Business news from Ukraine

Business news from Ukraine

Poland will allocate $100 mln for American weapons for Ukraine within PURL

As part of the Prioritized Ukraine Requirements List (PURL) program, Poland will allocate $100 million for the purchase of American weapons for Ukraine. The purchases will be financed from the budget of the Polish Ministry of Foreign Affairs, said the head of the ministry, Radosław Sikorski.

“Europe’s security will be enhanced or diminished as a result of how this war ends,” Sikorski stressed, according to Polsat News.

As reported, the initiative to finance the purchase of American weapons for Ukraine came after the US administration refused to continue supplying weapons to Kyiv free of charge. In August, four packages of American weapons were prepared for a total amount of about $2 billion. The funding was provided by Germany, Denmark, Canada, the Netherlands, Norway, and Sweden.

On August 15, at a meeting of NATO defense ministers in Brussels, Estonia, Latvia, Lithuania, Belgium, Luxembourg, Finland, and Iceland announced their decision to join the program to finance Ukrainian defense orders within the framework of the NATO initiative “Priority Urgent Requirements List for Ukraine” (PURL).

On October 23, Spain announced its agreement to join the PURL project in response to renewed criticism from US President Donald Trump regarding Spain’s unwillingness to increase military spending.

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Ukrainian Unity Hub to open in Torrevieja, Spain

The Ukrainian Unity Hub in Spain will open in the city of Torrevieja in the province of Alicante, according to the Ministry of Social Policy, Family, and Unity.

“We are grateful to the Spanish side for supporting our citizens, as well as for the decision to transfer premises for the Ukrainian Unity Hub in Torrevieja,” the press service quoted Deputy Minister of Social Policy Ilona Gavronska as saying following a working visit to Spain.

It is noted that during this visit, she met with the Ukrainian community, where the concept of the Unity Network was presented and discussed with the participants of the event.

The ministry noted that almost a quarter of all Ukrainians with temporary protection status in Spain live in the province of Alicante.

As reported, on January 24, the Cabinet of Ministers approved the creation of the Agency for National Unity, a structure that will help implement initiatives for interaction with the Ukrainian community and public organizations in the countries of residence. It was noted that the Agency will open departments in key countries of residence of Ukrainians, primarily in Germany, Poland, and the Czech Republic, and Unity Hubs will be created in the capitals of these countries. The Unity Hub’s functions and capabilities include: an educational and cultural space, language courses, a return consultant, consular services (as an external service), banking services, postal services, an economic opportunities coordinator, DP “Document,” opinion leader meetings, programs for children and youth, a Ukrainian coffee shop, a business hub and coworking space, and a UA Job Center.

In February, a joint declaration of intent was signed to open the first Ukrainian Unity Hub in Berlin. There are plans to open such hubs in Munich and Düsseldorf.

In March, joint declarations of intent were signed to open Ukrainian Unity Hubs in France and Spain.

In early November, the Ministry of Social Policy announced that Ukrainian Unity Hubs would open in Spain, Germany, and the Czech Republic in 2025.

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Production of bio-glue from peas worth EUR40 mln launched in Korosten

The production of bio-glue from peas, which is necessary for the manufacture of eco-friendly wood panels for the construction and furniture industries, has started in the Korosten Industrial Park (Zhytomyr region), invested in by the Korosten MDF Plant owned by businessman Leonid Yurushev and his family.

“A unique production facility has started operating in the Korosten Industrial Park in Zhytomyr region. It has launched the production of bio-glue from peas. The total investment in this project is EUR 40 million,” wrote Dmytro Kysilevsky, deputy chairman of the Verkhovna Rada Committee on Economic Development, on Facebook.

He stressed that the launch of such production is sensational news for the Ukrainian agricultural sector, since the demand for new production is 1 million tons of peas per year, which is more than twice the gross harvest of this crop in 2024. Therefore, until Ukrainian farmers increase the area under this crop, part of the production needs will be covered by imports from Hungary and Poland.

According to him, the investor of the Korosten MDF Plant project is currently consulting with farmers in the Zhytomyr, Kyiv, Cherkasy, Kirovohrad, and Dnipropetrovsk regions on expanding the acreage and long-term contracts for the supply of peas.

“The climate in these regions allows for two pea harvests per year,” Kysilevsky added.
The new plant’s design capacity is 3,000 tons of bio-glue per month, with planned production volumes of eco-boards at 20,000 cubic meters per month.

To implement the project, the investor took advantage of the opportunity to import equipment without paying VAT, which is provided for by law for participants in industrial parks.
The MP recalled that last fall, IP Korosten, as part of a state project to develop the infrastructure of industrial parks on a 50/50 co-financing basis, attracted UAH 83.5 million from the state for the construction of an access road.

“At the same time, a similar enterprise, Korosten MDF Plant, is building in the BF Terminal industrial park (Zakarpattia region). 90% of eco-boards are planned to be exported. These products comply with EU regulations, which, from August 6, 2026, will tighten the requirements for formaldehyde content in adhesive mixtures for MDF and HDF board manufacturers,” Kysilevsky said.

He recalled that IP Korosten covers an area of 42.2 hectares and brings together a cluster of woodworking companies, including Ukrainian Holding Sawmill Company, Rezalt Eco, Korosten MDF Plant, BF Engineering, and BF Project.

According to YouControl, Korosten MDF Plant ended 2024 with a loss of UAH 9.8 million, while in 2023 it received a net profit of UAH 237 million, and its net income decreased by a quarter to UAH 1.89 billion. In January-September this year, its loss amounted to UAH 18.4 million, and its revenue was UAH 1.46 billion.

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Heavy rain with snow in western Ukraine at weekend

On Saturday, November 22, in Zakarpattya, Lviv and Ivano-Frankivsk regions heavy rain and wet snow, in the western regions of sticking wet snow, ice, on the roads icy; in the Carpathians heavy wet snow, warns Ukrhydrometcenter.

“November 22 in Zakarpattya, Lviv and Ivano-Frankivsk regions significant precipitation (rain and wet snow), in the western regions of the sticking of wet snow, ice, on the roads icy (I level of danger, yellow); in the Carpathians heavy wet snow (II level of danger, orange)”, – stated in the message of the Ukrainian hydrometeorological center.

It is noted that weather conditions may lead to complications in the work of energy, construction, utility companies and disruption of traffic on roads and streets (I level of threat, yellow), on the passes of the Carpathians (II level of threat, orange).

 

“VUSO” continues to expand its branch network

The Supervisory Board of Private JSC “IC ‘VUSO’ (Kiev) in order to expand the sales network, to increase the sales volume in the region has decided to create a separate subdivision Ternopil branch of IC ”VUSO No. 2″, the company reported in the information system of the National Commission on Securities and Stock Market (NCSSM).

The separate subdivision will represent the interests of IC “VUSO”, conclude insurance contracts, provide consultations to consumers of insurance services and clients.

IC “VUSO” was founded in 2001. It is a member of ITSBU and UFS, a participant of Direct Loss Settlement Agreement and a member of Nuclear Insurance Pool.

 

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Ukrainian chess club GRECO wins FIDE World Corporate Chess Championship

Ukrainian chess club GRECO (Kyiv), representing the law firm of the same name, won the FIDE World Corporate Chess Championship 2025, which took place in Goa, India.

According to a statement from the Kyiv Chess Federation, 11 teams representing major international brands, including JP Morgan, Deloitte, Microsoft, and Google, took part in the final tournament.

It is noted that the victory was won by the GRECO team, which the organizers describe as a relatively small business compared to global corporations, but a well-known club in the chess community: its professional teams have repeatedly won various club tournaments. Just a week before the start in Goa, GRECO won the European Corporate Team Championship.

The International Chess Federation (FIDE) website published a review article titled “GRECO recognized as the smartest company in the world” following the competition. The Federation explains that this conclusion is based on the logic that “if chess is a game for smart people, then the winner of the corporate world championship is the smartest company.”

“This year, we won two major corporate titles – world and European champions. This is a historic achievement and further confirmation that Ukraine remains one of the leaders in the chess world,” said GRECO President Pavel Kuftyrev, whose words are quoted in the report. According to him, the company intends to further develop the GRECO chess project and set more ambitious goals for itself.

The “golden” team at the world championship included international grandmaster Vladimir Onischuk and international masters Valery Grinev, Alexey Maly, and Sergey Pavlov. According to the Federation, candidate master Viren Bagiryan and Pavel Kuftirev himself also participated in the qualifying stages for the final.

According to information from the Kiev Chess Federation, at the tournament in Goa, the Ukrainian team not only won team gold, but each of the players also received an individual award on their board: Onischuk, Pavlov, and Maly won gold medals, while Grinev won silver.

The Federation emphasizes that GRECO’s success is important not only for the company’s brand, but also for Ukraine’s image as one of the strongest chess countries in the world, especially in the context of the ongoing war.

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