Business news from Ukraine

Business news from Ukraine

UKRAINIAN PARLIAMENT LIMITS CIRCULATION OF MEDICINES PRODUCED IN RUSSIA AND BELARUS

The Verkhovna Rada (Ukrainian parliament) has adopted a bill on limiting the circulation of medicines produced in the Russian Federation and Belarus (registration No. 7313).
The adoption of bill No. 7313 at the final reading at a session on Tuesday was supported by 316 MPs with the required 226 votes, Yaroslav Zhelezniak, a member of the Holos parliamentary faction, said on his Telegram channel.
As reported, bill No. 7313, which restricts the circulation of medicines produced in the Russian Federation or the Republic of Belarus, and authored by a group of MPs of the Servant of the People faction, including Head of the committee on national health, medical care and medical insurance Mykhailo Radutsky, was registered in the Rada on April 25, 2022.
According to First Deputy Minister of Health Oleksandr Komarida, state registration of medicines (all or selectively determined by the Ministry of Health) of an applicant in Ukraine can be temporarily canceled (registration certificate terminated) if it is established that this applicant or his representative is directly or indirectly related to business entities who are directly or indirectly involved in the production of medicines on the territory of the aggressor state (the Russian Federation or the Republic of Belarus).
In addition, the registration of the drug may be canceled if, after February 23, 2022, the applicant participated in at least one of the stages of production of any medicinal product or active pharmaceutical ingredients by an enterprise located on the territory of the aggressor state.

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UKRAINE TEMPORARILY CANCELS CUSTOMS CONTROL OF NONFOOD PRODUCTS

The Cabinet of Ministers has abolished customs control of nonfood products during martial law, Taras Melnychuk, a representative of the government in the Verkhovna Rada, said on Telegram following a meeting of the Cabinet of Ministers on Tuesday.
“Temporarily, for the period until the suspension or lifting of martial law, the commission by the customs authorities of state control of nonfood products,” he wrote.

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PRESIDENT OF UKRAINE THANKS ALBANIA FOR SUPPORT

President of Ukraine Volodymyr Zelensky thanked Albania for its support and assistance to Ukrainian refugees.
“Thank you for the fact that the people of Albania did not hesitate whom to support in this struggle. You have definitely taken the side of freedom and truth,” he told the Albanian parliament on Tuesday, speaking via video link.
“Thank you for concrete steps, for defense assistance, for supporting sanctions against Russia, for taking care of our people and accepting our children, in particular in Durres,” Zelensky said.
According to the president, “such an attitude towards Ukrainians in difficult times reminds me of Holy Mother Teresa, an Albanian whose life has become a symbol of humanism.”
“She taught people that good can overcome evil and get closer to the holiness that people will remember from generation to generation,” Zelensky said.

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EMBASSY OF CYPRUS RESUMES ACTIVITY IN UKRAINIAN CAPITAL

The Embassy of Cyprus has said it is gradually resuming its activity in Kyiv.

“The Embassy of Cyprus is gradually resuming its activity in Kyiv, in line with Cyprus consistent support to Ukraine in matters of principle. The flag of Cyprus is flying again in Kyiv as of May 3,” the embassy said on its Facebook page on Tuesday.

As noted, Head of the mission Lina Themistokleous has never left the territory of Ukraine and stayed in the war-ravaged Ukraine since February 24, and is now happy to welcome and assemble her team back, where it belongs.

VODAFONE INCREASES NET PROFIT BY 3.2 TIMES IN 2021

The mobile network operator Vodafone Ukraine (PrJSC VF Ukraine) increased its net profit by 3.2 times in 2021 compared to 2020, to UAH 3.832 billion.

According to the consolidated annual report published on the company’s website, Vodafone Ukraine’s revenue grew by 11.04% last year and amounted to UAH 20.145 billion, while OIBDA (Operating Income Before Depreciation and Amortization) rose by 11% year on year, to UAH 10.95 billion.

“The rapid dynamics of the indicator is due to an increase in revenues from the provision of data services, as well as the strengthening of the hryvnia exchange rate in 2021, which led to exchange rate gain on the revaluation of eurobond debt,” the company said.

The number of Vodafone Ukraine customers in the country at the end of the year amounted to about 19 million – at the level of 2020.

The operator also maintained the volume of investments in network development at the level of 2020 – the company invested UAH 3.5 billion in 2021, increasing the national 4G coverage to 84% over the year, primarily in rural areas.

As of the beginning of the year, Vodafone Ukraine also provided 4G coverage for 98% of the length of four major international roads and 80% of all international roads.

Vodafone Ukraine is the second largest mobile network operator in Ukraine.

88% OF UKRAINIAN INSURERS CONTINUE TO FULFILL OBLIGATIONS IN FULL

At present, 88% of insurance market participants continue to fulfill their obligations under insurance contracts in full and in due term, Governor of the National Bank of Ukraine (NBU) Kyrylo Shevchenko has said.

“After the victory, we plan that they will join the restoration of the economy and social protection of the population. The main requirement of the NBU for insurers will remain their compliance with solvency and liquidity standards,” he wrote in a column for NV.Business publication.

According to Shevchenko, the credit cooperation market continues to operate, despite the decrease in the number of credit unions. The next stage in the development of this market segment will be associated with the launch of a system for guaranteeing deposit fees for members of credit unions and building a two-tier system of credit unions in Ukraine.

He also said that as a result of the deterioration of the property position of borrowers, the task of financial companies engaged in lending is the qualitative restructuring of overdue debts and the introduction of credit holidays on consumer loans.

“We continue focusing on market behavior, a transparent ownership structure and consumer protection in their regulation. At the same time, due to the war, we almost do not introduce prudential requirements,” the governor of the National Bank said.

The nonbank financial sector continues to operate. To support it, the NBU softened a number of regulations and postponed the introduction of new requirements for the activities of financial companies, Shevchenko said.