High Representative of the EU for Foreign Affairs and Security Policy Josep Borrell has announced an additional EUR500 million for Ukraine, he said this at a press conference following a meeting of EU foreign ministers in Brussels on Monday.
He said he was pleased to announce that they had reached a political agreement on an additional EUR500 million within the European peacebuilding opportunities. He added they would continue to support Ukraine economically, financially, with humanitarian aid, and support the Ukrainian Armed Forces.
According to Borrell, all member states remain extremely united in supporting Ukraine diplomatically in the international arena, will continue to isolate Russia, call for accountability for war crimes, for violations of international and humanitarian law.
He also said that the EU regards what is happening in Ukraine as large-scale war crimes committed by the Russian armed forces against the Ukrainian people. And this will not remain unpunished. Therefore, they welcome the commission established by the UN Human Rights Council. They welcome the investigation (into these crimes) by the prosecutor of the International Criminal Court, the high representative said.
In this regard, he stated that the ministers call on Russia to comply with the decision of the International Court of Justice, according to which it must stop the invasion of Ukraine. Borrell also assured that the EU is ready for further restrictive measures, in coordination with their partners, in order to continue to put pressure on Russia.
Real gross domestic product (GDP) of Ukraine in the fourth quarter of 2021 grew by 5.9% compared to the fourth quarter of 2020 after rising by 2.7% in the third quarter, the State Statistics Service published such a preliminary estimate. Fitch Ratings forecasts GDP growth of 2.9% in 2022, from 3.0% in 2021, a 1pp downward revision from the August review due to slowing growth in real wages and private consumption, a drag on domestic demand from heightened geopolitical risk, and the high gas price.
The level of the shadow economy in Ukraine in January-September 2021 amounted to 31% of GDP, which is 1 p.p. less compared to the corresponding period in 2020, the Ministry of Economy said.
In 2021 inflation in Ukraine rose to 10% from 5% in 2020 and 4.1% in 2019, while underlying inflation rose to 7.9% against 4.5% a year earlier.
Since 2014, the conflict with the Russian Federation has cost Ukraine 19.9% of its pre-conflict GDP annually, totaling $280 billion in lost GDP in 2014-2020.
The deficit of Ukraine’s foreign trade balance decreased by only 0.2% in 2021 compared to 2020, from $0.678 billion to $0.676 billion.
The surplus of Ukraine’s foreign trade in services decreased by 4.2% in 2021 compared to 2020, to $5.563 billion (in 2020, the surplus was at $5.809 billion), the State Statistics Service reported. The deficit of Ukraine’s foreign trade in goods decreased by 8.1% in 2021 compared to 2020, to $4.728 billion from $5.144 billion.
The growth of consumer prices in Ukraine in January 2022 accelerated to 1.3% from 0.6% in December and 0.8% in November 2021, the State Statistics Service reported.
As of February 25, state budget revenues amounted to UAH 97 billion, including a payment in the amount of UAH 18.8 billion from the National Bank of Ukraine, and there are all possibilities to make payments, Minister of Finance Serhiy Marchenko has said.
Ukraine sold industrial products (goods, services) for UAH 3.584 trillion in 2021, which is 44.5% more than in 2020 (UAH 2.481 trillion), including for UAH 1.019 trillion outside the country.
Since the beginning of 2021/22 (July-June) and as of February 21, Ukraine has exported 42.54 million tonnes of grain and leguminous crops, which is 37.3% higher than the figures for the same date of the previous year.
Real wages in Ukraine in December 2021 increased by 11.9% compared to December 2020, and compared to November 2021, the growth was 21.5%.
Publisher of “Open4Business”, PhD in Economics, Maksim Urakin.
The new technology of prefabricated one-story residential buildings makes it possible to provide people with high-quality houses as quickly as possible.
Ruukki sandwich panels are used as load-bearing and envelope structures of houses, which allows to reduce the cost of construction due to the absence of the need to build a frame. At the same time, cottages become highly energy efficient (heat transfer resistance R = 7.43 m2K / W) and durable (lifetime is more than 50 years).
Rauta has developed several practical layouts for sandwich panel cottages ranging from 26 m2 to 139 m2. At the same time, layouts with an area of 26 m2 and 49 m2 can be placed in blocks with common partitions. This solution allows to further reduce the cost of construction, as well as to build settlements for people in dire need of housing as quickly as possible.
“The key goal of this project was to create reliable, functional and energy-efficient houses with the shortest possible construction time,” said Andriy Ozeychuk, Rauta director. “The ergonomics of the layouts are deliberate so that even in a house with an area of only 26 m2, a family of 3-4 people can live comfortably.”
BUILD, CONSTRUCTION, DEVELOPED, HOUSE, RAUTA, SANDWICH PANEL, TECHNOLOGY
The United States may further expand sanctions against Russia, U.S. Deputy National Security Adviser for International Economics Daleep Singh said in an interview with CBS News.
“We can broaden our sanctions. So – take the measures, take the sanctions we’ve already applied, apply them in more targets. Apply them to more sectors. More banks, more sectors that we haven’t touched,” Singh said.
According to him, the sanctions may affect “the commanding heights of the Russian economy.” “It’s mostly about oil and gas, but there are other sectors too,” he said.
Speaking about the possibility of lifting sanctions against Russia, Singh stressed that “we’re nowhere near that point.”
He believes that “the first thing he has to do is to stop – a reckless and barbaric attack on the civilians of Ukraine. That’s not happening.”
Head of the President’s Office Andriy Yermak at an online meeting with representatives of the world’s leading investment companies spoke about the ongoing bombing of Ukrainian cities, the press service of the President’s Office reports.
“The whole world is talking about the terrible situation in Mariupol today. The situation in Kharkiv, in the settlements around Kyiv, is not much better. But Ukraine will never surrender, will never give up its independence. And the country’s army, which is not a member of NATO, has stopped and continues to fight against one of the largest armies in the world,” Yermak stressed.
He noted that negotiations with the Russian Federation to end the war are not easy, and it is very difficult to predict everything that the parties may eventually agree on. But for Ukraine there are definitely no compromises on its independence, sovereignty and territorial integrity.
Yermak expressed his conviction that Russia’s war against Ukraine had destroyed the structure of not only European, but also world security, and it was necessary to build a new one, where Ukraine would hold one of the key positions.
He also noted that after the end of the war, the Ukrainians will very quickly restore their country. For this, Ukraine plans to attract funds from international partners, as well as reparations that the Russian Federation must pay.
He urged businesses to invest in the purchase of war bonds of the Ukrainian government, and responsible companies that have already left or are leaving Russia to reorient themselves to Ukraine in the future. Also, according to Yermak, it would be right to consider the issue of creating special funds or individual programs for the restoration of Ukraine.
“The best response to the inhuman acts that we are now seeing on the territory of our country will be the appearance of the most modern houses and enterprises on the site of the destroyed buildings, where Ukrainians will be able to work. And we really hope that thanks to this, people who are now forced to leave Ukraine, will quickly return to their homeland,” Yermak concluded.
The European cryptocurrency exchange WhiteBIT has launched integration with the Diia public service, the company’s press service reported on Saturday.
WhiteBIT said that thanks to integration with the Diia application, now any user from Ukraine can pass KYC verification on the WhiteBIT exchange in less than one minute. Usually this procedure on all cryptocurrency exchanges requires filling out a questionnaire, scanning documents and time for verification. To pass KYC, it will be enough to select “Quick verification with the Diia app.” After that one needs to confirm the transfer of documents on the Diia app.
“In the conditions of war, cryptocurrency becomes a powerful tool for strengthening the defense capability of our country. It allows raising money for humanitarian aid, the needs of the Armed Forces of Ukraine and terrorist defense. People from all over the world want and are ready to support Ukraine through donations of their cryptoassets. We do not stand aside, but strive be the first to introduce innovations, simplify the path of users and make their interaction with WhiteBIT as comfortable as possible. After all, this, among other things, helps the Ukrainian economy, the army, people who are in trouble because of the war. We are glad that the state is becoming a convenient service and our cooperation with the Ministry of Digital Transformation confirms this. Instead of wasting time on a routine, now our clients can go through the verification procedure in just two clicks,” WhiteBIT CEO Vladimir Nosov is quoted as saying.
In addition, WhiteBIT said that the company has created a joint project with WhitePay, where everyone can choose from more than 90 cryptocurrencies and send funds to help the Ministry of Health or injured civilians, the Armed Forces of Ukraine and the territorial defense.
