Business news from Ukraine

Business news from Ukraine

Ribas began construction of new hotel in Transcarpathia

Hotel operator Ribas Hotels Group (Odessa) started construction of WOL.GREEN Polyana complex in Zakarpattya, Ribas Hotels Group founder Artur Lupashko said,
“We are implementing our new project WOL.GREEN Polyana together with the Arena Bud development company in Zakarpattya. Construction has already begun,” he said on Facebook.
WOL.GREEN Polyana – is a complex of 78 apartments with own SPA and swimming pool, co-working place, fitness-centre, equipped sportive zones in the open air.
Lupashko reminded that the format WOL home+hotel, realized by the operator, suppose the possibility of short-term and long-term rent. In this case investors are offered to become a co-owner of the complex, to buy an apartment, which will be managed by the company Ribas Hotels Group.
“We are constantly moving and developing our hotel industry and country in all conditions and we see that the Ukrainian investor is ready to invest in the future of our country”, – added Lupashko.
Ribas Hotels Group cooperates (management, franchising and booking) with 26 hotel and restaurant properties (city, beach and ski hotels). The company’s portfolio includes business hotels Wall Street by Ribas and Bossfor by Ribas, hotel Wol.121 by Ribas (Odessa), ski hotel Ribas Karpaty (Bukovel, Ivano-Frankivsk region), beach complex Richard by Ribas (Gribovka, Odessa region). Hotels in Lviv, Kyiv, Odessa and other cities, as well as in Poland are now at the design and construction phase.
The total room stock of the network is more than 1 thousand rooms in different forms of cooperation in eight cities and resort locations in Ukraine.

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“Zaporozhelektrotrans” will insure vehicles in IC “VUSO”

Zaporizhzhya municipal enterprise “Zaproelectrotrans” on December 16 announced its intention to conclude a contract with IC “VUSO” on compulsory civil liability insurance of owners of ground vehicles, according to the electronic public procurement system Prozorro.
The expected value of the purchase of services was 398,974 thousand UAH, the price offer of the company was 319,7 thousand UAH.
As it was reported, several years in a row the winner of similar tenders was IC “Motor-Garant”.
IC “VUSO” was founded in 2001. The company owns 50 licenses: 34 – on voluntary and 16 – on obligatory kinds of insurance, it is presented in all regions of Ukraine. It’s a member of MTSBU and UFSI, a member of the Agreement on direct settlement of losses and a member of the Nuclear Insurance Pool.

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Electricity deficit in Kiev exceeds 50%

Kyiv is supplied with electricity by less than half, while a significant deficit remains in the energy system as a whole due to Russian terrorist shelling, NEC Ukrenergo said.
“As of this morning, there remains a significant capacity deficit in the energy system. Less than half of the consumption needs in the capital are being met, the priority is to supply power to critical infrastructure,” Ukrenergo said in its Telegram feed on Tuesday.
At the same time, the company expects that on Tuesday it will be possible to turn on certain equipment that will somewhat improve the level of supply reliability, reduce the power deficit in the capital’s power grid and power more consumers.
They drew attention to the fact that UAV bombardment of main grid facilities in the central region, which occurred on the night of December 19, as well as shelling in eastern Ukraine led to further damage to energy infrastructure and worsened the situation with power supply, in particular, in the central region and Kiev.
“Repair crews of Ukrenergo, generation and distribution system operators are making every effort to improve power supply,” the NEC noted.
As reported, the general director of the power supply company YASNO Sergey Kovalenko said Monday evening that the needs of the population in the capital can be met only by 20%, as a result, according to him, 10 hours without light in the capital – the reality at the moment.

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International Monetary Fund approves 4-month Program for Ukraine

The Executive Board of the International Monetary Fund (IMF), following the discussion of Program Monitoring with Board involvement (PMB) for Ukraine, previously approved at the IMF management, declares that this four-month program is designed to help Ukraine maintain stability and catalyze donor financing amid very large balance of payment needs and exceptionally high risks.
“The PMB is tailored to Ukraine’s exceptional circumstances, to help the authorities implement prudent macroeconomic policies during this particularly difficult period and catalyze donor financing. Large and predictable external financial support will be critical for the success of the authorities’ strategy, and frontloaded disbursements would help address strains in early 2023,” IMF First Deputy Managing Director and Acting Chair Ms. Gita Gopinath said.
“Key measures under the PMB include enhancing revenue mobilization and reviving the domestic debt market, preparing a financial sector strategy, and enhancing transparency and governance,” the fund said.
“Notwithstanding all these strains, the authorities have largely managed to maintain macroeconomic and financial stability, and they are committed to continue adapting policies to fast changing circumstances, including in the case of a severe downside scenario. Balance of payment needs remain very large and risks are exceedingly high,” Gita Gopinath stated.
“The PMB focuses on a targeted set of policy actions to support macroeconomic and financial stability. This will require enhancing revenue mobilization, containing monetary financing and therefore reviving domestic debt markets. At the same time, the PMB seeks to promote transparency and preserve hard-won gains from past Fund-supported programs, including in the areas of independence of the National Bank of Ukraine and, more broadly, governance and anti-corruption. Strong implementation of the PMB should help pave the way toward a possible full-fledged IMF-supported program,” she said.

Netherlands and Canada transfer money to IMF account for Ukraine

Canada has transferred 500 million Canadian dollars to the administered account of the International Monetary Fund for Ukraine, and the Netherlands – EUR200 million, IMF Managing Director Kristalina Georgieva said.
“Thank you, Canada, for a new contribution of CAD 500 million to the Administered Account for Ukraine. This is Canada’s third contribution to the account, which supports efforts to help stabilize the Ukrainian economy,” she said on Twitter.
“I am delighted to see another member of the international community joining the efforts to help stabilize the Ukrainian economy using the Administered Account for Ukraine. Thank you, the Netherlands, for your EUR 200 million contribution,” she said.
As reported, Canada is transferring to Ukraine as a loan through the IMF in the amount of CAD500 million received from the issuance of special five-year sovereign bonds in support of Ukraine.
In early July this year, the Netherlands announced its decision to allocate another EUR200 million to Ukraine through the IMF account.

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Canada wants to confiscate $26 million from Roman Abramovich and transfer money to Ukraine

Foreign Minister Melanie Joly has announced that Canada will seize $26 million of Granite Capital Holdings Ltd. owned by Russian oligarch Roman Abramovich, who is under sanctions, and will seek confiscation, the Canadian Foreign Ministry press office said.
This is the first time Canada has used a law that allows the government to confiscate assets belonging to sanctioned individuals, according to the ministry’s website. It is noted that Minister Joly can now apply to the court for confiscation of assets in favor of Canada.
“If confiscated, the proceeds could be used to rebuild Ukraine and compensate the victims of the Putin regime’s illegal and unjustified invasion,” the report said.
Canada was the first G7 country to apply such measures, demonstrating its strong commitment to Ukraine and its reconstruction and calling for accountability for those who profited from and supported President Putin’s regime.
“Putin’s oligarchs are complicit in Russia’s illegal and barbaric invasion of Ukraine. Canada will not be a safe haven for their ill-gotten gains, and today’s statement demonstrates our determination to make the Russian elite pay the price for their support of Putin’s brutal regime. Using Russian assets to rebuild Ukraine is just and appropriate,” said Canadian Deputy Prime Minister and Finance Minister Chrystia Freeland.
Following Russia’s illegal occupation and attempted annexation of Crimea in 2014, Canada imposed sanctions on more than 2,100 individuals and entities. Since February 24, 2022, Canada has imposed sanctions on more than 1,500 additional individuals and entities from Russia, Ukraine and Belarus.
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