible things that we see when they pour out grain and act illegally,” he emphasized.
Shmygal noted that the Polish government and the police react to these violations adequately, and appropriate cases are initiated. The first violators have already been brought to court, they face up to five years in prison.
According to the prime minister, the Ukrainian government announced five steps to unblock the Ukrainian-Polish border, and also notified the European Commission about Ukraine’s proposed “plan of mutual understanding” with Poland. Now Ukraine will start implementing them jointly with the European Commission.
As reported, Ukraine on February 23 on the Ukrainian-Polish border announced five steps for the de-blockade of the border. In particular, Ukraine agreed to limit the entry of poultry meat, eggs and sugar to Poland and will export them to the EU without quotas and duties in volumes no more than the average in 2022 and 2023. In addition, Ukraine is ready to continue the mechanism of verification of exports of grain, corn, sunflower and rapeseed, which means that these four groups of goods will not enter the Polish market without Polish authorization.
The second step will be Ukraine’s appeal to the European Commission with a proposal to conduct urgent screening of clusters 4 and 5, which include agrarian policy and transportation.
The third step is a proposal to the Polish government to adopt a joint appeal to the European Commission to stop Russian agricultural exports to the EU.
The fourth step was the creation of a “Trilateral Headquarters: Ukraine, Poland, European Commission” co-chaired by the agrarian ministers of Ukraine, Poland and a representative of the European Commission.
The fifth step is to expand free passage across the border not only for ammunition and humanitarian aid, but also for Ukraine’s critically needed fuel.
Emergency rescue squad of special purpose of the State Emergency Service of Ukraine (SESU) of Cherkassy region on February 23 announced its intention to conclude with IC “Ukrainian Fire Insurance Company” a contract of compulsory insurance of civil liability, according to the system of electronic public procurement Prozorro.
According to the system of electronic public procurement “Prozorro”, with the expected cost of the purchase of services under the tender 201.448 thousand UAH, the company offered 162.6 thousand UAH.
IC “Arsenal Insurance” also took part in the tender with a price offer of UAH 162,7 th.
UICC has been working in the insurance market since 1992. The majority shareholder and the head of the supervisory board is Alexander Mikhailov.
The insurer is a member of the Motor (Transport) Insurance Bureau of Ukraine and has 60 licenses for insurance activities (21 types of voluntary and 39 types of compulsory insurance).
Maritime insurance experts are calling for closer cooperation with shipowners to develop decarbonization strategies, Reinsurance News reports.
The white paper, co-authored by underwriting firm Atrium and Bayes Business School (formerly Cass), City, University of London, emphasizes the crucial role insurers can play in facilitating the transition to greener practices in the shipping industry, the report says.
Noting the urgency of this issue, the document emphasizes that although the shipping sector currently accounts for about 3% of global greenhouse gas (GHG) emissions, this figure could soar to 13% in the near future.
This forecast is explained by the relatively slow progress in reducing emissions in the maritime industry compared to other sectors.
The International Maritime Organization (IMO) has implemented two key initiatives: The Existing Ships Energy Efficiency Index (EEXI) and the Carbon Intensity Index (CII), aimed at monitoring and assessing the environmental impact of maritime operations.
The paper outlines several strategies for insurers to promote decarbonization, including incorporating compliance requirements into insurance policies, adjusting premium rates based on compliance data, and working closely with clients to explore innovative solutions.
However, the authors warn that insurers must strike a delicate balance between encouraging decarbonization and remaining competitive in the market.
With global marine insurance premiums expected to reach S35.8 billion in 2022, the document emphasizes the importance of collective action by stakeholders to achieve sustainable development goals while maintaining market competitiveness.
The study emphasizes the need for concerted efforts by all stakeholders involved in the maritime industry to successfully overcome the challenges of decarbonization.
Detailed schedules of construction of objects of PJSC “HC “Kyivmiskbud” will be ready in 1.5-2 months, the search for sources of financing is the priority of the company, said the newly appointed Chairman of the Board – President of HC “Kyivmiskbud” Vasyl Oleinik.
“We do everything to work closely with the city, process together the directions we generate with the team, and support is promised to us. The main thing we are working on is attracting financial resources,” the press service quotes Oleinik’s words after the meeting with investors.
According to him, the company is also negotiating with banks on crediting, as well as dialoguing with institutions established to provide citizens with housing.
As reported, the mayor of the capital Vitali Klitschko at the end of December 2023 instructed to form a new composition of the nabsovet and board of PJSC Kyivmiskbud in a short time. Earlier, the head of the company Igor Kushnir announced his resignation from the post of chairman of the board – president of the company after 12 years of work.
According to the results of the audit of Kyivmiskbud conducted by Baker Tilly Ukraine Consulting, NHD-AUDIT Audit Firm LLC and Ernst & Young LLC, it was found that there were no signs of actions to bring the company to bankruptcy, concealment of financial insolvency or mass transactions by related parties. At the same time, the auditors found that the activities of Kyivmiskbud were disrupted due to external factors: COVID-19, a full-scale war, the factor of Ukrbud.
On November 17, 2023, the commission approved an interim report with recommendations and proposals for further work of the developer, among which – the implementation of the purchase of apartments in the objects of “Kyivmiskbud”, consideration of the possibility of a financial loan or additional capitalization of the company. The TCC also recommended the Kyiv City Council to apply to the Cabinet of Ministers to compensate Kyivmiskbud for the total planned damage associated with the completion of projects of the construction corporation Ukrbud in the amount of UAH 2.28 billion.
On January 29, 2024, Vladyslav Andronov, Deputy Head of Kyiv City State Administration, was appointed Head of the Supervisory Board of Kyivmiskbud instead of Mykola Povoroznik. In February 2024 the newly formed supervisory board appointed its vice-president Vasyl Oleynik as the chairman of the board – president of the company.
HC “Kyivmiskbud” was established on the basis of the property of the state municipal construction corporation “Kyivmiskbud” in 1994 by combining in its authorized capital controlling stakes in 28 enterprises and other assets. The HC includes 40 JSCs, in which the company holds shares, six subsidiaries and 51 enterprises on the rights of associate member.
The main shareholder of PJSC HC Kyivmiskbud, according to the National Commission on Securities and Stock Market (NCSSM), is the Kyiv City Council (80%).
