Associations of mining and metallurgical, other industrial and extractive enterprises, manufacturers of building materials and cement have spoken out against increases in freight and electricity tariffs due to the risk of enterprises shutting down or a significant drop in production.
They made this statement at a press conference at the Interfax-Ukraine agency on Tuesday on the topic of “The tariff policy of state monopolies – JSC Ukrzaliznytsia and NEC Ukrenergo, their negative impact on industry and the economy of Ukraine.”
Alexander Kalenkov, president of the Ukrmetallurgprom association of enterprises, noted that the consumers of the services of so-called natural monopolies are mining and metallurgical companies, cement producers, building materials manufacturers, and the like.
“These are the main customers of companies such as Ukrzaliznytsia and Ukrenergo. Before the war, the mining and metallurgical complex, together with ferroalloy plants, consumed about 60% of all electricity supplied to industry and transported more than 40% of the traffic provided by Ukrzaliznytsia. Therefore, we are dependent on the activities of these companies, just as they are dependent on us,” Kalenkov stated, expressing hope that in the future these markets will become more competitive and monopolies will be broken up. But until then, the state must ensure that these monopolies do not abuse their position, he believes.
The head of Ukrmetallurgprom emphasized that Ukraine has the highest electricity tariffs in Europe. “In practice, this means that we are losing the competitive struggle to all entrepreneurs from the EU. I am not even talking about companies located in countries that still consume Russian energy resources—there, prices are several times lower than ours, both for gas and electricity. And that is why we are losing our traditional markets,” Kalenkov stressed.
As for railway tariffs, he said that they are currently cheaper in Poland and Slovenia than in Ukraine. “We already transport cargo by Ukrzaliznytsia at a cost that is 15-20% higher than in Europe, and there are plans to increase tariffs by another 37%. This is not only economically unreasonable and unjustified, it is a dead end,” Kalenkov said.
In his opinion, the tariff policy of Ukrzaliznytsia and Ukrenergo requires attention at the level of the Cabinet of Ministers and the Verkhovna Rada. Ideally, an independent body on transport tariffs, similar to the National Energy and Utilities Regulatory Commission, should be created. To subsidize passenger transportation, UAH 26 billion should be allocated in the budget for 2026 so as not to increase freight tariffs. Otherwise, due to the increase in tariffs, our enterprises will begin to reduce production or exit the market.
Executive Director of the Ukrainian Cement Manufacturers Association (Ukrcement) Lyudmila Kripka emphasized that two-thirds of the cement produced in Ukraine, as well as the raw materials for it, are delivered by rail. Therefore, the industry is very sensitive to unjustified increases in freight tariffs.
“We have already gone down this road, such actions have already had negative consequences in the past, and this time there will be no miracles either. This will lead to negative consequences. Manufacturers will be forced to pass on the increase in tariffs to their products, that is, to the end consumer. This will reduce consumption of products and, consequently, reduce their production and transportation,” Kripka stressed.
At the same time, she pointed out the need to develop state support instruments for energy-intensive export-oriented industries as a temporary anti-crisis measure. According to her, technical and economic criteria should be introduced specifically for enterprises in priority industries. At the same time, the funds saved from the reduction in tariffs for electricity transmission and dispatching could be directed towards investment in our own renewable energy sources.
“In this way, we would fulfill the decarbonization targets set for us by the European Union,” Kripka stated.
She cited data from the state-owned company Ukrpromvneshexpertiza, according to which a 30% increase in freight tariffs would lead to a reduction in GDP of almost UAH 100 billion, a loss of foreign exchange earnings of UAH 98 billion, annual budget losses of more than UAH 36 billion, and the elimination of at least 76,000 jobs.
Sergey Kudryavtsev, executive director of the Ukrainian Association of Ferroalloy Producers (UkrFA), noted that the majority of ferroalloy enterprises are located along the shore of the Kakhovka Reservoir, i.e., in an area close to the combat zone, where working conditions are extremely difficult. In particular, manganese plants have been idle for two years.
“We cannot transport raw materials to ferroalloy plants because the railway lines have been destroyed. And we cannot pay to transport the raw materials needed for ferroalloy production by detours. Ferroalloy plants are currently operating at 15-20% of their capacity. This situation will lead to the end of ferroalloy production in Ukraine. Imported alloys will be brought to us, and the workers will be left without jobs,” Kudryavtsev said.
According to him, this frontline zone is currently being held together thanks to the Nikopol Ferroalloy Plant (NFP), Nikopol pipe and metallurgical enterprises, but it could become “gray” if people leave.
“Today, we have problems with production, logistics, staff shortages, and electricity. This is a region that used to produce electricity, but today we get it from western Ukraine. The tariff is unaffordable for us. Therefore, we are in a situation where we may have to shut down, and it will not be possible to recover. Enterprises are currently operating at 15% capacity, maintaining a continuous process. Because if you stop a ferroalloy furnace, it will take six months to start it up again,” added the executive director of UkrFA.
Source: https://www.youtube.com/live/ATmga3Sdn3g
ELECTRICITY, FREIGHT TRANSPORTATION, KUDRYAVTSEV, TARIFF, КАЛЕНКОВ, КРИПКА
Fitch Ratings has upgraded Ukreximbank’s viability rating (VR) from ‘f’ to ‘CCC-’, citing improved capitalization, higher profitability, and sufficient liquidity. The bank’s long-term IDRs remain at ‘CCC’ (foreign currency) and ‘CCC+’ (local currency).
Fitch noted that the rating upgrade reflects the restoration of compliance with minimum capital requirements and expectations of stable adequate capitalization, supported by internal capital generation and a reduction in risks from unprovisioned impaired loans.
Ukreximbank’s operating profit to risk-weighted assets rose to 9.6% in the first half of 2025 (from 6.4% in 2024) thanks to cost control and partial reversal of impairment charges. Yields were a key factor in recapitalization, although they remain sensitive to future tax levels.
Sovereign exposure remains high at 59% of total assets, including Ukrainian government securities (24%), loans to state-owned enterprises (15%), NBU certificates of deposit (14%), and current accounts with the NBU (6%). Non-performing loans accounted for 30% of gross loans, and total provisions covered 58%, highlighting the dependence on collateral.
Deposits are Ukreximbank’s main source of funding (90%), while loans from international financial institutions account for 8% of total funding. Fitch expects the bank to continue servicing its external obligations as loan growth gradually outpaces deposit growth.
“The bank’s recapitalization through retained earnings has restored its viability. Continued prudence in risk management will be critical to sustaining this progress,” Fitch commented.
Ukreximbank (Export-Import Bank of Ukraine) was founded in 1992 as a wholly state-owned financial institution specializing in trade and export-import financing. As of September 2025, it ranked third in Ukraine in terms of total assets, with UAH 298 billion (7.6% of the sector’s total). The bank plays a strategic role in supporting Ukrainian exports and major state projects.
Poltava Regional Municipal Heating Utility Poltavateploenergo has announced a tender for voluntary motor insurance (comprehensive motor insurance) for 34 vehicles, according to the Prozorro electronic public procurement system.
The expected purchase price is UAH 1.7 million. The deadline for submitting tender documents is 11 November.
The annual Forbes-2025 billionaires list separately identifies 16 individuals whose fortunes are linked to the crypto market.
Based on the Forbes publication and industry reports, the top 10 crypto investors in 2025 include:
Changpeng Zhao (CZ, Binance);
Giancarlo Devasini (Tether/Bitfinex);
Brian Armstrong (Coinbase);
Jean-Louis van der Velde (Tether/Bitfinex);
Paolo Ardoino (Tether);
Stuart Hegnar (Tether);
Michael Saylor (MicroStrategy);
Jed McCaleb (Ripple/Stellar);
Chris Larsen (Ripple);
Justin Sun (TRON).
The list was compiled based on the crypto industry affiliation of Forbes-2025 participants; Forbes does not rank the exact positions within the top ten separately.
According to Forbes, in 2025, more than 3,000 billionaires were included in the global list, 16 of whom are from the crypto sphere; the appearance of a number of Tether executives and Justin Sun on the list is noted separately. In 2024, Forbes already noted a significant expansion of the group of “crypto billionaires,” in particular due to the top managers of Tether, Coinbase, and Ripple.
The top 10 above reflects the most prominent owners of capital directly created or accumulated in the crypto industry (exchanges, stablecoin issuers, public Bitcoin traders). Forbes’ final wealth estimates are updated throughout the year based on market prices.
Source: https://www.fixygen.ua/news/20251104/top-10-kriptomagnativ-svitu-reyting.html
International rating agency Fitch Ratings has affirmed the long-term foreign-currency issuer default rating (IDR) of Oschadbank (State Savings Bank of Ukraine) at ‘CCC’ and its local-currency IDR at ‘CCC+’, reflecting the lender’s stable performance under wartime conditions and continued sovereign support.
According to Fitch, Oschadbank’s risk profile remains closely tied to the Ukrainian sovereign, given the bank’s large holdings of government securities and placements at the National Bank of Ukraine (NBU). At end-1H25, sovereign exposure accounted for about 44% of assets in government bonds, 9% in NBU deposit certificates, and 5% in placements at the central bank. Loans to state-owned enterprises made up roughly 20% of the portfolio.
Fitch reported that Oschadbank’s impaired loans ratio fell slightly to 22.1% at end-1H25 (from 22.6% in 2024) amid loan growth, while loan-loss reserves covered 77% of impaired loans. The bank’s operating profit to risk-weighted assets improved to 11.4% in 1H25, supported by reversals of loan-loss allowances.
Customer deposits represented 97% of non-equity funding, including a strong retail base (59% of deposits). The loans-to-deposits ratio increased to 38.6% but remains modest.
Following the repayment of a eurobond in March 2025, Oschadbank’s remaining foreign-currency debt consists mainly of a bilateral loan from an international financial institution. Fitch expects the bank to continue servicing all external obligations.
“Operating conditions for Ukrainian banks remain challenging due to the war, but Oschadbank’s performance is supported by NBU policy measures and continued international assistance,” the agency said.
Oschadbank, founded in 1991, is one of Ukraine’s two state-owned systemic banks. With total assets of UAH 479.1 billion (12.3% of sector assets) as of September 2025, it ranks second among 60 Ukrainian banks by total assets. The state owns 100% of the bank through the Ministry of Finance.
Standard Rating has updated the financial stability rating of VUSO Insurance Company (Kyiv) to ‘uaAA’ on the national scale based on the company’s performance in January-September 2025.
According to information posted on the RA website, during this period, the company collected UAH 3.728 billion in gross premiums, which is 49.47% more than during the same period a year earlier.
Revenues from individuals increased by 53.48% to UAH 2.231 billion, while revenues from reinsurers decreased by 12.32% to UAH 32.456 million. Individuals accounted for 59.85% of gross premiums, while reinsurers accounted for 0.87%.
Accrued reinsurance premiums ceded to reinsurance for the nine months of 2025 increased by 47.73% to UAH 417.813 million compared to the same period in 2024, net premiums increased by 49.69% to UAH 3.310 billion, and net earned premiums increased by 43.18% to UAH 2.884 billion.
During the reporting period, VUSO Insurance Company paid out UAH 1.227 billion to its customers, which is 18.16% higher than the amount of insurance payments for the same period in 2024. The payout ratio decreased by 8.72 percentage points to 32.91%.
At the end of the first three quarters of 2025, operating profit increased by 45.81% to UAH 267.938 million, while net profit grew 2.14 times to UAH 201.047 million.
As of 1 October 2025, assets increased by 45.43% to UAH 2.788 billion, equity increased by 25.63% to UAH 949.535 million, liabilities increased by 58.32% to UAH 1.839 billion, cash and cash equivalents grew by 33.90% to UAH 1.016 billion.
The agency also notes that as of the reporting date, VUSO Insurance Company had formed a portfolio of current investments in government bonds in the amount of UAH 462.168 million, which increased the insurer’s level of liquidity, which together covered 80.39% of the company’s liabilities.
VUSO Insurance Company was founded in 2001. It is a member of the Motor Transport Insurance Bureau of Ukraine and the Ukrainian Financial Services Association, a participant in the Agreement on Direct Settlement of Losses, and a member of the Nuclear Insurance Pool.
