In January–August of this year, Ukraine’s exports of processed pig iron decreased by 16.4% in volume terms compared to the same period last year—down to 1,033,034 metric tons from 1,235,648 metric tons.
According to statistics released by the State Customs Service (SCS), 34 metric tons of pig iron were exported in August, 51,539 metric tons in July, 183,780 metric tons in June, in May—159,378 thousand metric tons; in April—181,670 thousand metric tons; in March—168,493 thousand metric tons; in February—194,345 thousand metric tons; and in January—93,795 thousand metric tons.
From January through August 2026, pig iron exports in monetary terms fell by 15.3% to $413,041 million.
Over the first eight months of this year, the country imported 15 metric tons of pig iron worth $35,000, compared to 38 metric tons worth $76,000 during the same period last year.
As previously reported, in 2025 Ukraine increased its pig iron exports by volume by 53.5% compared to 2024—to 1,980,620 thousand metric tons—and by value by 51.9%, to $759,882 million. Exports were primarily shipped to the United States (68.25% of shipments by value), Italy (20.26%), and Turkey (3.63%).
Last year, the country imported 39 thousand metric tons of pig iron worth $78 thousand from Germany (51.95%) and Brazil (48.05%), while in January–December 2024, 38 metric tons worth $90 thousand were imported.
Starting March 12, 2025, in accordance with a decision by President Donald Trump, a 25% tariff began to be levied on imports of Ukrainian steel products, excluding pig iron.
The Republic of South Africa has included Ukraine in the list of countries whose citizens can apply for an Electronic Travel Authorisation (ETA) to enter the country, the Embassy of Ukraine in the Republic of Mozambique reported.
The innovation allows Ukrainian citizens to submit an application remotely without personally visiting the South African embassy or a visa center. The applicant must register in the electronic system, complete the application form, upload the necessary documents and a photograph.
According to the Ukrainian diplomatic mission, after submission of a complete package of documents, the application should be processed within no more than 24 hours.
At the current stage, ETA is available to Ukrainians for trips to South Africa for tourism or private purposes. The maximum duration of stay under such an authorisation is up to 90 days.
The issued electronic entry authorisation can be used within 180 days from the date of issuance.
An application can be submitted on the official website of the Department of Home Affairs of the Republic of South Africa: South African ETA. The official system confirms the possibility of applying for an Electronic Travel Authorisation online.
At the same time, at the initial stage, ETA cannot be used at all border crossing points. Entry with an electronic authorisation is available through four international airports in the country: O. R. Tambo International Airport in Johannesburg, Cape Town International Airport, Lanseria International Airport and King Shaka International Airport in Durban.
These airports are equipped with the necessary systems for checking electronic authorisations and passengers’ biometric data.
The embassy recommends that Ukrainians additionally check the current ETA requirements and the conditions for entry into South Africa before traveling, as the procedure for using the electronic system may change as it is further implemented.
The introduction of ETA significantly simplifies the organization of tourist and private trips by Ukrainians to South Africa, since previously obtaining permission required going through the traditional visa procedure.
According to Experts.news, Ukrainian citizens planning to travel abroad or return to the country with their pets must prepare veterinary documents in advance, verify that the animal has a microchip and a valid rabies vaccination, and in some cases, also provide the results of an antibody test, the Embassy of Ukraine in the Slovak Republic reported.
As diplomats note, the movement of an animal is considered non-commercial if it is not for the purpose of sale or transfer to another owner. For such trips, the main requirements include identification of the animal via a microchip, a valid rabies vaccination, an international veterinary certificate, and a veterinary passport of the prescribed format. Typically, no more than five animals may be transported as part of a non-commercial movement.
Additional requirements must be taken into account for trips from Ukraine to EU countries. As of April 22, 2026, updated rules for the non-commercial movement of pets from third countries will be in effect in the European Union. For Ukraine, the basic requirements have not changed significantly: a dog, cat, or ferret must be microchipped, have a valid rabies vaccination, and, as a rule, a test result confirming sufficient levels of antibodies to the rabies virus.
An important detail concerns the sequence of procedures. The microchip must be implanted before the rabies vaccination or on the day of vaccination. At the time of the initial vaccination, the animal must be at least 12 weeks old, and such a vaccination typically becomes valid for travel no earlier than 21 days afterward.
For Ukrainian animals entering the EU, a rabies antibody titer test is required. The State Service of Ukraine for Food Safety and Consumer Protection recommends drawing blood for analysis no earlier than 30 days after vaccination and taking into account the mandatory waiting period of at least 90 days before obtaining the necessary travel documents. The test itself must be conducted in an EU-approved laboratory.
If the test has already yielded a positive result, it does not need to be repeated for each trip, provided that the animal is revaccinated in a timely manner before the previous vaccination expires.
An international veterinary certificate must be obtained before crossing the border. For entry into the EU from a third country, it is valid for 10 days from the date of issuance until the document and identification checks are completed at an official point of entry. After passing inspection, the certificate may be used for further travel within the EU for up to six months or until the rabies vaccination expires—whichever comes first.
When crossing the EU’s external border with an animal, you must do so through state-designated Travellers’ Points of Entry, where authorized services can verify the animal’s documents and identification. Before traveling through Slovakia, Poland, Hungary, or Romania, it is advisable to check in advance whether the chosen border crossing is authorized for entry with pets.
Starting in 2026, another important detail has been introduced. If the animal is accompanied not by the owner but by a person authorized by the owner, the trip may be considered non-commercial only if the owner crosses the border no more than five days before or after the animal. A written declaration must be attached to the documents. Otherwise, stricter rules governing the commercial transport of animals may apply.
Ukraine has also changed the format of the veterinary passport. A new template, approved by Order No. 1366 of the Ministry of Agrarian Policy dated February 28, 2025, has been in effect since March 1, 2026. However, previously issued veterinary passports remain valid and do not need to be replaced.
The veterinary passport is issued by a state or authorized veterinarian after examining the animal and entering information regarding its identification, vaccinations, and other necessary preventive measures. For now, this document is issued in paper form in Ukraine.
Specific requirements may vary depending on the country of destination. For example, to import dogs into Finland, Ireland, Malta, Northern Ireland, and Norway, additional treatment against the tapeworm Echinococcus multilocularis is required, administered by a veterinarian within the specified time frame prior to entry.
A veterinary inspection is also conducted when the animal returns to Ukraine. Only clinically healthy animals accompanied by the owner or an authorized person and meeting the established requirements are permitted for import. Requirements regarding identification, vaccination, and veterinary documentation apply to dogs, cats, and ferrets. Separate rules apply to animals under 16 weeks of age.
If more than five dogs, cats, or ferrets are being transported, such a trip may be considered non-commercial only in certain cases—for example, to participate in exhibitions, competitions, or training sessions. In such cases, the animals must be older than six months, and the owner must confirm their registration for the relevant event.
The State Service of Ukraine for Food Safety and Consumer Protection recommends starting to prepare for travel with a pet several months in advance, especially if the animal has not yet received a rabies vaccination or undergone a laboratory antibody test. It is essential to check the specific rules for both the country of first entry and the final destination, as they may vary depending on the route, species, and age of the animal.
Source: Embassy of Ukraine in the Slovak Republic, State Service of Ukraine for Food Safety and Consumer Protection, European Commission.
According to Fixygen, Siroko Finance LLC, which provides factoring services and extends loans to individuals—and in which Serhiy Tihipko, one of the largest shareholders in the Ukrainian financial market, indirectly controls 20% of the shares—has fully placed a UAH 50 million Series C bond issue without conducting a public offering.
As indicated in information on the website of the National Securities and Stock Market Commission (NSSMC), the commission registered the report on the results of the issuance on August 18 of this year, although the issuance had originally been registered on July 17 of this year.
The face value of each bond is 1,000 UAH. Information on other parameters of the Series “C” issue is not yet available.
In July 2025, the NSSMC registered a report on the issuance of the debut series of five-year Series “A” bonds “Siroko Finance” Series “A” bonds totaling 20 million UAH with a six-month offer period and an interest rate of 17% per annum during the first six months of circulation, with quarterly interest payments. The list of 141 participants in the bond offering included 132 individuals, among them: Oleksandr Bandurko, Serhiy Belashov, Ihor Voronin, Anatoliy Holubchenko, Andriy Gubskyi, Rajiv Gupta, Oles Dovgyi, Volodymyr Dubey, Volodymyr Zhmak, Volodymyr Zagoriy, Vyacheslav Kapustin, Oleksandr Katsuba, Serhiy Koretskyi, Ihor Nikonov, Lev Partskhaladze, Illia Rybchych, Serhiy Tihipko, Heorhiy Tsagareishvili, Pavlo Tsaruk, Oleksandr Shlapak, and Mykhailo Shelemba.
In February 2026, the National Securities and Stock Market Commission (NSSMC) registered a report on the issuance of “Siroko Finance” Series B five-year bonds in the amount of 30 million hryvnias, also with a six-month maturity and an interest rate of 17% per annum for the first six months of circulation, with quarterly interest payments. Several companies were listed among the participants in the placement, including those from the “TAS” group.
The resolutions on the issuance of these two series stated that the funds raised were to be used to provide loans, including on the terms of a financial loan. For subsequent periods, the rate was maintained at 17% per annum.
According to data from YouControl, in the first half of 2026, “Siroko Finance” increased its revenue 2.5-fold compared to the same period in 2025—to 138.01 million UAH—and its net profit grew by 49.9%—to 10.09 million UAH.
As of the end of August this year, Natalia Gordienko held a 49.96% stake in the company, while Roman Katerynchyk held 30.04%. Tihipko indirectly controlled 20%.
Miroslav Bojchin, Chairman of the Board of PJSC “European Travel Insurance,” was named the winner in the “Insurance Market Leader of the Year” category as part of the 30th anniversary nationwide “Person of the Year 2025” program.
Boychin has been working in the international insurance business for over 20 years. He holds three advanced degrees, including in foreign languages, finance, and management. He began his professional career in government agencies and has worked in the insurance industry since 1996.
Since 2005, Boychin has worked for the international insurance groups Generali, Munich Re, and EIG. In 2006, he became the head of “European Travel Insurance,” which specializes in travel insurance. Since 2021, he has also served as chairman of the supervisory board of the insurance company “Euroins Ukraine.”
Under Boychin’s leadership, “European Travel Insurance” has strengthened its position in the Ukrainian travel insurance market and expanded its customer base. According to the company, the number of its insured customers exceeded 1 million in 2025.
The company specializes in insurance for travelers going abroad, medical and travel insurance, as well as travel-related insurance products. “European Travel Insurance” is a member of ITIA, an international group of specialized travel insurers that brings together companies from several countries.
The company notes that in recent years, one of its key priorities has been adapting its insurance products to changes in the travel patterns of Ukrainians, growing demand for medical care abroad, and new risks associated with martial law.
In addition to its insurance activities, “European Travel Insurance” participates in social and charitable initiatives, including providing funds to support Ukrainian military personnel.
The nationwide “Person of the Year” program has been held in Ukraine since the 1990s and annually honors representatives from business, government, culture, sports, and other fields. In 2025, the program was held for the 30th time.
Open4business is the program’s information partner.
Issue No. 1 – September 2026
Analysis of the Current Situation in Ukraine’s Foreign Exchange Market
The National Bank of Ukraine is firmly keeping the hryvnia exchange rate under control, strengthening its influence by increasing the volume of foreign exchange interventions. As a result, the hryvnia is strengthening despite a serious foreign exchange shortage in the market caused by a lack of funds from exporting companies. The hryvnia exchange rate set by the NBU remained virtually unchanged during the first half of September: as of September 1, it stood at 44.52 UAH/USD, and as of September 15, it was 44.62 UAH/USD. Of course, the cost of maintaining a stable hryvnia is quite high, as the volume of interventions reached $5.915 billion between August 3 and September 4. However, demand for foreign currency remains consistently high, as preparations for winter continue, and companies are therefore continuing to import energy equipment. The difficult situation with grain exports, caused by regular Russian attacks on port infrastructure and ships, is creating additional pressure on the foreign exchange market. According to the Ministry of Agrarian Policy, total exports of grains and legumes since the start of the 2026/27 marketing year amount to 4.255 million metric tons, compared to 5.162 million metric tons a year earlier. The resumption of Russian attacks on gas stations will also mean a need for additional equipment and fuel purchases, which must also be paid for in foreign currency—with the NBU remaining the primary seller on the interbank foreign exchange market.
Global Context
The global market is experiencing its final days of complete uncertainty, as the Federal Reserve (Fed) is set to announce its interest rate decision on September 16. Currently, the Fed is expected to raise rates by 25 basis points. A new report on U.S. inflation showed that prices rose more than expected in August. According to data from the Bureau of Labor Statistics, the Consumer Price Index rose 3.4% year-over-year and 0.4% month-over-month in August, which was fully in line with the consensus forecast. Core inflation slowed to 2.4% year-over-year (the lowest level since 2021), but its monthly increase of 0.3% was higher than the 0.2% forecast by economists. According to CME FedWatch, markets are pricing in a 90% probability of a rate hike at the Fed’s September 16 meeting.
Meanwhile, gold is rebounding strongly. U.S. gold futures rose 0.1% to $4,409.30 per troy ounce, driven by the Consumer Price Index data and, consequently, expectations of a Fed rate hike in September.
The EUR/USD pair is trading around 1.1530 USD/EUR in mid-September, although the dollar periodically dipped to 1.1630–1.1648 USD/EUR during the first two weeks of the month. However, compared to August, when the exchange rate peaked at 1.1709 USD/EUR, the dollar has been steadily strengthening in September. This is happening precisely as the Fed’s policy meeting—the “H-hour”—approaches.
Domestic Ukrainian Context
In the first half of September, the foreign exchange market was under pressure from high demand for foreign currency. The volume of NBU interventions is increasing: while the NBU sold $1.018 billion on the interbank market during the first week of August, it sold $1.329 billion during the week of August 31 through September 4. In total, from the beginning of August through September 4, according to data published by the National Bank, the regulator’s currency sales amounted to $5.915 billion, while its currency purchases totaled only $0.45 million.
The increase in the volume of interventions is leading to a rapid decline in international reserves. According to the NBU, Ukraine’s international reserves as of early September, based on preliminary data, stood at $48.66 billion. They had decreased by 5% in August. The National Bank explained that this trend was driven by a reduction in international financial aid, while the volume of foreign exchange interventions remained at a level close to that of July.
Demand for foreign currency among the public is growing because, against the backdrop of stable exchange rates, citizens are choosing to convert their savings from hryvnia to dollars and euros for a sense of security amid high uncertainty and the prolonged continuation of military operations. In August, net foreign currency purchases by households increased by 26% to $0.562 billion, while in July the balance between purchases and sales stood at $0.5 billion.
Foreign currency is becoming not only a way for households to avoid losses in the event of a hryvnia devaluation, but also an opportunity to preserve their funds amid rising inflation. And inflation in Ukraine is rising. According to the NBU, it accelerated to 8.1% year-over-year in August. Among the main reasons are rising fuel prices, as well as higher administrative inflation amid increases in water supply and wastewater disposal rates. NBU experts note that price pressures remain elevated due to the consequences of Russian military aggression and the war in the Middle East, while the intensification of Russian attacks on logistics, manufacturing, and energy infrastructure facilities is increasing business costs and limiting the domestic supply of goods and services.
Significant challenges are emerging regarding the fulfillment of the state budget revenue plan. As Finance Minister Serhiy Marchenko recently stated, the government has established a procedure for financing expenditures under conditions of limited liquidity: upon receipt of funds, the security and defense sectors will be financed first, with the remaining expenditures covered only if additional resources become available.
Ukraine has already received the main international aid packages planned for 2026. However, there is news of a new multi-billion package that has already been approved by the European Commission. This amounts to 6.1 billion euros for the purchase of drones and missiles for the Patriot air defense system. As for support for social needs through new tranches from the EU, there is currently no clear information on how much additional funding Europe will allocate to Ukraine by the end of 2026. However, European Commission spokesperson Balázs Újvári recently stated that the European Commission continues to assess the situation with Ukraine’s public finances to determine the country’s priority needs for additional funding this year. Therefore, the EU will discuss potential sources of additional funding in detail and subsequently announce the amounts of additional tranches to support Ukraine’s state budget.
U.S. Dollar Exchange Rate: Trends and Analysis
In the first half of September, the hryvnia initially managed to strengthen to 44.46 UAH per dollar, but then the National Bank of Ukraine (NBU) gradually brought the exchange rate back to its late-August level through interventions; as of September 15, the exchange rate stood at 44.62 UAH/USD. The hryvnia’s future trajectory depends entirely on the volume of interventions the National Bank is prepared to carry out.
In the cash market in mid-September, the buying rate was 44.20–44.50 UAH/USD, and the selling rate was 44.80–45.00 UAH/USD. Spreads have remained virtually unchanged, ranging between 0.50–0.60 UAH/USD.
Key influencing factors:
· Rising demand for foreign currency in the interbank foreign exchange market. Businesses and infrastructure damaged by shelling require restoration, and equipment is being purchased abroad, which is driving additional demand for foreign currency.
· The NBU controls the exchange rate and keeps the hryvnia within strict limits. The NBU remains the primary seller of foreign currency, and its participation in trading determines the exchange rate.
· The public seeks to safeguard its savings, and consequently, demand for foreign currency in cash is rising. Anticipating blackouts, a harsh winter, new logistical challenges, and possibly commodity shortages, citizens are accelerating the transfer of their savings into major currencies—the dollar and the euro.
· International factors: The conflict between the U.S. and Iran continues, significantly destabilizing international security and oil prices. Meanwhile, U.S. President Donald Trump has stated that the war in the Middle East will end after the midterm congressional elections, which will take place in November.
· Market expectations: In the global market, expectations are centered on the Federal Reserve’s September meeting, and traders are forecasting a 25-basis-point increase in the Fed’s benchmark interest rate. In Ukraine, attention is focused on the new strategy of drone and missile attacks on rear cities, which is causing economic losses and heightening public fears about getting through the winter.
Forecast
· Short term (1–2 weeks): base range of 44.65–44.95 UAH/USD; fluctuations may move in different directions depending on the volume of NBU interventions.
· Medium term (2–3 months): 44.90–45.60 UAH/USD. On the international market, the dollar may strengthen in response to the Fed’s rate hike, as the value of Treasury securities—which will attract investors—will automatically rise. No sharp fluctuations are expected in Ukraine, and if the National Bank adopts a devaluation policy, it will occur very gradually with short-term pullbacks.
· Long term (6+ months): In the baseline scenario, the trend toward devaluation remains, as before, and by the end of winter—assuming the situation regarding the state budget deficit worsens and there are fairly prolonged delays in the receipt of new tranches of international aid—the exchange rate could reach 45.80–46.50 UAH/USD. As previously forecast, Russia’s massive attacks on cities, infrastructure, and businesses are leading to increased pressure on the foreign exchange market, as import needs automatically rise. Exchange rate fluctuations will be most influenced by new inflows of international aid, the extent of damage caused by the attacks, and fluctuations in international oil prices.
Euro Exchange Rate: Trends and Analysis
During the first half of September, the euro initially strengthened on the Ukrainian market but then retreated. While the official exchange rate was 51.64 UAH/euro at the beginning of the month, it stood at 51.52 UAH/euro as of September 15. As before, the euro’s exchange rate dynamics in Ukraine are influenced by a single factor: the euro’s position on the international market.
On Ukraine’s cash market, the buying rate ranges from 51.05 to 51.40 UAH/euro, while the selling rate ranges from 51.80 to 52.00 UAH/euro. There is a very noticeable trend toward wide spreads: in the first half of September, the spreads between the euro’s buying and selling rates widened to 0.80–1.0 UAH/EUR.
Key influencing factors:
· On the international market, the euro still outperforms the dollar.
Currency quotes are most influenced by the ECB’s recent decision to raise the key deposit rate by 0.25 percentage points to 2.5%.
· Risks to EU economies are mounting, calling into question the euro’s further strengthening in the global market. Europe’s economic outlook is considered extremely uncertain, and the risk of accelerating inflation remains high.
· Demand for the euro remains high in the cash market. Citizens are purchasing euros—both in cash and non-cash forms—to build savings, pay for their children’s education, prepare for potential migration, and for other purposes. Although the dollar dominates sales in the cash market, the euro’s share is growing steadily in 2026.
Forecast:
· Short term (2–4 weeks): On the Ukrainian market, the euro may trade within the range of 51.60–51.80 UAH/euro.
· Medium term (2–4 months): If the euro changes direction on the international market as a result of the Fed’s September decision to raise interest rates, the official exchange rate in Ukraine may range between 51.70 and 51.95 UAH/euro.
· Long term (6+ months): Next year, the official euro exchange rate could reach a range of 52.80–53.50 UAH/EUR. The main factors influencing the euro exchange rate are inflation in the U.S. and EU countries, the monetary policies of the Fed and the ECB (i.e., planned changes to the benchmark interest rate), escalation or, conversely, a lull in the Middle East, and energy price trends.
Recommendations for Businesses and Investors
By the end of September, fluctuations in the euro/dollar exchange rate may stabilize. These fluctuations will be primarily driven by the monetary policy of the U.S. Federal Reserve.
The dollar may soon regain ground, while the euro will lose value. The dollar will be supported by the U.S. Federal Reserve’s decision to raise the benchmark interest rate by 25 basis points. This will affect the price of U.S. Treasury bonds and signal to investors to invest in the dollar.
The Fed is preparing to adjust interest rates. Rising inflation in the U.S. has deprived the Fed of the opportunity to lower rates, and markets are now pricing in a rate hike at the Fed’s next meeting. This will provide support for the U.S. dollar while simultaneously putting downward pressure on the euro.
Politics also plays a role in the EUR/USD currency pair. The U.S. is actively preparing for the midterm congressional elections in November, which means that intense political battles in the U.S. will periodically push the dollar to peak levels.
The U.S.-Iran conflict—the timeline for a resolution remains unknown. In the Middle East, the war in Iran is creating new risks for the currency market, as the situation is negatively impacting the oil market. During this period, investors would be wise to consider several scenarios and multiple currencies when building their currency reserves.
The key is investment security. Although the hryvnia is holding steady at up to 45 UAH/USD, the national currency is best suited for urgent and one-off decisions, while a long-term plan should include liquid currencies—the dollar and the euro.
Investment liquidity—after a detailed analysis of the situation. The high volatility of the euro/dollar pair signals the need to develop a currency plan that takes key influencing factors into account, and at the core of the strategy, it makes sense to plan investments in the most liquid currencies—the dollar and the euro. The optimal ratio this fall could be 50/50 or 65/35 (with a larger share of the dollar).
Diversify your currency portfolio using liquid currencies. If an investor’s plan includes not two but four currencies, it is worth considering the British pound and the Swiss franc. The share of savings in these two European currencies can reach 20%.
The investor’s goal is to make cautious and reliable investments. This means that the majority of savings should be held in liquid currencies, with a smaller portion (up to 15%) allocated to other instruments—among which purchasing three-month government bonds denominated in foreign currency appears to be the optimal choice.
Central banks will indicate where exchange rates are headed on the global market. Paying attention to the monetary policies of the EU and the U.S. will help you rebalance your currency portfolio in a timely manner as part of a medium-term investment strategy.
It’s important not to panic. Markets are often influenced by unpredictable events, but an investor’s strategy is their personal financial plan; therefore, a cool-headed assessment—not emotions—will help avoid risks.
What’s important in the news. First and foremost, news from the U.S. regarding the Federal Reserve Committee’s decision on changing the benchmark interest rate. We are also analyzing statements from U.S. President Donald Trump regarding the war in Iran. We are monitoring oil and gold prices. The most important signal for adjusting our strategy will be a strengthening of the dollar to 1.1350–1.1400 USD/EUR. In Ukraine, the main factors influencing the situation on the foreign exchange market will be the NBU’s strategy for intervening in the interbank market, the state of international reserves, news regarding the receipt of multi-billion-dollar loan tranches and aid from partners (particularly in terms of budgetary support), the situation in the energy sector, and any potential news from the front lines.
This material was prepared by analysts at KYT Group, an international multi-service product-based FinTech platform, and reflects their expert, analytical, and professional judgment. The information presented in this review is for informational purposes only and should not be construed as a recommendation for action.
The company and its analysts make no representations and assume no liability for any consequences arising from the use of this information. All information is provided “as is,” without any additional guarantees of completeness, obligations regarding timeliness, or updates or supplements.
Users of this material should independently assess risks and make informed decisions based on their own evaluation and analysis of the situation using various available sources that they themselves deem sufficiently reliable. Before making any investment decisions, we recommend consulting with an independent financial advisor.
REFERENCE
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