Business news from Ukraine

Business news from Ukraine

NATIONAL BANK OF UKRAINE’S OFFICIAL RATES AS OF 25/05/22

National bank of Ukraine’s official rates as of 25/05/22

Source: National Bank of Ukraine

OFFICIAL RATES OF BANKING METALS FROM NATIONAL BANK AS OF MAY 25

Official rates of banking metals from national bank as of may 25

One troy ounce=31.10 grams

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AVAKOV, YATSENYUK, TURCHYNOV DID NOT APPEAR FOR INTERROGATION, THEY ARE CALLED AGAIN – SBU

The Security Service of Ukraine has repeatedly summoned for questioning as witnesses in the “coal case” in which People’s Deputy Viktor Medvedchuk and the fifth President of Ukraine Petro Poroshenko appear, ex-Minister of Internal Affairs of Ukraine Arsen Avakov, former Secretary of the National Security and Defense Council Oleksandr Turchynov, head political council of the party “People’s Front” Arseniy Yatsenyuk.

“The SBU summons Arseniy Yatsenyuk, Oleksandr Turchynov, Arsen Avakov and Maxim Timchenko for interrogation in the so-called” coal case. They pass as witnesses and are called for the purpose of a comprehensive, complete and impartial study of the circumstances of the criminal proceedings,” SBU spokesman Artem Dekhtyarenko told Interfax-Ukraine.

He noted that these witnesses had been summoned for questioning on May 19, but did not appear. “They will be called again. This time on May 30,” the SBU spokesman specified.

As reported, the summons for interrogations were published on the website of the SBU. In them, in particular, it appears that Avakov, Turchynov and Yatsenyuk were summoned by subpoenas for May 19.

In addition, on the same day, DTEK CEO Maxim Timchenko was called in for questioning.

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FOREIGN MINISTER OF UKRAINE ASKS SAUDI ARABIA TO HELP ELIMINATE FUEL CRISIS IN UKRAINE

At a meeting with Foreign Minister of Saudi Arabia Prince Faisal Bin Farhan Al Saud, Minister of Foreign Affairs of Ukraine Dmytro Kuleba asked Saudi Arabia to help solve the fuel crisis in Ukraine, and also discussed ways to unblock food exports from Ukraine to Arab and African countries.

“Met with my Saudi counterpart Prince Faisal Binh Farhan Al Saud. Ukraine and Saudi Arabia are friends and partners. Focused on ways to unlock Ukraine’s food exports to Arab and African countries. Kingdom can play an important role. I also asked Saudi Arabia to help us resolve our fuel crisis,” Kuleba tweeted on Wednesday.

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UKRAINE RECEIVES $100 MLN LOAN FROM JAPAN ON CONCESSIONAL TERMS

On May 24, Ukraine received a JPY 13 billion or $100 million loan from the Japan International Cooperation Agency (JICA) on concessional terms with maturity period of 30 years at 1% per annum with a grace period of 10 years, the Ministry of Finance has reported.

“The agreement is the first part of the agreed financial assistance between Ukraine and Japan,” the Finance Ministry said in a release on Tuesday.

The ministry said that the funds will be directed to the state budget to finance priority expenses, to support the most unprotected population of Ukraine, in particular, to ensure priority social and humanitarian expenses, and health care.

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COUNCIL OF THE EUROPEAN UNION FULLY LIBERALIZES TRADE WITH UKRAINE FOR ONE YEAR

The Council of the European Union (EU) has adopted a regulation allowing for temporary trade liberalisation and other trade concessions with regard to certain Ukrainian products.

“We proposed it as a temporary measure, and it will make it easier for Ukraine to continue trading in the face of Russia’s aggression and will provide overall support to the Ukrainian economy,” Executive Deputy Chairman of the European Commission Valdis Dombrovskis said, commenting on the decision adopted by the EU Council on Tuesday.

The decision will suspend tariffs, which are still in place under the 2017 the Association Agreement between the EU and Ukraine establishing a deep and comprehensive free trade area (DCFTA), which liberalized much of the trade.

The suspension covers notably: industrial products subject to duty phase out by the end of 2022, fruits and vegetables subject to the entry-price system, and agricultural products and processed agricultural products subject to tariff-rate quotas, the collection of anti-dumping duties on imports originating in Ukraine, and the application of the common rules for imports with respect of imports originating in Ukraine.

The European Commission’sproposal has already been approved by the European Parliament, the law will enter into force after publication in the Official Journal of the EU.

Dombrovskis also said that the ministers of economy and finance of the EU countries discussed the European Commission’s proposal for short-term relief and long-term reconstruction, and more specifically, our proposal for an exceptional macro-financial assistance programme of EUR 9 billion. He said that “there was broad – in fact unanimous – support for a continued need to provide necessary support to Ukraine to face this aggression.”