Structure of Ukraine’s GDP in 2021 (production method, graphically)
SSC of Ukraine
Gas Transmission System Operator of Ukraine (GTSOU) has accepted a request from Gazprom for Thursday to transport 41.9 million cubic meters of gas through the country compared to 41.4 mcm on Wednesday, data from GTSOU indicate.
“Gazprom is supplying Russian gas for transit through the territory of Ukraine at the volume confirmed by the Ukraine side via the Sudzha metering station at 41.9 million cubic meters on June 9, with no booking via the Sokhranivka metering station,” Gazprom spokesman Sergei Kupriyanov told reporters.
Capacity was requested only through one of two entry points into Ukraine’s Gas Transmission System, the Sudzha metering station. A request was not accepted through the Sokhranivka metering station.
GTSOU has declared a force majeure in regard to accepting gas for transit through Sokhranivka, citing the fact that it cannot control the Novopskov compressor station.
Gazprom believes there are no grounds for a force majeure or obstacles to continuing to operations as usual. Ukrainian specialists worked smoothly at the Sokhranivka and Novopskov stations all this time and continue to do so; transit through Sokhranivka was ensured in full, and there were and are no complaints from counterparties, the Russian gas giant has said.
The French perfume holding Philippe Benacin Holding has acquired the companies that own the Ukrainian chain of stores Brocard and the distributor of beauty products Hexagone, the Association of Retailers of Ukraine (RAU) has reported.
According to her, the holding completed the acquisition of Brocard-Ukraine LLC and Egzagon LLC on May 23, 2022.
According to the report, since 2010, Brocard-Ukraine has been owned by an offshore Cypriot holding company with Russian owners, and the ultimate beneficiary of the Brocard-Ukraine and Egzagon companies was the owner of the Russian network L’Etoile, Tatyana Volodina.
The new owner of the companies intends to continue further development of the Brocard Ukraine trading network, according to a letter from the network to partner companies, which the Association has.
By the beginning of 2022, the Brocard network consisted of about 100 stores in 26 cities of Ukraine. The company’s staff was 1.8 thousand people. According to the company, the total turnover of the network in 2020 amounted to UAH 4.126 billion.
The founder of Philippe Benacin Holding, Philippe Benacin is also a co-owner of Interparfums, a company engaged in the development, production and distribution of perfumes and cosmetics.
The World Bank has downgraded its inflation forecast for Ukraine to 20% by the end of 2022 from its April forecast of 15% inflation, Arup Banerji, World Bank Regional Country Director for Eastern Europe (Belarus, Moldova and Ukraine), has told Interfax-Ukraine.
“Inflationary pressures are rising. Consequently, at this stage, inflation is expected to continue rising and could reach 20% in December against 15% in our April forecasts,” Banerji said in an exclusive interview with Interfax-Ukraine.
Banerji said that the rise in inflationary pressure is particularly because of the need to cover budgetary requirements in March-May.
“International partners have acknowledged the financial challenges, thus they have committed around $20 billion in financial assistance to Ukraine. Despite these significant commitments, the timing of repayments will continue to be critical in order to meet Ukraine’s current needs,” the World Bank regional director said.
The World Bank has also maintained its forecast for a sharp contraction of 44% in Ukraine’s GDP in 2022.
“However, owing to the length of the war, when hostilities continue in several regions of Ukraine, we cannot be sure of our preliminary forecasts for a recovery in the medium term relatively,” Banerji said.
From the beginning of the war until the middle of May, receipts to the correspondent account of Megabank (Kharkiv) amounted to UAH 1.2 billion, Head of the Supervisory Board, Board Chairman of Megabank Oleksiy Yatsenko has said.
“As for the bank’s liquidity, there is a lot of speculation on this topic. As of February 24, the balance on the correspondent account amounted to UAH 820 million. This amount is 2.5 times higher than the required reserve ratio… Megabank was working with the liquidity reserve, which was for the period of more than two months at the beginning of the war. We were settling all transactions… By mid-May, more than UAH 2 billion in payments was settled with the UAH 820 million account. There was almost UAH 1.2 billion in receipts throughout the entire period,” he said at a press conference at Interfax-Ukraine on Wednesday.
According to him, by the middle of May, the correspondent account was almost zero and there were delays in making payments. However, by the middle of May, funds entered the accounts of customers and the bank made all payments until the decision on insolvency was made.
“On the date of the decision on insolvency … it was announced that the outstanding payments were in the amount of UAH 30 million. However, the correspondent account of the bank on that day had approximately the same amount. If Megabank had not the blocked correspondent account, by the end of the day these the funds would also have been transferred,” the banker added.
As reported, on June 2, the National Bank of Ukraine decided to declare Megabank insolvent.
According to the NBU, the main shareholders of the financial institution as of January 1, 2022 were Viktor Subbotin with 60.74% (direct and indirect participation), the European Bank for Reconstruction and Development (EBRD) with 11.3%, the German development bank KfW with 11.3% , Maksym Efimov with 9.8%, Olena Subbotina with 7.8% and the International Finance Corporation (IFC) with 4.5%.
According to the NBU, as of March 1, 2022, Megabank ranked 24th in terms of assets (UAH 11.193 billion) among 69 operating Ukrainian banks.
The agricultural holding KSG Agro in January-March 2022 increased its revenue from the sale of pigs by 3% compared to January-March 2021, to $2.58 million.
The growth in sales was caused by an increase in the number of pigs in the agrarian group over the specified period by 17.6%, to 54,500 animals from 46,400 animals, and the offspring of animals – by 28.1%, to 32,300 animals from 25,200 animals, according to a press release from the agricultural holding on Wednesday.
“It is very important for us, especially from the point of view of food security, to increase sales of products. As a result, despite the conditions of martial law, we are able to help the Armed Forces of Ukraine and the defense forces by providing them with pork and other products,” KSG Agro quotes its board chairman Serhiy Kasyanov.
The vertically integrated holding KSG Agro is engaged in pig breeding, as well as production, storage, processing and sale of grains and oilseeds. Its land bank is about 21,000 hectares.
According to the agricultural holding itself, it is among the top five pork producers in Ukraine.
