According to Serbian Economist, Montenegro is tightening the requirements for obtaining and extending temporary residence permits (TRPs) for foreigners on two popular grounds: property ownership and business management. The law on amendments to the Law on Foreigners has been published in Službeni list Crne Gore (No. 3/2026).
In the parliamentary amendments that became part of the final text, the minimum ‘cost’ of a property for a residence permit on the basis of real estate ownership is set at no less than €150,000. The decision of the tax authority (the basis for property tax) is indicated as confirmation, and the rule does not apply to citizens of the EU, EEA and Switzerland.
It is noteworthy that the government’s initial proposal set a higher threshold of €200,000 and was linked to the tax authority’s assessment; it was this level that had previously sparked debate in the business community and among real estate market participants.
The authorities have reformatted their approach to extending residence permits for entrepreneurs and executive directors. The relevant parliamentary committee noted that the government had made amendments removing the requirement for Montenegrin citizens to be employed as a condition for extension and replaced it with the need to provide proof of paid tax obligations in the minimum amount of €5,000 per year.
The ‘real estate – residence permit’ link remains in place, but there is now a clear price filter that may shift demand to properties priced at €150,000 and above, especially in coastal and central municipalities. At the same time, the risk of imbalance for the north of the country, where prices are lower, was previously highlighted in parliamentary discussions as a sensitive issue for the regions.
For small businesses, the new model looks more predictable: instead of formal hiring, a measurable criterion of ‘taxes not less than €5,000’ is introduced, which potentially lowers barriers for companies without the need to expand their staff, but strengthens fiscal discipline.
Reference: the government explained the package of amendments as necessary for further alignment with EU migration regulations.
In 2025, Ukrainians purchased 274,300 used passenger cars imported from abroad, which is 24% more than in 2024, according to Ukravtoprom’s Telegram channel.
‘Over 77% of all passenger cars that joined the domestic car fleet last year were used cars imported from abroad,’ the report states.
The average age of imported used cars was 8.4 years (nine years in 2024).
Petrol cars accounted for the largest share in this segment of the car market – 43%, compared to 47% in 2024. Next are electric cars – 31% (18%); diesel cars – 18% (25%); hybrids – 5% (5%) and cars with LPG systems – 3% (5%).
The Volkswagen Golf tops the list of the ten most popular models with 12,812 units, followed by two TESLA electric car models – Model Y (10,683 units) and Model 3 – 9,348 units.
The list of the most popular models also includes the Renault Megane – 8,379 units; Skoda Octavia – 7,754 units; Nissan Leaf – 7,559 units; VW Tiguan – 7,439 units; AUDI Q5 – 6,933 units; Nissan Rogue – 6,310 units; and KIA Niro – 5,799 units.
As reported, in 2024, more than 222,100 used passenger cars imported from abroad were added to the Ukrainian car fleet, which is 4% more than in 2023 and exceeded 75% of the passenger car market.
As in the previous year, the most popular model was the Volkswagen Golf, with 12,164 registrations. The top three also included the Renault Megane with 9,608 registrations and the Skoda Octavia with 8,083 registrations.
The TESLA Model 3 ranked 9th last year with 4,639 used imported cars registered, while the Model Y did not make it into the top ten.
As reported, the increase in demand for used cars from abroad (as well as new ones) is primarily due to the introduction of VAT on their import from 1 January 2026.
At the same time, market experts emphasise that a significant portion of these cars were purchased ‘in advance’.
The head of the inter-factional deputy association ‘Smart Politics’, former speaker of the Ukrainian parliament Dmytro Razumkov (independent) opposes the initiative to revoke the right to deferment from mobilisation for all men over 25 who enrol in higher, pre-higher and vocational educational institutions.
“They say that we have a total shortage of people on the front lines, so they decided to take away the deferral for those who are studying at the age of 25+. Ask yourself how people who are not really studying got in there. Answer the question: who took the money? The next question is: why don’t you expel them if they are poor students? Why are you taking away this deferral from everyone: those who are studying, those who are getting an education, those who will work for the good of our state after receiving their diplomas?” Razumkov said at a session of the Verkhovna Rada on Wednesday.
In his opinion, such a decision could lead to an outflow of these people abroad.
As reported earlier, the head of the Verkhovna Rada Committee on Education, Science and Innovation, Serhiy Babak, said that parliament could deprive men over 25 who enrol in higher, pre-higher and vocational education institutions of the right to defer mobilisation. Such a bill is currently being prepared.
At the end of 2025, Oleg Sharov, Director General of the Directorate of Higher Education and Adult Education of the Ministry of Education and Science, stated that one of the challenges of the 2025 admission campaign was the creation of unfriendly conditions for those who want to use admission to obtain a deferral from mobilisation.
The Ministry of Education also reported that the number of male applicants over the age of 25 at all levels of education in 2025 had more than halved compared to 2024. According to the materials published by the committee, in 2021, there were 1,196 male applicants over the age of 25 at all levels of education (vocational, specialised higher education, bachelor’s, master’s, postgraduate); in 2022, there were 17,614; in 2023 – 44,042 (of which 19,700 are bachelor’s degrees and 16,400 are postgraduate degrees); in 2024, there will be 112,749 people (of which 7,300 will be in vocational education, 55,600 in specialised higher education, 16,700 in bachelor’s programmes, 26,100 in master’s programmes, and 7,000 in postgraduate programmes); in 2025 – 53,517 people (of which 5,200 will have vocational education, 24,800 will have specialised higher education, 12,200 will have bachelor’s degrees, 9,100 will have master’s degrees, and 2,200 will have postgraduate degrees).
Renowned American investor and co-founder of the Quantum Fund, Jim Rogers, owner of Rogers Holdings with a fortune of approximately $300 million, has completely divested himself of Russian and American assets, directing his funds into shares of Uzbek companies.
As of the end of 2025, Rogers’ investment portfolio has been replenished with securities from most issuers listed on the Tashkent Republican Stock Exchange.
According to sources in the investment community, Rogers implemented a diversification strategy, focusing on the emerging markets of Central Asia. He acquired shares in about 85 companies, covering key sectors of the Uzbek economy, from energy and mineral extraction to agriculture and financial services. The investor refused to buy the republic’s sovereign debt and did not hedge currency risks, demonstrating confidence in the long-term potential of the Uzbek economy.
This move was the culmination of Rogers’ long-standing interest in the region: since 2021, he has been actively monitoring reforms in Uzbekistan, including market liberalization and preparations for initial public offerings (IPOs).
“Uzbekistan is a country with enormous growth potential, where reforms are creating favorable conditions for investors,” Jim Rogers said in a recent interview, drawing parallels with his successful investments in Asia in the 1990s.
Ferrexpo plc, a mining company with its main assets in Ukraine, produced 3 million 221,461 thousand tons of pellets in 2025, which is 47% less than in the previous year (6 million 70,541 thousand tons).
According to the company’s press release on Wednesday, total production of commercial products (pellets and iron ore concentrate) in 2025 decreased by 9% to 6 million 141,759 thousand tons. In particular, the output of commercial concentrate amounted to 2 million 920,298 thousand tons against 709,803 thousand tons, respectively. The company also produced 81,787 thousand tons of DR pellets (489,720 thousand tons in 2024) and 3 million 139,674 thousand tons of premium pellets (a decrease of 44%).
The press release notes that at the end of the year, the intensity and frequency of rocket and drone attacks on Ukraine’s energy, transport, and port infrastructure increased. Disruptions to energy supplies and logistics channels resulted in lower-than-planned production in the fourth quarter. Total production for the quarter amounted to 1.1 million tons, including 0.7 million tons of premium Fe67% iron ore concentrate and 0.4 million tons of premium iron ore pellets.
It is noted that during 2025, the group successfully adapted to changes in market demand, increasing production of premium iron ore concentrate to a record 2.9 million tons, which is 48% of total production compared to 10% in 2024.
The group continued to actively manage its working capital and costs in challenging operating conditions last year. This included reducing working hours for employees, continuing to reduce purchases of goods and services, and further suspending all non-essential capital expenditures, overhead costs, and corporate social responsibility (CSR) expenses. The suspension of VAT refunds continued during the quarter, and the total amount of unpaid VAT as of the end of November 2025 was $69 million. If VAT continues to be unreimbursed, the total amount is projected to increase to approximately $74 million as of the end of December 2025.
As of December 31, 2025, the group’s net cash position was approximately $47 million (compared to $50 million as of June 30, 2025), with lease liabilities subject to potential final adjustments at the end of the year and no debt.
Commenting on the group’s performance, interim CEO Lucio Genovese noted that the last quarter of 2025 was one of the most challenging for the business and employees since the full-scale invasion of Ukraine. Rocket and drone attacks on regional energy infrastructure led to interruptions in electricity supply to businesses.
“Our operational teams worked hard to restore production with limited available capacity. Despite all these challenges, total production for the quarter exceeded 1 million tons, and for the second year in a row, production exceeded 6 million tons. This is more than 50% of our pre-war capacity and acceptable production figures, considering all the challenges we have faced during the fourth year of the war,” Genovese said.
However, he added that since December, the group’s export capabilities have been limited due to attacks in the Black Sea, and until repairs are completed and safe access to the sea is restored, the company will again focus on rail exports. At the same time, although this logistics channel is open, the electrified state railway network has less capacity. Therefore, the switch to diesel locomotives means that locomotives need more time to deliver wagons to the western border, and due to slower travel and turnaround times, the group has leased additional wagons from third-party suppliers, which incurs additional costs.
“Thanks to the capacities that state-owned utilities can provide us with, we are currently operating one pellet production line with additional concentrate production and are able to produce and export our high-quality iron ore pellets to serve our European customers. When the power supply, rail and port connections are restored, it will be possible to increase the production and sale of concentrate in Asian markets,” predicts the acting chairman.
The company hopes for an end to the war, “but we must remain vigilant, we must continue to work on the safety of our people, while making efforts to recover withheld VAT and ensure the integrity of our assets.”
As reported, Ferrexpo produced 2 million 808.594 thousand tons of pellets in the first nine months of 2025, which is 38.5% less than in the same period of 2024 (4 million 567.168 thousand tons). Total production of commercial products (pellets and iron ore concentrate) for the first nine months of 2025 increased by 0.9% to 5 million 67,888 thousand tons. In particular, the output of commercial concentrate amounted to 2 million 259,294 thousand tons against 457,264 thousand tons, respectively. The company also produced 81,787 thousand tons of DR pellets (326,168 thousand tons in the first nine months of 2024) and 2 million 726,807 thousand tons of premium pellets (a decrease of 35.7%).
In the first half of 2025, Ferrexpo produced 2 million 169,631 thousand tons of pellets, which is 34.2% less than in January-June 2024 (3 million 297,441 thousand tons). Total production of commercial products in the first half of 2025 decreased by 9% compared to the first half of 2024, to 3 million 393,135 thousand tons. In particular, the output of commercial concentrate amounted to 1 million 223,504 thousand tons against 429,865 thousand tons, respectively. The company also produced 81,787 thousand tons of DR pellets (in the first half of 2024 – 162,645 thousand tons) and 2 million 87,844 thousand tons of premium pellets (a decrease of 33.4%).
In Q1 2025, Ferrexpo produced 1 million 347.749 thousand tons of pellets, which is 26% less than in January-March 2024 (1 million 813.973 thousand tons). At the same time, total production of commercial products (pellets and iron ore concentrate) in Q1 2025 increased by 3% compared to Q1 2024, reaching 2 million 125,467 thousand tons. In particular, the output of commercial concentrate amounted to 777,718 thousand tons against 240,516 thousand tons in Q1 2024. The company also produced 81,879 thousand tons of DR pellets (not produced in Q1 2024), 1 million 105,049 thousand tons of premium pellets (a decrease of 36%), and 160,913 thousand tons of other pellets (an increase of 95%).
In 2024, Ferrexpo increased its production of pellets by 58% compared to 2023, from 3 million 845,325 thousand tons to 6 million 70,541 thousand tons. In 2023, the company produced 3.845 million tons of pellets, which is 36.5% less than in 2022.
Ferrexpo owns 100% of Yeristovsky GOK LLC, 99.9% of Bilanovsky GOK LLC, and 100% of Poltavsky GOK PJSC.
The international JYSK chain will raise the salaries of its retail chain employees in Ukraine from February 1, 2026: the salary indexation will average 15% and will cover all store employees, according to Yevgen Ivanitsa, country director of JYSK Ukraine.
“This decision is part of JYSK’s systematic approach to supporting the team, maintaining competitive wages, and investing in the people who provide a high level of service to our customers every day. We value everyone’s contribution and continue to work to create a stable and responsible working environment,” he said on LinkedIn.
Currently, there are 112 JYSK stores in 38 cities in Ukraine, as well as the online store jysk.ua, and the retailer’s network employs over 900 people.
According to the YouControl analytical system, the revenue of JYSK Ukraine LLC in January-September 2025 grew by 24% compared to the same period in 2024, to UAH 5.3 billion, and net profit grew by 22%, to UAH 959 million.
JYSK is part of the family-owned Lars Larsen Group, which has over 3,500 stores in 50 countries. JYSK’s revenue in the 2024/2025 financial year was EUR 6.2 billion.
