JSC “Ukrzaliznytsia” expects to post a net loss of 21.9 billion hryvnia and a liquidity shortfall of 26.3 billion hryvnia for 2026, assuming no fare indexation, said the company’s CEO, Oleksandr Pertsovskyi, during a press conference on Tuesday, according to a correspondent for the “Interfax-Ukraine” news agency.
According to him, among the main reasons for the deterioration in financial performance are a 2.4-fold increase in the cost of electricity, which led to additional expenses of 15.4 billion hryvnia; the need to index wages—13.4 billion hryvnia; a decline in revenue from freight transportation—7 billion hryvnia—due to hostilities and the occupation of parts of the territory; an increase in exchange rate losses from the revaluation of liabilities amounting to 3.8 billion hryvnia; and a 28% rise in diesel fuel prices, which cost the company an additional 2.1 billion hryvnia.
According to the company’s estimates, due to the suspension of fare indexation, the shortfall in cash receipts for the period from 2023 through the first three months of 2026 amounts to 99.5 billion UAH.
To cover this financial shortfall, Ukrzaliznytsia is implementing additional optimization measures for 2026, which will allow it to raise 1 billion UAH from the sale of non-core and surplus assets and 2.3 billion UAH in loans from international financial institutions, provided that fare indexation takes place.
Other measures include optimizing CAPEX, through which the company plans to accumulate 6.9 billion UAH by addressing the underfunding of critical capital investment needs. At the same time, internal funds for financing CAPEX in 2026 will amount to approximately 16.1 billion UAH.
A government decision is also required to resume, effective July 1, 2026, the sale of electricity to Ukrzaliznytsia through specialized auctions, with the introduction of a corresponding discount from the weighted average market price of electricity.
Other factors include a plan to increase suburban rail fares by 100%, though this requires approval from regional military administrations.
Among the proposed measures to stabilize Ukrzaliznytsia’s financial situation, the company also proposes raising freight rates by 30% effective August 1, 2026. The first phase involves an immediate rate increase and the standardization of rates for empty railcars.
Pertsovskyi emphasized that June is a critical period for making a decision on revising tariffs, as the regulatory procedure takes about two months.
“This is the last chance to make a decision before August, and by August we’ll simply be heading straight into the red at this pace. We still have a guaranteed debt payment due in August,” added the chairman of the board.
According to Pertsovskyi, a second phase could involve a further tariff adjustment of up to 15% starting in January 2027, though no such decision has been made yet.
As noted in the draft order, the need to adjust tariffs stems from the deteriorating financial condition of JSC “Ukrzaliznytsia,” whose revenues are insufficient to cover current expenses. The ministry noted that the last tariff adjustment took place nearly four years ago, while between July 2022 and April 2026, the industrial producer price index rose by 252.1%.
According to the Ministry of Development, in 2025, freight volumes decreased by 12.5% compared to the previous year, and Ukrzaliznytsia’s net loss amounted to 7.6 billion UAH. In the first four months of 2026, the loss reached 9.3 billion UAH.
At that time, the ministry noted that without tariff indexation, the company’s projected net loss for 2026 would exceed 13 billion hryvnia, and the funding shortfall would reach over 26 billion hryvnia.
Among other things, in January of this year, Ukrzaliznytsia refused to make $45 million in coupon payments on its 2026 Eurobonds with an 8.25% coupon rate totaling $703.2 million and on its 2028 Eurobonds with a 7.875% coupon rate totaling $351.9 million, and announced its intention to begin a comprehensive restructuring of its bond obligations with the assistance of financial and legal advisors.
The company cited the ongoing decline in revenue from freight transportation amid a decrease in freight volumes, as well as an increase in attacks on the railway—the total number of which in 2025 (1,195) exceeded the combined total for 2023–2024—as the main reasons for suspending debt service on the Eurobonds.
FARE, FREIGHT TRANSPORTATION, liquidity, LOSS, UKRZALIZNYTSIA
Prime Minister Yulia Sviridenko states that at the Ukraine Recovery Conference (URC 2026) in Gdańsk, Ukraine expects to sign 160 agreements worth over EUR10 billion.
“We expect 160 agreements worth more than EUR10 billion, which will mobilize resources across five areas: integration into Europe, human capital, business, regional and local development, and, for the first time, defense,” Sviridenko said at the opening of the Ukraine Recovery Conference (URC 2026) in Gdańsk on Thursday.
She also thanked partners for a EUR3.2 billion tranche, which will be disbursed on Thursday, enabling Ukraine to strengthen its defense, ensure macroeconomic stability, and prepare for the new heating season.
Later, Sviridenko reported on her Telegram channel that more than 80 Ukrainian companies are expected to participate in the largest URC business fair in history, alongside 2,000 business representatives from around the world.
A new format of the “Energy Platform” will also be launched, which will serve as a permanent tool for mobilizing international support for Ukraine’s energy sector.
“In my opening remarks, I noted that our main priorities are security, energy resilience, private-sector development, and attracting investment. Because Ukraine’s recovery is not just about rebuilding what has been destroyed—it is an investment in a strong Europe. That is precisely why strengthening Ukraine’s defense industry is a priority. Today, our defense industry is developing modern military technologies that have proven their effectiveness on the battlefield and are already contributing to the strengthening of European security,” she wrote.
As reported, the first tranche of EUR 3.2 billion from the European Union’s EUR 90 billion Ukraine Support Loan (USL) will be disbursed on Thursday, June 25, the opening day of the Ukraine Recovery Conference (URC 2026) in Gdańsk, Poland, according to European Commissioner for Enlargement Marta Kos.
The Ministry of Community and Territorial Development plans to sign agreements totaling more than EUR1.5 billion at the Ukraine Recovery Conference, covering areas of recovery in housing policy, infrastructure, and the country’s recovery through a regional approach.
The Norwegian government has proposed tightening the conditions for obtaining citizenship by changing the requirements regarding length of residence in the country and knowledge of the Norwegian language for certain categories of applicants.
Under the government’s initiative, applicants will be required to have lived in the country continuously for eight years to obtain a Norwegian passport. Currently, most applicants must have resided in Norway for a total of eight years over the past 11 years, provided they hold a permanent residence permit. The new model is intended to simplify the calculation of residency periods and reduce the number of different requirements for specific groups of applicants.
Norway’s Minister of Labor and Social Integration, Kjersti Stenseng, stated that obtaining citizenship should be viewed as a privilege, and that the current rules are too complex, particularly regarding residency requirements.
Separately, the government proposes to increase the residency requirement for stateless persons from three to seven years. For applicants in this category who were born in Norway or arrived in the country before the age of 18, the plan is to set a residency requirement of five years.
The changes will also affect foreigners who are married to, in a registered partnership with, or in a de facto relationship with a Norwegian citizen. For them, the period required to obtain citizenship is proposed to be increased from a minimum of five years of residence and marriage to six years of continuous residence in the country.
In addition, the government wants to raise the Norwegian language proficiency requirements for stateless persons aged 18 to 67—from level A2 to B1. Residence on the Svalbard archipelago will no longer be considered grounds for applying for Norwegian citizenship.
The government explains the changes as necessary to make the rules more consistent and understandable, as well as to speed up the processing of applications. At the same time, the stricter requirements effectively make the path to a Norwegian passport longer for a number of categories of foreign nationals.
In total, as of early 2026, there were 987,120 immigrants in Norway, accounting for 17.5% of the country’s population. Another 238,507 people were born in Norway to immigrant families, accounting for 4.2% of the population. Collectively, people of immigrant origin make up more than one-fifth of the country’s population.
The largest group of immigrants in Norway remains those from Poland—111,740 thousand people. Next are Ukraine—85,461 thousand, Lithuania—43,065 thousand, Syria—42,040 thousand, Sweden—37,732 thousand, Germany—28,145 thousand, Somalia—27,769 thousand, Eritrea—25,819 thousand, the Philippines—25,673 thousand, and Pakistan—24,821 thousand people.
The structure of immigration to Norway reflects a combination of several waves: labor migration from EU countries and Eastern Europe, refugee migration from Syria, Somalia, Eritrea, and Ukraine, as well as long-standing diaspora communities from Pakistan, Iraq, Turkey, and other countries. Ukrainian migration is characterized by rapid growth over a short period and a high proportion of women and children among those who arrived after 2022.
Norway remains one of the countries with the most powerful passports in the world. According to the Henley Passport Index, the Norwegian passport is among the most prestigious and grants visa-free or simplified entry to over 180 countries. Since 2020, Norway has allowed dual citizenship.
The Cabinet of Ministers of Ukraine has authorized that, for the duration of martial law and for 12 months following its end, timber harvested during sanitary logging be counted toward timber harvesting limits for main-use logging in mature and overmature stands in all forests, except for mountain forests in the Carpathian region, the press service of the Ministry of Economy, Environment, and Agriculture reported on Thursday.
“The adopted resolution will allow for more efficient use of forest resources under martial law and ensure additional volumes of timber to meet the needs of the economy, communities, and the defense sector. The document strengthens requirements for forest management, biodiversity conservation, and forest restoration. ‘We are establishing clear rules for forest users while ensuring a balance between the state’s economic needs and environmental responsibility,’ the press service quoted Taras Vysotsky, Deputy Minister of Economy, Environment, and Agriculture, as saying.
According to the statement, this decision will allow forest users to further meet the timber needs of the economy, the population, and the Armed Forces of Ukraine, while enabling state-owned forestry enterprises to increase the supply of marketable timber to the market.
At the same time, if the application of the new mechanism leads to a reduction of 30% or more in the main-use logging quota in mature and overmature stands, a mandatory recalculation of the quotas with a corresponding reduction is provided for. After logging, the forests will be subject to mandatory restoration in accordance with legal requirements.
In addition, the resolution clarifies the requirements for conducting sanitary measures and addressing the consequences of hostilities in forests, defines the specifics of certain types of logging, and introduces a mechanism for correcting technical errors in electronic logging permits.
There are nearly 90,000 residential solar power plants in Ukraine operating under the “green” tariff, according to the National Commission for State Regulation of Energy and Public Utilities (NKREKP).
“As of May 25, universal service providers had signed 86,691 contracts with owners of residential solar power plants. This means that more than 86,000 Ukrainian families have become participants in the energy market—not only consuming electricity but also generating it,” the energy regulator’s website states.
According to NEURC estimates, during the first five months of 2026, private households in Ukraine generated 544.8 million kWh of electricity from renewable sources, which was fed into the power grid under the “green” tariff mechanism.
“In January–May 2026, more than 3.28 billion UAH was paid for electricity generated by private households,” the NEURC noted.
The largest number of residential solar power plants operate in the Kyiv, Dnipropetrovsk, Zakarpattia, Ivano-Frankivsk, Ternopil, Chernivtsi, Lviv, Odesa, Kirovohrad, and Khmelnytskyi regions.
According to the energy regulator, under martial law, residential generation takes on particular importance, as it helps increase the flexibility of the power system, maintain the reliability of electricity supply, and strengthen the energy resilience of communities.
“The NEURC provides the regulatory framework for the operation of the ‘green’ tariff mechanism and residential power generation. Thanks to the established rules, owners of solar power plants can connect their installations to the power grid and sell surplus electricity,” the commission emphasized.
The regulator noted that the European energy model envisions an active role for the “prosumer”—a market participant who both consumes and generates electricity. As it pointed out, Ukraine is gradually implementing such approaches, creating a more decentralized and resilient power system.
The NEURC did not specify the total capacity of residential solar power plants for security reasons, but market participants estimate it could be up to 2 GW. Before the war, the number of residential solar power plants was reported to be 40,000–45,000, with a combined capacity of up to 1 GW.
According to expert estimates published in open sources, Ukraine consumes approximately 60–65 billion kWh over a six-month period. Based on these figures, the electricity generated by residential solar power plants in January–May accounted for slightly more than 1% of consumption. It should be noted that grid-connected solar power plants without storage systems do not operate during power outages, which significantly affects their efficiency. At the same time, electricity stored in the battery is not accounted for by the grid.
ELECTRICITY, green tariff, HOUSEHOLD, NEURC, SOLAR POWER PLANT
Fuel prices in Ukraine continue to decline—this applies primarily to diesel, which has dropped by another 1–3 UAH per liter over the past five days, according to price monitoring at select gas station chains conducted by Energoreforma.
According to the report, natural gas prices have also fallen by up to 1 UAH per liter.
Gasoline prices remain stable, at the same level as on June 17.
According to calculations by Serhiy Kuyun, director of the consulting firm “A-95,” the price of diesel fuel has already dropped by more than 12 UAH per liter from its peak of over 90 UAH per liter.
He noted that at the start of the crisis, the price of diesel fuel was 62 UAH per liter.
The expert also pointed out that smaller retail chains, which do not have remaining stocks of fuel purchased at high prices, are lowering their prices more aggressively.
Regarding gasoline, Kuyun explained that there is no noticeable downward trend, since the difference between the purchase price (customs value) and the retail price during the “Iranian crisis” only returned to its pre-crisis February level in June.
“In other words, there are no excess profits that could explain the slowdown in price reductions. Gasoline margins have completely collapsed, which is why prices aren’t really falling. Gas stations’ finances are currently being propped up by diesel, though that doesn’t prevent diesel prices from falling sharply,” Kuyun wrote.
At the same time, the director of “A-95” emphasized that Russian attacks on gas station networks continue, and these losses are also putting pressure on their finances.
“Last week, one of the major chains lost an oil depot containing $1.5 million worth of fuel. Another chain reports that it suffers 15–20 ‘lightning strikes’ every week in frontline regions. WOG has already lost 6–7 gas stations, each worth $1 million. Gasoline and natural gas tankers are burning,” Kuyun described the situation.
He also noted that there had been an initiative to create a fund to compensate for these losses, but so far there are no sources of funding for it.
Kuyun pointed out that current global prices are not the only factor in pricing, but given the level of competition and the large number of gas stations, supply sources, and logistical capabilities in the Ukrainian market, in his opinion, there is no chance of operating under any rules other than market ones.
For his part, Volodymyr Omelchenko, director of energy and infrastructure programs at the Razumkov Center, noted that autogas is once again becoming more cost-effective than gasoline, having dropped by more than 5 UAH/liter in one month and more than 7 UAH/liter in two months.
Meanwhile, gasoline prices fell by only 1.1 UAH per liter over the same period. He noted that currently, a liter of LPG costs approximately 56% of the price of a liter of A-95.
Omelchenko attributed this, in particular, to a decline in the wholesale price of LPG, which fell by 3.46 UAH per liter over the past month.
According to him, propane and butane prices have fallen in Europe, and the import parity for LPG has also declined since its April peak. As of June 19, it stood at 34.43 UAH per liter, compared to 40.95 UAH per liter on April 16.
However, he also noted that the price cap at gas stations is determined not only by European quotations but also by the influence of wholesale prices, logistics, taxes, exchange rates, security risks, and the safety margins of the networks themselves.
“Therefore, a decrease in external prices does not always immediately translate into an equivalent decrease at the retail level,” Omelchenko said.
As previously reported, fuel prices in Ukraine began to decline around mid-June amid reports of a stabilizing situation in the Middle East and falling oil prices. On June 19, Pavlo Kyrylenko, head of the Antimonopoly Committee of Ukraine, convened fuel market participants to discuss the situation.
He drew their attention to the fact that over the past few weeks, global markets have seen a significant drop in prices for crude oil and petroleum products, but in Ukraine, the pace of decline in retail fuel prices remains significantly slower than the pace of their previous rise.
Market participants were asked to provide further explanations regarding the reasons for the slower decline in petroleum product prices compared to their previous rapid rise, as well as the factors influencing how quickly lower petroleum product costs are reflected in prices for end consumers.
On June 17, Natalia Nikeshina, marketing director of the national network of gas stations operating under the Parallel brand, predicted that the potential for price reductions ranges from 6 UAH to 12 UAH per liter. According to her, the largest drop can be expected if European prices do indeed fall to pre-crisis levels.
