Austrian bank Raiffeisen Bank International (RBI) has again failed to sell its stake in its Russian business due to opposition from the Russian authorities, according to Reuters, citing sources familiar with the situation.
RBI attempted to sell part of its Russian subsidiary to a local buyer in order to withdraw billions of euros in profits that were “frozen” in Russia. However, the deal requires approval from Russian regulators, which has not been obtained. According to the sources, Russia opposed the move, fearing that the transfer of the stake to the Russian side could provoke Western sanctions against RBI, thereby undermining important channels of financial ties with Europe.
Sources note that Raiffeisen plays a key role in processing payments for Russian gas, including through the TurkStream gas pipeline, making it an important “financial bridge” between Russia and Europe.
RBI’s press service said the bank is scaling back its operations in Russia and that any deal to sell the business “depends on many regulatory approvals, including the approval of the Russian authorities.”
Since the start of the war in Ukraine, Raiffeisen has accumulated about €7 billion in profits, which are “blocked” in Russia due to the inability to repatriate them. The bank handles significant transactions related to gas supplies to Europe via pipelines — part of Russian exports, estimated to be worth several billion dollars a year.
The construction market in Ukraine in the first half of 2025 showed mixed dynamics: on the one hand, there was noticeable growth in residential construction and activity in the vast majority of projects, and on the other hand, there was a slowdown in engineering infrastructure and persistent problems with demand. Below are the main findings and forecasts from the Experts Club analytical center.
According to the State Statistics Service, the volume of construction work performed in Ukraine in January-June 2025 reached ≈92.998 billion UAH, which is 8.15% more than in the same period of 2024. However, different sectors show different dynamics.
For example, the area of new construction of apartment buildings increased by ~45–46% compared to the first half of 2024, to ≈2.86–2.97 million square meters. At the same time, the volume of work on engineering infrastructure (roads, communications, etc.) in January-May 2025 decreased by ≈17.8% compared to the same period last year. At the same time, work on non-residential buildings increased by ~29.5%.
Experts also point to many problems in the industry, the most important of which are:
1) Demand for primary housing lags significantly behind supply: many new properties are being built, but buyer activity is not keeping pace with the growth in supply.
2) Inflation (general and construction prices) and rising material costs are affecting construction costs and completion times.
3) The labor shortage is growing month by month, which could have a significant impact on the industry as a whole.
Forecasts for the second half of 2025 and the end of the year
Annual growth in the construction industry (including all segments: housing, infrastructure, commercial construction) is expected to be ≈16% in nominal terms, mainly due to the low base effect and active participation of international aid and state funding.
Private developers are likely to continue expanding their housing supply, especially in large cities and regions with high demand (Kyiv, Lviv, Ivano-Frankivsk, etc.).
The infrastructure segment may remain weak unless government orders and investments, including international ones, are accelerated.
The building repair and renovation sector may receive an additional boost from reconstruction and restoration programs following destruction and wear and tear.
The Ukrainian construction market in the first half of 2025 is showing some signs of recovery, especially in the residential segment: the volume of work has increased, the construction of apartment buildings has increased, and business confidence has improved. However, the sustainability of growth is still limited: engineering infrastructure is the weakest link, and there are risks of declining profitability and slowdown if issues with material prices, staffing, and the legislative and regulatory environment are not resolved.
The real scale of unemployment in Europe may be almost twice as high as the official figure — up to 26.8 million people. These figures are based on statistics that take into account so-called “hidden unemployment,” according to Euronews, citing Eurostat data.
According to official data, there are about 13.3 million officially unemployed people in the European Union. However, if we include those who are not actively looking for work, those who want to work more hours, or those who are looking but cannot start immediately, the increase in the number of unemployed reaches 26.8 million.
In terms of European statistics, this is called the labor market slack/underemployment/mismatch. In the second quarter of 2025, the underutilization of labor resources amounted to 11.7% of the expanded labor force (according to the original publication).
Countries with the highest levels of “hidden unemployment”:
• Turkey — 25.8%
• Finland — 19.5%
• Sweden — 18.8%
• Spain — 18.6%
• Bosnia and Herzegovina — 17.1%
• Italy — 15.4%
Countries with low levels of “hidden unemployment” include Poland (~5.1%), Slovenia, Malta, and Bulgaria (all below 6%).
Ukrnafta announced which gas stations are operating without electricity and which gas stations have “unbreakable points.”
The enemy has once again intensified its attacks on the country’s energy infrastructure. The Chernihiv region has been hit the hardest, with 307,000 people left without power.
All UKRNAFTA gas stations—the largest single-brand network of gas stations in the country—continue to operate in the event of power outages. In total, there are 663 gas stations throughout Ukraine. There, you can always refuel your car with European-quality fuel.
Of these, 360 gas stations operate in “unbreakable point” mode. They are equipped with additional generators. There, people can warm up, drink hot tea or coffee, charge their phones, and access the internet.
“Massive attacks on energy infrastructure have led to power outages in a number of regions, including Chernihiv, Sumy, and others. The UKRNAFTA gas station network continues to operate even during power outages. We have provided backup power and conditions for visitors so that Ukrainians can refuel, warm up, and stay connected. Thank you to everyone who supports people and works even in the most difficult conditions,” said Yuriy Tkachuk, acting chairman of the board of JSC Ukrnafta.
JSC Ukrnafta is Ukraine’s largest oil producer and operator of the largest national network of gas stations, UKRNAFTA. In 2024, the company entered into asset management with Glusco. In 2025, it completed an agreement with Shell Overseas Investments BV to purchase the Shell network in Ukraine. In total, it operates 663 gas stations.
The company is implementing a comprehensive program to restore operations and upgrade the format of its network of gas stations. Since February 2023, it has been issuing its own fuel vouchers and NAFTAKarta cards, which are sold to legal entities and individuals through Ukrnafta-Postach LLC.
The largest shareholder of Ukrnafta is Naftogaz of Ukraine with a 50%+1 share.
In November 2022, the Supreme Commander-in-Chief of the Armed Forces of Ukraine decided to transfer the company’s corporate rights, which belonged to private owners, to the state, and it is now managed by the Ministry of Defense.
A complete list of addresses of “unbreakable” UKRNAFTA gas stations can be found at: https://www.ukrnafta.com/data/news/2025/Perelik_punktiv_nezlamnosti.pdf
The International Commission for the Examination of Claims of Ukraine, established as a special body under the auspices of the Council of Europe, will consider claims for damage caused since February 24, 2022, by the unlawful actions of the Russian Federation, in particular its aggression against Ukraine in violation of the UN Charter, as well as violations of international humanitarian law and international human rights law.
As explained to Interfax-Ukraine by Oleksiy Shevchuk, spokesperson for the Ukrainian National Bar Association (UNBA), partner and representative of Barristers JSC, the Commission will consider claims relating to damage, loss, or injury caused by internationally unlawful actions of the Russian Federation. The commission will consider claims relating to damage, loss, or injury caused by internationally wrongful acts of the Russian Federation.
Claims may be submitted by individuals and legal entities, as well as by the state of Ukraine together with its authorities and state-owned or controlled enterprises.
The main task of the commission will be to consider, evaluate, and make decisions on claims for compensation for losses caused by internationally wrongful acts of the Russian Federation on the territory of Ukraine or against it. At the same time, the commission should become a key instrument in the international justice system aimed at documenting and compensating for losses caused by aggression.
One of the key steps in launching the commission’s work will be the transfer of functions and materials from the Register of Losses to it, and the secretariat will be formed on the basis of the current secretariat of the Register.
It is expected that the commission will have a permanent location in one of the countries acceding to the Convention.
In addition, there are plans to establish a commission office in Ukraine to assist in the performance of its functions.
“The commission’s mandate clearly defines its main task: to review, evaluate, and decide on claims submitted, determining the amount of compensation to be paid in each specific case. The key principle of its activity is the initial position that Russia bears international legal responsibility for all losses, damages, and harm caused by its illegal actions against Ukraine,” Shevchuk noted.
He stressed that the commission will have the authority to consider all aspects related to the resolution of claims, from administrative and financial to legal and political. The commission’s verdicts and decisions, in particular those concerning the amount of compensation, are final and not subject to appeal.
Shevchuk explained that the need to establish an international commission to consider claims is based on the basic principles of international law, which obliges the offending state to fully compensate for the damage caused by its illegal actions. In the case of Ukraine, this refers to the massive losses caused by the Russian Federation’s aggression.
“Reparation is not only a legal obligation but also a moral necessity: victims must receive justice and the opportunity to overcome the consequences of their experiences. The 2022 UN General Assembly resolution on legal remedies and reparations for aggression against Ukraine clearly stated that Russia must be held accountable for all violations of international law in Ukraine or against it. This responsibility includes compensation for the damage caused by unlawful actions,” he said.
The concept was developed by the Council of Europe, which assumed the authority to develop a mechanism for compensation for damages. It was confirmed in the 2023 Reykjavik Summit Declaration and provides for three consecutive elements: the already established Register of Losses for Ukraine, which has received more than 60,000 applications; the future work of the International Claims Review Commission as a compensation body; and the establishment of a special compensation fund, which will serve as the financial basis for compensation.
The Embassy of the Republic of Indonesia in Ukraine, together with the National Academy of Culture and Arts Management (NAKAKIM), held a formal reception in Kyiv to mark National Batik Day, recognized by UNESCO as part of the intangible cultural heritage of humanity.
The event was attended by about 150 guests, including representatives of the diplomatic corps, government authorities, students, and the scientific community.
In his welcoming speech, Arif Muhammad Basalamah, Ambassador Extraordinary and Plenipotentiary of Indonesia to Ukraine, noted that batik is not just a fabric, but a cultural heritage that embodies the history, values, and identity of the Indonesian people.
“Batik is a story of harmony, creativity, and wisdom passed down through generations. By wearing batik, we carry within ourselves values and identity that have been nurtured for centuries,” the diplomat emphasized.
NAKKKiM Rector Valery Marchenko congratulated the Indonesian delegation and awarded the ambassador the title of Honorary Professor of the Academy, noting the importance of cultural exchange and further development of academic cooperation.
The program of the celebration included a presentation on batik, dance and vocal performances by students, as well as the performance of the national anthems of Indonesia and Ukraine on the Ukrainian bandura. An exhibition of batik and the tools used to create it was organized in the university lobby. The event concluded with a tasting of traditional Indonesian dishes—nasi goreng, mie goreng, bakwan, and kue lumpur.
Diplomatic relations between Ukraine and Indonesia were established on June 5, 1992. The Ukrainian Embassy in Jakarta opened in 1995, and the Indonesian Embassy in Kyiv began operating in 1994.
In recent years, the countries have also been developing cooperation in the fields of education, culture, and tourism. In 2024–2025, Indonesia signed two protocols on market access for Ukrainian products — peas and aquatic biological resources — which should stimulate further growth in trade in agricultural products.
