The International Liberty Institute (ILI) presented a concept for destroying corruption in Ukraine, which is based on an analysis of state failures in the economy, the functioning of the entrepreneurial growth model, as well as conclusions from studies of economic freedom, the institution of private property and the principles of a small state.
“We want to present a slightly different view of how to destroy corruption in Ukraine. To put it in two words, we propose an approach to destroy the causes of corruption, rather than constantly fighting their consequences,” ILI Director Mykhailo Kamchatnyi said at a press conference at the Interfax-Ukraine agency on Wednesday.
According to him, the presented concept should become a reference point for government bodies, the anti-corruption infrastructure and civil society, since the current model is mainly focused on responding to individual corruption episodes, but does not dismantle the conditions under which they arise.
For his part, ILI President Yaroslav Romanchuk emphasized that corruption is primarily a problem of economic policy, institutions and the theory of public administration.
“Our approach differs from the traditional one in that we built it on the foundation of the theory of state failures. Without such an approach, any architecture for fighting corruption turns into a permanent chronic process. Corruption restrains Ukraine’s European integration, investment, protection of property rights, defense capability and the country’s competitiveness. According to Romanchuk, if Ukraine sets itself the goal of economic growth at the level of 6-7% per year for 15-20 years, then without the systemic elimination of corruption sources it will be impossible to achieve this,” Romanchuk noted.
The expert emphasized that accession to the European Union in itself does not guarantee the automatic disappearance of corruption. In his opinion, Ukraine must take into account that corruption risks also exist in EU countries, in particular in the areas of public procurement, public investment, regulation, the judicial system and the interaction of business with government bodies.
“There is a point of view that when we become part of the European Union, corruption will automatically disappear. This is not so. It will not disappear, it can only be rebooted if Ukraine does not do its own homework. Among the key factors of corruption are the excessive size of the state, the high share of public expenditures in GDP, the discretionary powers of officials, a complex regulatory environment, tax and customs benefits, unequal conditions for business, state ownership of assets and the centralization of resources,” Romanchuk added.
The expert emphasized that in Ukraine the state, through military and non-military expenditures, regulatory burden and transaction costs, in fact takes an excessively large part of the economy’s resources, which, in turn, stimulates business and citizens to seek informal ways of survival.
“The sources of corruption are objectively built into the model of a state of general interventionism. This is when the state regulates, controls and disposes of many things and resources. It is precisely on this discretion that the sources of corruption arise. Even if we put 30% of deputies and 70% of ministers in prison, corruption will not disappear, because its sources will remain. What matters is not which person heads this or that body, but what system of resource functioning exists in the state,” Romanchuk stressed.
ILI analysts propose placing a deep political, institutional, administrative and legal reform at the basis of the anti-corruption strategy. This concerns, in particular, a radical reduction of the state’s functions, limiting its commercial role, strengthening the protection of property rights, demonopolization, decriminalization of the economy and the creation of universal and neutral rules for all market participants.
“A new state from our point of view means the rule of law, personal and political rights and freedoms, reforming the system of public administration and regulation, as well as decriminalizing the economy on the foundation of a radical reduction of the state in the economy. We do not need only formal checkmarks. We need to move, not polish the dashboard. When we merely copy laws and the regulatory framework from the European Union or OECD countries, this does not mean that they will automatically work in Ukrainian conditions,” the president of the institute noted.
Among practical solutions, Romanchuk proposes reducing public expenditures after victory to a level that will not create corruption rent, decentralizing budget resources, simplifying the customs and tax system, eliminating preferential regimes, limiting state ownership and creating equal rules of competition.
Mykhailo Kamchatnyi, for his part, emphasized that the presented concept is a framework document that should change the focus of the public discussion about corruption.
“These are the beacons that can be used as guidance in order to destroy corruption in Ukraine. The concept will be useful primarily for those engaged in the fight against corruption, especially for civil society, so that it adjusts its focus. It is necessary to move from general rhetoric about fighting corruption to specific road maps in the areas where the state creates the greatest corruption incentives. It is necessary to destroy not the consequences, but the causes and sources of corruption. For this purpose, road maps should be created for each recommendation in one sphere or another: what exactly needs to be changed, how to reduce the influence of the state, how to carry out decentralization and how to reduce corruption phenomena,” the ILI director said.
Answering journalists’ questions, Yaroslav Romanchuk said that ILI plans to present the concept to the Cabinet of Ministers, the Office of the President, NABU and other institutions related to the formation of economic and anti-corruption policy.
“Our proposal will be sent to the government, the Office of the President, NABU and the entire infrastructure for fighting corruption. We do not see any contradiction between our approaches and the declared goal of making Ukraine a country with an economy of about one trillion dollars and GDP growth of more than 6% per year,” he noted.
Romanchuk also rejected the thesis that the document is merely an ideological declaration. According to him, the concept relies on economic science, in particular on the approaches of the Austrian school of economics, which ILI considers as the basis of the entrepreneurial growth model.
In conclusion, representatives of the International Institute of Liberty stated that a systemic reduction of corruption in Ukraine is possible only under the condition of changing the economic model, limiting the functionality of the state, protecting private initiative and forming equal rules for business.
“When we do this, we will have faster economic growth, more investment, and the shadow economy will not amount to 50-55% of GDP. It is necessary to approach this phenomenon systemically, and then Ukraine will be the best country for real business,” Romanchuk summed up.
NEQSOL Academy, the corporate learning ecosystem of the international NEQSOL Holding group, has announced the launch of SkillHub, a free digital platform for professional and personal development.
The platform is open to everyone and provides access to learning resources on artificial intelligence, leadership, communication, business fundamentals, and personal effectiveness.
SkillHub operates on a “anywhere, anytime” basis and is accessible from various devices and locations. The platform’s educational content is provided by CrossKnowledge, a global provider of digital learning solutions. The platform is built on Enocta, NEQSOL Academy’s partner for learning management systems.
SkillHub’s content was developed in collaboration with experts and instructors affiliated with educational institutions such as Harvard, Stanford, INSEAD, Cambridge, Wharton, London Business School, and HEC Paris. CrossKnowledge’s clients include BlackRock, BNP Paribas, Schneider Electric, Orange, Sanofi, Carrefour, and ArcelorMittal.
“For NEQSOL Holding, training and professional development are key elements in building a strong organization and communities as a whole. We were looking for a platform that would combine academic quality with proven global expertise,” said Meric Tunc, Chief Human Capital Officer at NEQSOL Holding.
According to him, CrossKnowledge brings together high-quality content, recognized expertise, and a digital learning format that meets the needs of today’s learners.
Vladimir Lavrenchuk, Regional Director of NEQSOL Holding in Ukraine, noted that SkillHub features a Ukrainian-language interface, and a significant portion of the training programs is available in English.
“I am confident that SkillHub, thanks to its open access to high-quality learning resources, will provide new opportunities for the development of young professionals,” Lavrenchuk said.
The platform is accessible via the NEQSOL Academy website https://neqsolacademy.com/ Video about SkillHub
NEQSOL Holding is a diversified international group of companies operating in 11 countries across the energy, telecommunications, high-tech, construction, and mining sectors. The group serves more than 25 million customers and employs over 20,000 people.
NEQSOL Academy is NEQSOL Holding’s corporate learning ecosystem, created to foster continuous learning, professional competencies, and knowledge sharing within the group of companies and among an external audience. The Academy offers training opportunities in multiple languages and operates on a “anywhere, anytime” basis.
CrossKnowledge is an international provider of digital learning solutions that has been helping organizations develop employee skills for over 20 years through expert content, educational technologies, and professional services.
JSC “Ukrzaliznytsia” (UZ) transported over 1 million passengers between June 8 and 21, with the Kyiv-Lviv route (in both directions) proving to be the most popular among Ukrainians, where demand for tickets was three times higher than supply.
“To give more people the opportunity to travel, we scheduled additional trains,” UZ reported on Telegram on Wednesday.
According to the company’s statistics, the shortage on the Kyiv–Odesa route is 4.5 times the supply. Meanwhile, on the Kyiv–Kharkiv, Kyiv–Dnipro, and Kyiv–Vinnytsia routes, demand is twice the supply.
It is noted that the most popular train that departed last week was No. 705/706 Kyiv–Przemyśl, which carried 26,800 passengers.
In addition, from June 8 to 21, the average number of passengers per car was 692.
The number of passengers in children’s groups totaled 43,500, while 7,700 military personnel traveled via the special reserve.
“We understand the scale of the seat shortage, so we are trying to add trains to popular weekend getaway destinations whenever possible,” Ukrzaliznytsia emphasized.
As previously reported, Ukrzaliznytsia transported 472,900 passengers during the first week of June (June 1–7). At that time, it was noted that Ukrzaliznytsia plans to transport a total of 7 million passengers over the three summer months.
In early June, Ukrzaliznytsia told the Interfax-Ukraine news agency that this year’s summer passenger travel season would be more challenging than last year’s due to rising demand and a reduction in the number of railcars.
The International Finance Corporation (IFC) has approved a decision to provide a EUR42 million long-term loan to Volyn West Wind-2 LLC and Volyn West Wind-3 LLC, both majority-owned by VI.AN Holding, a member of the OKKO Group, to finance the construction and operation of a 189 MW wind farm in Ukraine.
According to the bank’s materials, the total estimated cost of the wind farm construction project is EUR290 million.
The project is expected to receive support from partners, namely the European Commission under the Ukraine Investment Facility (EC-UIF) and the Economic Resilience Action Program for Ukraine (ERA Program), in particular from the Norwegian Agency for Development Cooperation (NORAD).
“The IFC’s additional role encompasses both financial and non-financial aspects. On the financial side, the IFC provides support in structuring a long-term financing package, which may include lending from its own funds, concessional financing, first-loss guarantees, and the mobilization of parallel loans,” the corporation stated.
At the same time, on the non-financial side, the IFC is strengthening the project’s financial resilience by providing support in assessing the electricity market. In addition to support during the pre-investment phase, the IFC will provide technical guidance to enhance the project’s capacity to manage environmental and social risks in accordance with IFC performance standards.
As previously reported, the IFC loan will be part of the project’s secured debt financing, which also involves the European Bank for Reconstruction and Development (EBRD) and the Black Sea Trade and Development Bank (BSTDB).
Specifically, on June 17, the EBRD also approved a decision to provide a long-term loan of up to EUR50 million to Volyn West Wind-2 LLC and Volyn West Wind-3 LLC—companies majority-owned by VI.AN Holding, a member of the OKKO Group— to finance the construction and operation of the aforementioned 189 MW wind farm in Ukraine.
The OKKO Group brings together more than 10 diverse businesses in the fields of manufacturing, trade, construction, insurance, services, and other sectors. The group’s flagship company is the “Galnaftogaz” concern, which operates one of the largest gas station chains in Ukraine under the “OKKO” brand, comprising approximately 400 gas stations.
The founder and ultimate beneficiary of the group is Vitaliy Antonov.
IFC, LOAN, RENEWABLE ENERGY, RES, ОККО
PJSC “VUSO Insurance Company” (Kyiv) collected 1 billion UAH in gross premiums in January–March 2026, which is 28.3% more than in the same period a year earlier; net premiums rose by 21.09% to 1.030 billion UAH, while net earned premiums rose by 49.87% to 1.240 billion UAH.
These figures are cited in a report by the rating agency “Standard-Rating” confirming the company’s financial stability rating at “uaAA” on the national scale for the specified period.
According to data on the RA’s website, premiums from individual policyholders increased by 20.05% to 748.602 million UAH during the specified period, while premiums from reinsurers decreased by 4.86% to 8.877 million UAH. Thus, the share of individual policyholders in the insurer’s gross premiums as of the end of the first quarter of 2026 was 59.87%, while the share of reinsurers was 0.71%.
Accrued reinsurance premiums ceded for the first quarter of 2026 increased by 77.94% to 220.729 million UAH compared to the same period in 2025. Thus, the reinsurers’ share of insurance premiums increased by 4.92 percentage points to 17.65%.
In the first quarter of 2026, VUSO Insurance Company paid out UAH 599.881 million to its clients, which is 53.71% higher than the volume of insurance payments and reimbursements for the first quarter of 2025. Consequently, the payout ratio increased by 7.92 percentage points to 47.98%.
The RA also notes that VUSO Insurance Company’s financial results for the reporting period showed significant growth: operating profit increased 2.71-fold to 145.193 million UAH, while net profit rose 3.85-fold to 157.749 million UAH.
As of April 1, 2026, the company’s assets increased by 4.23% to 3.266 billion UAH, equity rose by 15.75% to 1.159 billion UAH, liabilities decreased by 1.18% to 2.107 billion UAH,
and cash and cash equivalents decreased by 3.93% to 1.163 billion UAH.
The RA notes that as of the reporting date, the company had built up a portfolio of current investments in government bonds totaling 554.884 million UAH, which increased the insurer’s level of liquidity coverage; these assets collectively covered 81.53% of the company’s liabilities. In addition, the insurer’s balance in the MTIBU’s centralized insurance reserve funds amounted to 710.385 million UAH.
VUSO was founded in 2001. It is a member of the MTIBU and the UFS, a participant in the Direct Claims Settlement Agreement, and a member of the Nuclear Insurance Pool.
According to Serbian Economist, based on the latest data for the first quarter of 2026, Belgrade’s office market remains one of the most stable in Southeast Europe: vacancy rates are low, rents are rising, new supply is limited, and the bulk of future construction is concentrated in New Belgrade.
According to CBS International / Cushman & Wakefield, no new office buildings were completed in Belgrade during the first quarter of 2026, and the total modern office stock remained at 1.457 million square meters. Approximately 120 thousand square meters are currently under construction, of which about 47 thousand square meters are expected to be completed by the end of 2026. About 65% of the stock under construction is Class A.
The vacancy rate remains moderate at 5.53% for the market as a whole. This is a comfortable level for landlords and an indication that the market is not overheated by new supply.
Rental rates for Class A offices in Belgrade in the first quarter of 2026 ranged from 16.5 to 18.5 euros per square meter per month, while rates in the best prime-class buildings exceeded 19 euros per square meter per month. For Class B offices, the range was 12–14 euros/sq. m per month.
Key trend: Tenants are willing to pay more for new, energy-efficient, and well-located buildings, especially in New Belgrade. At the same time, older and lower-quality properties are not seeing the same price momentum.
In the first quarter of 2026, take-up totaled 23.09 thousand square meters. This is a modest figure for the start of the year, and the structure of demand indicates more cautious behavior on the part of tenants. Transactions of up to 500 square meters dominated the market, and the average transaction size decreased from 740 square meters at the end of 2025 to 608 square meters in the first quarter of 2026.
In its forecast for the SEE market, CBRE notes that Belgrade’s office stock grew by approximately 7% in 2025, and further expansion will proceed gradually, primarily in New Belgrade. Notable projects in the pipeline include Delta Tower, Panorama Office, Afi City Zmaj North and East, West Gate, and others.
It is important to note the difference in methodologies: CBS/Cushman & Wakefield estimates Belgrade’s total modern office stock at approximately 1.46 million square meters, while CBRE, in a separate report on Q1 2026, cites more than 1.104 million square meters of modern speculative office space. The discrepancy stems from the fact that companies may account for their own buildings, mixed-use projects, speculative stock, and the total modern stock in different ways.
Belgrade is not following the pattern seen in many Western markets, where office vacancy rates rose sharply after the pandemic. The reasons are different: a smaller volume of older institutional office stock, limited new supply, a concentration of demand in modern buildings, and the continued importance of the office for the IT sector, the financial sector, service companies, and international corporations.
The main risk is not an overall surplus of office space, but potential localized pressure on rental rates in certain new projects if several large properties enter the market simultaneously.
