Business news from Ukraine

Business news from Ukraine

Experts Club presented video analysis of dynamics of public debt of countries of world over the past 60 years

The information and analytical center Experts Club presented a video analysis of the dynamics of the public debt of the countries of the world over the past six decades, prepared on the basis of a comparative table of public debt volumes in dollar equivalent for 1960–2025.

According to the presented data, the total volume of public debt of the countries included in the study increased from about $381 billion in 1960 to approximately $89.7 trillion in 2025. Thus, over the period covered by the analysis, the nominal volume of debt obligations in the world increased more than 200 times.

Experts Club notes that the video format makes it possible to visually show not only the absolute growth of debt, but also the change in the structure of the global debt burden among the world’s leading economies. If in 1960 the largest volume of public debt fell mainly on the United States and several large economies of Western Europe, then in the 21st century Asian economies and countries with high rates of economic growth also entered the group of the largest debtors.

“Over the past 60 years, public debt has turned from an instrument for financing individual budget needs into one of the key elements of the global economic system. Today, it is not only about the volume of borrowings, but about the ability of states to manage the cost of debt, its maturity structure and its impact on economic growth,” said Maksym Urakin, founder of the Experts Club information and analytical center and Candidate of Economic Sciences.

According to the table, in 2025 the largest volume of public debt among the countries of the world was held by the United States — about $38.27 trillion. Japan was in second place — $9.83 trillion, followed by the United Kingdom — $4.09 trillion, France — $3.92 trillion, Italy — $3.48 trillion, India — $3.36 trillion and Germany — $3.23 trillion.

The top ten countries by absolute volume of public debt in 2025 also included Canada — $2.60 trillion, Brazil — $2.06 trillion and Spain — $1.73 trillion. In total, the ten largest debtors accounted for about 81% of the total debt volume of the countries presented in the table.

The largest share in the global debt mass, according to calculations based on the table, fell on the United States — approximately 42.7%. Japan’s share was about 11%. The five largest countries by absolute debt volume concentrated more than 66% of the total indicator.

The dynamics of recent years indicate a further acceleration of the debt burden in the largest economies. In particular, in 2024–2025, the public debt of the United States increased by approximately $2.91 trillion, Japan’s — by $362 billion, the United Kingdom’s — by $260 billion, France’s — by $250 billion, and India’s — by $230 billion.

At the same time, Experts Club draws attention to the fact that the cited indicators reflect precisely the absolute volumes of debt in U.S. dollars, and not debt relative to GDP, population size or budget revenues. Therefore, the absolute ranking shows the scale of debt obligations, but does not always directly characterize the debt sustainability of one country or another.

“The absolute size of public debt cannot automatically be interpreted as a sign of financial weakness. For large economies, the depth of the domestic financial market, trust in the national currency, the structure of creditors and the ability of the economy to service obligations without losing macro-financial stability are important. That is why the comparison of public debt should combine absolute indicators with an analysis of debt to GDP, budget revenues and the cost of its servicing,” Urakin emphasized.

As for Ukraine, according to the available data, Ukraine’s public debt in 2000 amounted to about $16.3 billion, in 2010 — $51.1 billion, in 2020 — $87.6 billion, in 2024 — $209.8 billion, and in 2025 — about $227.7 billion. By the absolute volume of debt in 2025, Ukraine was approximately in the fourth dozen of countries in the world among those presented in the table.

Experts Club emphasizes that the long-term visualization of debt indicators makes it possible to better assess how the financial architecture of the world has changed after the 1960s, in particular after the oil crises, the period of high inflation, the global financial crisis of 2008, the COVID-19 pandemic and new stages of budgetary stimulus in the leading economies.

The center’s analysts note that the further assessment of debt dynamics should be carried out taking into account not only absolute volumes, but also the ratio of debt to GDP, the cost of debt servicing, the currency structure of obligations, the share of domestic and external borrowings, as well as the ability of the economy to generate long-term revenues for servicing the debt burden.

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Tashkent is Uklon’s second-largest market after Kyiv

The online taxi service Uklon ranks second in the ride-hailing market in Tashkent, the capital of Uzbekistan, and 90% of its team in the country consists of local specialists, said Alexander Komarov, CEO and President of the Ukrainian mobile operator Kyivstar.

“Uklon is number two in the ride-hailing market in Tashkent, and Tashkent is already the second-largest market after Kyiv among all cities where Uklon operates. Ukrainian business knows how to move the world,” Komarov added on Facebook on Tuesday.

According to him, a meeting of Uklon’s supervisory board took place in the city.

In turn, Sergey Grishkov, CEO of the online taxi service, noted that a strategic workshop with the local team and the board was held as part of the working meetings.

“We came away with a clear understanding of where we’re heading next,” he emphasized.

According to Grishkov, Uklon has secured the second position over the past three years and has potential for growth.

“Experience competing with global players in Ukraine has shown that market position is determined by product quality, local adaptation, technology, and user trust,” he emphasized.

Uklon, which was consolidated into Kyivstar’s financial statements in April 2025, generated UAH 1.425 billion in revenue, or $32.9 million, in the first quarter of 2026. Its EBITDA amounted to UAH 538.9 million, or $12.4 million. The number of rides in the first quarter of 2026 was 43.7 million, and deliveries totaled 1.5 million.

As previously reported by the CEO of the online taxi service during a Forbes Ukraine Businessbreakfast, the most important task for Uklon, in partnership with Kyivstar, Ukraine’s largest mobile operator, is to identify significant synergies between the businesses. Specifically, starting in the second or third quarter of 2026, the companies will have offers that users will see.

 

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Governments of Serbia and Ukraine have issued joint statement on continuation of negotiations on free trade agreement

The governments of Serbia and Ukraine have issued a joint statement on the continuation of negotiations on a free trade agreement, said Marko Čadež, president of the Serbian Chamber of Commerce and Industry, in an interview with the Interfax-Ukraine news agency.

“Ukraine is the only European country with which Serbia does not have a signed free trade agreement. After direct contacts between the relevant institutions on this issue were reestablished last year, this week, during the visit of a Ukrainian government-business delegation to Belgrade, we must take this long-awaited step forward,” he said.

According to Chadezh, the document is expected to be signed in the coming days by Taras Kachka, Ukraine’s Deputy Prime Minister for European and Euro-Atlantic Integration, and Jagoda Lazarević, Serbia’s Minister of Domestic and Foreign Trade.

The President of the Serbian Chamber of Commerce and Industry noted that there is interest in such an agreement among both the Serbian and Ukrainian business communities, especially in sectors where lower tariffs, simplified procedures, and more predictable business conditions could increase companies’ exports.

“That is precisely why it is important that, as negotiations continue, we arrive at a well-prepared sector-specific agreement focused on specific industries,” Chadezh emphasized.

He also noted that the amended and simplified rules for the cumulation of preferential origin under the Pan-Euro-Mediterranean Convention, to which both Serbia and Ukraine are signatories, could expand the range of components for products traded on preferential terms with the EU, EFTA, Moldova, Montenegro, North Macedonia, and Turkey.

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There are over 480 businesses with Ukrainian capital operating in Serbia

There are currently over 480 businesses with majority Ukrainian capital operating in Serbia, including 161 companies and 320 entrepreneurs, according to Marko Čadež, president of the Serbian Chamber of Commerce and Industry, citing data from the Serbian Business Registration Agency.

“Mostly in the fields of IT, consulting services, trade, and small business,” he said in an interview with the agency “Interfax-Ukraine”.

For comparison, Čadež cited data from pre-war 2021, when 202 Ukrainian companies and 117 entrepreneurs were operating in Serbia. According to him, about 40% of them were subsequently closed, but after 2022, a significant number of new registrations were recorded.

“Last year, for example, not a single company or entrepreneur was closed,” he noted.

The president of the Serbian Chamber of Commerce and Industry added that Ukrainian business in Serbia is gradually shifting from traditional trade to digital and other knowledge-based services.

“The number of IT entrepreneurs, consulting firms, and design studios is growing year after year,” said Chadezh.

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KNUBA Hosted Open Discussion Day for Veterans and Their Families

The Institute for Veterans at Kyiv National University of Construction and Architecture hosted Ukraine’s first Open Discussion Day with veterans and their families, dedicated to education, retraining, social adaptation, mental rehabilitation, and employment for veterans.

The event took place at the KNUCA Culture and Leisure Center in Kyiv as part of an Open House for veterans and their families and brought together veterans, their family members, representatives of the university community, medical professionals, socially responsible businesses, and partner organizations.

“Education and the learning process itself are not just about a diploma. They are an important element of veterans’ social adaptation and mental rehabilitation. The university is a large, new-type ecosystem where a veteran can rediscover themselves, feel the support of the community, acquire new skills, and ultimately find employment and return to an active life,” noted Artem Goncharenko, head of the KNUCA Veterans Institute.

The event was attended by representatives of Kyiv National University of Construction and Architecture, the National University of Physical Education and Sports of Ukraine, the Igor Sikorsky Kyiv Polytechnic Institute, the National University of Life and Environmental Sciences of Ukraine, and other higher education institutions in the capital and regions.

The event was co-organized by the Kyiv City Employment Service, which, according to the organizers, underscores a systematic approach to supporting veterans—from education, psychological, and medical support to professional retraining and subsequent employment.

One of the practical components of the Open Discussion Day was a training session on first aid titled “Don’t Panic. Act Correctly,” led by neurologist and epileptologist Denys Boichuk. Participants discussed how to act before, during, and after an epileptic seizure, what common mistakes can harm a person, and why certain widespread “tips from the internet”—in particular, the myth about “putting a spoon in the mouth”—have no medical basis and can be dangerous.

A separate segment of the training was dedicated to medical checkups for veterans and their families, developing the habit of getting regular health screenings, managing the effects of stress and trauma, and supporting loved ones consistently rather than sporadically.

During the event, a prize drawing was also held, and gifts were presented to participants. The event’s partners were Poparada.ua, Axor Industry, and CosmoMultimall. The organizers note that business participation in such initiatives demonstrates the potential for practical and meaningful collaboration between companies and veterans’ organizations.

According to the organizers, the Open Discussion Day held at the KNUBA Veterans Institute marked the first step toward establishing a permanent ecosystem to support veterans and their families through education, practical knowledge, professional retraining, and cross-sectoral cooperation.

The Veterans Cluster of Ukraine and the KNUBA “Architecture of Resilience” Veterans Institute have already begun accepting applications for educational programs for veterans, defenders, and their children. Participants are offered opportunities to study in over 50 fields and more than 100 educational programs, including retraining, courses, second higher education, master’s and doctoral programs, psychological support and rehabilitation, participation in projects for Ukraine’s recovery, and partnership programs with employers.

Study formats include full-time, part-time, online, and distance learning. The program works with communities across Ukraine and provides personalized support from admission through to employment.

Program details are available on the website: www.Veterano.info.

Contacts for additional information: +38 073 94 96 179, +38 050 22 35 182, +38 067 49 81 098, center@uvc.in.net, veterano@knuba.edu.ua. Head of the KNUBA Veterans Institute Artem Goncharenko: +38 073 177 72 73.

Tuition-free education refers to participation in state compensation programs, grants, scholarships, and support from employers. Admission takes place during the standard admission campaign within the standard timeframe.

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“Ukrtransleasing” to Allocate UAH 250 Mln for Dividends

PJSC “Leasing Company ”Ukrtransleasing” will allocate UAH 250 million of its total net profit of UAH 265.1 million to dividend payments based on the results of 2025, according to a company statement on Tuesday regarding the decision of the shareholders’ meeting.

According to the statement, Ukrtransleasing’s net revenue fell by 28.9% last year to UAH 152.4 million, but thanks to other operating income of UAH 228.2 million—which was absent in 2024—operating profit jumped 2.3-fold to UAH 245 million, and net profit by 1.9 times.

The company received its main revenue last year from its largest shareholder, Lemtrans LLC, which owns 49.95%.

According to the press release, since the beginning of 2026, 752,100 tons of cargo have been transported in Ukrtransleasing’s open-top cars, of cargo, including 507,600 tons of coal (67.5%), 174,700 tons of iron and manganese ore (23.2%), and 22,300 tons of construction materials (3%), while grain cars carried 125,700 tons of grain, including 86,200 tons of corn (68.5%), 24,300 tons of wheat (19.4%), 2,300 tons of rapeseed (1.8%), and others.

The report specifies that in 2026, Ukrtransleasing plans to carry out scheduled repairs in accordance with the approved schedule, including 461 major repairs of open cars, 55 depot repairs of open cars, and 5 depot repairs of grain cars.

Among other things, in 2026, the company plans to develop freight forwarding activities and maintain long-term partnerships with clients, reduce non-productive downtime of railcars, manage existing equipment financial leasing agreements, and provide comprehensive solutions for transportation and logistics challenges, particularly in the field of grain cargo transportation.

PJSC “Leasing Company ”Ukrtransleasing” is an operator in the Ukrainian leasing services market. The company’s primary specialization is the financial leasing of railway, agricultural, and aviation equipment.

JSC “Ukrzaliznytsia” owns 47.67% of the shares in PJSC “Ukrtransleasing,” and LLC “Lemtrans” owns 49.95%.

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