Business news from Ukraine

Business news from Ukraine

EU Council imposes sanctions on Yanukovych and his son

The EU Council on Wednesday decided to impose restrictive measures against two additional persons – ex-President of Ukraine Viktor Yanukovych and his son Oleksandr – in response to the ongoing unjustified and unprovoked military aggression of the Russian Federation against Ukraine.
The Council added the pro-Russian former President of Ukraine Viktor Fedorovych Yanukovych and his son Oleksandr Viktorovych Yanukovych to the list of persons, entities and bodies subject to restrictive measures set out in the Annex to Decision 2014/145/CFSP for their role in undermining or threatening the territorial integrity, sovereignty and independence of Ukraine and the state’s stability and security, as well as – in the case of Oleksandr Viktorovych Yanukovych – for conducting transactions with the separatist groups in the Donbas region of Ukraine, the European Council said on its website.
The relevant legal acts are published in the Official Journal of the EU.

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Ukraine cuts production of ferroalloys and manganese concentrate

Ukrainian ferroalloy enterprises reduced output by 23.6% in January-June of the current year compared to the same period last year, to 317,080 tonnes.
As the Ukrainian Association of Producers of Ferroalloys and Other Electrometallurgical Products told Interfax-Ukraine, in January-June, production of silicon manganese decreased by 12.9%, to 279,940 tonnes, and ferromanganese by 63.9%, to 18,520 tonnes.
In addition, production of ferrosilicon (in terms of 45%) decreased by 57.4%, to 16,620 tonnes, and metallic manganese by 49.7%, to 1,520 tonnes.
Pokrov (previously Ordzhonikidze) and Marhanets Mining and Processing Plants (both located in Dnipropetrovsk region) which extract and concentrate manganese ore, over months of 2022, produced a total of 639,600 tonnes of manganese concentrate, which is 21.3% lower compared to six months of 2021. At the same time, Marhanets Mining produced 251,980 tonnes of concentrate (a decrease of 2.9%), and Pokrov Mining – 387,620 tonnes (29.9% less).
Pokrov Mining also produced 29,550 tonnes of iron ore sinter for six months (80.7% less compared to January-June 2021), supplying it to Dniprovsky Metallurgical Plant (DMZ), part of DCH Steel from DCH Group of businessman Oleksandr Yaroslavsky. In March-June, the plant did not produce iron ore sinter, as DMZ suspended production of metal products.

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Foreign trade turnover by the most important positions in Jan-May 2022 (export)

Foreign trade turnover by the most important positions in Jan-May 2022 (export)

SSC of Ukraine

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Metinvest continues to fulfill debt obligations

Metinvest B.V. (the Netherlands), the parent company of an international vertically integrated mining and metallurgical group of companies, continues to fulfill its debt obligations, including to bondholders, despite the war in Ukraine.
“At the moment, despite the war, Metinvest Group continues to fully service its debt portfolio, including issued bonds,” the company’s press service told Interfax-Ukraine in response to a corresponding request.
Earlier, the company’s information for bondholders, published on the EURONEXT exchange in Dublin on July 29 this year, provided details about the current situation in the company. In particular, they talked about the consequences for the group of the Russian military invasion of Ukraine, which adversely affected Metinvest’s business and its performance.
At the same time, it was noted that the group’s assets in Mariupol, including the production facilities of Azovstal and Illich steel mill suffered from the fighting, and the Russian armed forces temporarily occupied the city. Until the active phase of Russian military aggression ends and reliable communication channels with the metallurgical plants in Mariupol are restored, it is impossible to establish and assess the impact of military operations on them.
“However, given the ongoing occupation of Mariupol, the Board of Directors today designated Azovstal and Illich Iron and Steel Works as its unrestricted subsidiaries for each bond series,” the company’s notice states.
In addition, it is specified that after Azovstal and Illich steel mill were recognized as unrestricted subsidiaries, they are automatically and unconditionally released from their bond guarantees. At the same time, according to the terms of the bonds, the company is not obliged to contribute other subsidiaries as additional security for the bond guarantee, the notice emphasizes.

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Three more ships with grain will leave Ukraine on August 5

The departure of three dry cargo ships with grain and food from Ukrainian ports is scheduled for August 5, Minister of National Defense Hulusi Akar said, Turkish Anadolu agency reports.
According to the agency, Akar held separate talks with Ukrainian Defense Minister Oleksiy Reznikov and Infrastructure Minister Oleksandr Kubrakov. The issues of grain transportation were discussed at the talks.
In addition, the vessel is also expected to be checked and sent from Istanbul for loading in Ukraine, the Turkish Defense Minister said.
The Ukrainian authorities have not yet announced the departure of the courts on August 5.
On July 22, in Istanbul, with the participation of the UN, Ukraine, Russia and Turkey, two documents were signed on the creation of a corridor for the export of grain from three Ukrainian ports – Chornomorsk, Odessa, Pivdenny.
On August 1, the vessel Razoni with 27 thousand tons of corn left the port of Odessa under the flag of Sierra Leone and is heading for Lebanon.

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Ukrainian President Zelensky, speaking to African media, called Russia’s war against Ukraine “colonial”

President of Ukraine Volodymyr Zelensky called Russia’s war against Ukraine “colonial”.
“Russia is a colonialist who wants to destroy our state,” he said, speaking to representatives of the African media.
He urged journalists “to convey to every family on the African continent that we are peace-loving people. We are not different from you. We have the same values.”
Zelensky noted that Russia invests in the African continent less than 1% of all investments in Africa. “This is their faith in the future of the African continent. Russia does not invest in you. It invests politically. They say that they are the heirs of the USSR,” he said.
Zelensky stressed that Ukraine is ready to guarantee the food security of the African continent.

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