The Japanese government will provide Ukraine with a loan of 471.9 billion yen ($3.08 billion at the current exchange rate) under the G7’s Emergency Revenue Assistance (ERA) initiative, Kyodo news reported on Monday.
It is noted that as of October 28, the G7 countries reached a final agreement to start providing assistance to Ukraine in the amount of about $50 billion and to distribute these funds, in particular, the EU will provide a loan of EUR 18.115 billion.
It is specified that each G7 country will conclude an individual loan agreement with Ukraine, distributing loans in installments from December 1, 2024, to the end of 2027. The loans will be repaid from the proceeds of Russia’s frozen assets, and Ukraine will not actually pay them back.
As reported, on October 25, the G7 in Washington announced that it had reached a consensus on a collective loan of $50 billion to Ukraine. Earlier, the United States said it would provide $20 billion under the ERA. Then, the EU confirmed plans to provide Ukraine with about EUR18 billion in 2025 in the form of new macro-financial assistance, the terms of which are tied to the Ukraine Facility.
On October 22, the UK also announced that it was providing Ukraine with a GBP2.26 billion (almost $3 billion at current exchange rates) military loan to purchase the necessary military equipment under the ERA.
Back in June, immediately after the G7’s decision on the ERA initiative, Canada announced the allocation of CAD5 billion ($3.6 billion at the current exchange rate) under the initiative.
The European Commission recalled that the consensus among G7 members was facilitated by the creation of a special Ukraine Loan Cooperation Mechanism (ULCM) by the EU, which will receive extraordinary revenues from frozen Russian sovereign assets and other voluntary contributions made by member states or third countries. These resources will then be used to repay the principal and interest under Ukraine’s relevant bilateral loan agreements with creditors.
The IMF, in its updated EFF program following the fifth review, noted that if the war ends at the end of 2025, Ukraine will need $33.1 billion of the $50 billion to support its budget: $19.1 billion next year, $9.2 billion in 2026, and $4.9 billion in 2027.
In a negative scenario, if the war continues until mid-2026, Ukraine’s budget will need all $50 billion to cover the deficit.
“Kernel, one of Ukraine’s largest agricultural holdings, processed 684 thousand tons of oilseeds in the first quarter of fiscal year 2024-2025 (July-September), up 12% year-on-year, a record high for the first quarter, according to the company’s annual report released on Monday evening.
“This growth was driven by the additional capacity of our new plant, which was commissioned in February 2024, and the earlier start of sunflower harvesting, which improved the availability of seeds in the reporting period. To maximize capacity utilization, Kernel processed oilseeds from third parties under tolling contracts, as well as rapeseed along with sunflower. Out of the total volume, 132 thousand tons were supplied under tolling contracts,” the report says.
According to the agroholding, in the first quarter of 2024-2025, it has already processed 589 thsd tonnes of sunflower seeds and 95 thsd tonnes of rapeseed.
At the same time, oilseed processing volumes decreased by 28% due to a one-month break for maintenance of processing plants in the summer and preparation for the new season.
“Taking into account the quarterly decline in oilseed processing volumes, Kernel reduced sales of edible oil by 30% in July-September 2024-2025 MY to 269 thousand tons, of which 18 thousand tons were bottled sunflower oil.
Kernel Agro Holding is the world’s largest exporter of sunflower oil, one of the largest producers and sellers of bottled oil in Ukraine. It is also engaged in the cultivation and sale of agricultural products.
Kernel’s net profit for FY2023 amounted to $299 million, while the company ended the previous year with a net loss of $41 million. The agricultural holding’s revenue for FY2023 decreased by 35% to $3.455 billion, but EBITDA increased 2.5 times to $544 million.
In the first nine months of FY2024, the agricultural holding reduced its net profit by 53% to $204 million, while revenue decreased by 4% to $2.595 billion, and its EBITDA decreased by 36% to $384 million.
The Ukrainian restaurant chain Lviv Croissants has entered the Czech market and opened its first restaurant in Prague, the company reported on Facebook.
“Lviv Croissants continues its international growth. The opening of a new outlet in Prague is another step towards introducing the world to our croissants and impressing with their taste,” the company said in a statement.
The location is located in the center of Prague, in the Palladium shopping center, next to Charles Bridge. It occupies 173 square meters and has 60 seats.
“Each croissant is not just a pastry, it is a piece of Lviv. And although the menu is adapted to local tastes, our croissants remain authentic: made in Lviv and delivered to Prague with love,” the company emphasized and expressed confidence that food can create a connection between cultures, countries and people.
Lviv Croissants is a Ukrainian international franchise restaurant chain founded in 2015. The company specializes in making croissants and has 177 locations in Ukraine, 11 in Poland, and one in Slovakia and the United States. It is part of the Fast Food Franchising Group.
Fast Food Franchising Group LLC was founded in 2015 in Lviv.
The company’s net loss in 2023 amounted to UAH 598.3 thousand compared to UAH 483 thousand of net profit a year earlier. Last year’s revenue increased by 55.1% to UAH 6.939 million, debt increased 9.7 times to UAH 188.9 thousand, while assets decreased by 19% to UAH 1.89 million.
The company’s beneficiaries are PE Firm Infobud, which owns 50% of the shares, Yevhen and Andriy Galitsky (20% each), and Yuriy Zagrodsky (10%).
Geographic structure of Ukraine’s foreign trade (trade volume) in Jan-July 2024, thousand USD
Open4Business.com.ua
On October 25, 2024, the Kyiv National Academic Operetta Theater hosted the Argentine Tango Evening, a joint international project with the participation of Argentine and Ukrainian artists. The event was organized with the support of the Embassy of the Argentine Republic in Ukraine and brought together numerous fans of Argentine culture who had the opportunity to enjoy the skills of dancers, musicians, and singers.
“It is a great honor for me to be here today at the Kyiv Opera House, where we can present the richness of the Argentine tango and also show our cultural ties with Ukraine. This event is a testament to the cultural diplomacy that unites our peoples and promotes mutual understanding,” said Ambassador of Argentina to Ukraine Elena Leticia Teresa Mikusinski.
The Ambassador expressed her gratitude to Ukrainian partners, in particular to the General Director of the Kyiv Operetta Bohdan Strutynskyi, whose support was important for the realization of this project.
“Tonight was made possible by the hard work of teams from both countries. Their talent and dedication to tango culture is a valuable contribution to the development of our cooperation. This is not only an artistic event, but also a symbol of our partnership, which will continue in the future,” she added.
The Ambassador paid special attention to the performances of Argentine artists, including dancers Romina Garcia Fleury and Nicolas Correa from Tucumán, as well as the famous tango dancer Analia Celis.
“We are grateful to the Ukrainian people for the hospitality and support that our artists feel here in Kyiv, especially in such difficult times. Such cultural events are an example of the power of art to unite people,” said Jelena Mikusinski.
In conclusion, the Ambassador expressed her hope for further development of cultural ties between Argentina and Ukraine.
“This tango evening is just one of many steps towards a deeper cultural exchange between our countries. We are pleased that Ukraine remains open to Argentine culture,” she concluded.
Famous dancers and choreographers from the city of Tucumán – Nicolás Correa and Romina García Fleury, Argentine tango singer Analia Celis, as well as Ukrainian tenor Yuriy Godo and other artists – performed on stage.
Argentine tango is a unique cultural phenomenon that originated in the late nineteenth century in Buenos Aires and quickly gained popularity around the world. Tango is not only a music and dance style, but also a symbol of Argentine culture that reflects the passion, emotions, and drama of human relationships. This genre of dance and music combines the rich influence of African, Spanish and European rhythms, creating an atmosphere that captivates both the audience and the performers.
The Embassy of the Argentine Republic in Ukraine actively supports cultural exchange and promotes the development of bilateral relations between Ukraine and Argentina. Diplomatic relations between the two countries were established in 1992, when Argentina officially recognized Ukraine’s independence. Since then, the Embassy has been actively working to deepen cooperation in various fields, including culture, education, economy and science.
ARGENTINA, CULTURE, Elena Leticia Teresa Mikusinski, EMBASSY, UKRAINE, танго
The Helsinki District Court has satisfied the petition of Naftogaz Ukrainy and five other companies of the group and seized certain assets owned by Russia in Finland, the company’s press service said on Monday. According to its data, it is about real estate and other assets, which are estimated at tens of millions of dollars.
“This decision is part of Naftogaz’s global strategy to recover compensation for the damage caused by the seizure of assets of group companies in Crimea in accordance with the decision of the Hague arbitration,” the report said.
The company specified that this is also the first publicly known successful seizure of assets outside of Ukraine in fulfillment of the arbitral award on cases on claims of Ukrainian companies to Russia because of the expropriation of property in Crimea in 2014.
The decision is an interim step towards the actual recovery of assets in favor of Naftogaz. At the same time, interest stipulated for non-payment of funds under the arbitration award continues to accrue until the compensation is paid in full.
“Since Russia refuses to voluntarily pay Naftogaz the funds stipulated by the Hague ruling, we continue to use all available mechanisms to recover them. Today we have stood one step closer to restoring justice. At the same time, we are taking active steps to enforce the arbitration award in other target jurisdictions where there are Russian assets,” the head of the group, Oleksiy Chernyshev, said.
In Finland, Naftogaz is being represented pro bono by attorneys Mikko Leppa and Tatu Jaarinen of HPP Attorneys, supported by Covington & Burling, acting as lead legal counsel to coordinate Naftogaz’s international enforcement efforts.
As reported, in October 2016, Naftogaz and its subsidiaries initiated arbitration proceedings against Russia for damages due to the seizure of their assets in Crimea, and in September 2017 an application was filed with the tribunal at the Court of Justice in The Hague.
The Arbitration Tribunal at the Permanent Court of Arbitration in The Hague in April 2023 ordered the Russian Federation to pay Naftogaz Ukrainy $5 billion for damages caused by the seizure of assets of Naftogaz group companies in Crimea in 2014.
