Business news from Ukraine

Business news from Ukraine

Bulgaria Elects a New Parliament — Analysis by Experts Club

On April 19, early parliamentary elections will take place in Bulgaria — already the eighth since 2021. The vote is taking place against the backdrop of prolonged political instability, declining trust in institutions, protests at the end of 2025, and a new surge of struggle around the issue of corruption. According to the assessment of OSCE/ODIHR, the elections are being held under conditions of ongoing fragmentation of the political field and high polarization.

The information and analytical center Experts Club notes that the current campaign is particularly important for the region, as Bulgaria remains a member of the EU and NATO, controls part of the western coast of the Black Sea, and after joining the eurozone from January 1, 2026, has become even more deeply integrated into the European architecture. At the same time, Sofia currently appears to be one of the most politically vulnerable countries in Southeastern Europe.

The main intrigue of the campaign is whether former president Rumen Radev will be able to transform his personal popularity into a stable parliamentary majority. According to AP, his new coalition Progressive Bulgaria approaches the elections as the favorite and in most polls receives over 30% of the vote, ahead of its closest competitor by almost 10 percentage points. In a fresh survey by Gallup International Balkan, published on April 18, among decided voters Progressive Bulgaria receives 30.7%, GERB-UDF — 20.4%, and the pro-European coalition Continue the Change — Democratic Bulgaria — 10.4%. They are followed by MRF – New Beginning with 10.2% and Vazrazhdane with 6.6%; BSP-United Left is at the threshold with 3.9%.

Thus, the main players in these elections look as follows. First, “Progressive Bulgaria” of Rumen Radev — a new center-left coalition that builds its campaign on the promise to break the “oligarchic model” and relaunch governance of the country. Second, GERB-UDF of Boyko Borisov — a traditionally strong center-right force that has long dominated Bulgarian politics. Third, Continue the Change — Democratic Bulgaria, a centrist and pro-European bloc that focuses on an anti-corruption agenda. MRF — New Beginning, associated with the Turkish minority, and the nationalist Vazrazhdane, which a number of European sources characterize as a Eurosceptic and pro-Russian force, are also highly likely to enter parliament.

Preliminary results as of 12:00, according to the Bulgarian outlet “Dnevnik,” confirm the lead of Radev’s party.

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The reason for the current vote was the collapse of the previous governing structure. According to OSCE/ODIHR, after the elections in October 2024, a minority government was formed headed by Rosen Zhelyazkov. Then a decision of the Constitutional Court in March 2025 changed the distribution of mandates, the coalition lost its margin of stability, and in December 2025 the cabinet resigned amid protests and corruption allegations. After unsuccessful attempts to form a new government, the presidential mandate cycle ended in failure, and the country went to new elections.

Even if Radev comes first, this does not automatically mean the emergence of a stable government. He has already ruled out an alliance with Borisov’s GERB and with DPS, and the most logical potential partner in terms of the domestic anti-corruption agenda could be the coalition “Continue the Change — Democratic Bulgaria.” However, this is where the main barrier arises: foreign policy. Radev condemns the war, but has opposed military aid to Ukraine and supported the resumption of dialogue with Moscow, while the pro-European bloc adheres to a much tougher line.

For the region, this makes the Bulgarian elections far more important than a typical domestic political campaign. In the event of a convincing victory for Radev, Sofia will of course not leave the EU and NATO, but may become more cautious and less predictable on issues of support for Ukraine, sanctions policy, and the overall line toward Russia. This is why Western media and analysts view Bulgaria as one of the potential pressure points on European unity following changes in the political landscape of neighboring countries.

A separate risk factor is the information environment. Euronews, citing the Center for the Study of Democracy, writes that Bulgaria remains one of the most vulnerable countries in the EU to malicious information manipulation, and the authorities have even engaged EU mechanisms to counter possible interference and disinformation ahead of the vote. Against this background, special attention is focused on the nationalist party Vazrazhdane, which has already figured in controversies around anti-Western and anti-eurozone narratives.

For the Balkans and the Black Sea region, three main scenarios are possible. The first is Radev’s victory followed by a complex but workable coalition agreement. In this case, Bulgaria may become a more autonomous and less ideologically pro-European actor, which will increase uncertainty for Ukraine and complicate coordination within the EU on security issues. The second is a victory without the ability to form a government. In that case, Bulgaria risks entering again a cycle of short-lived governing formulas and caretaker governments, which will weaken its role in regional projects and in Black Sea policy. The third is a weaker result for the favorite and an attempt by traditional pro-European forces to form an alternative coalition. Such a scenario would appear the most comfortable for Brussels, but for now is not considered the baseline scenario.

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Foreign Buyers Are Paying More for Real Estate in Albania, Study Finds

Foreign buyers are increasingly entering the Albanian real estate market, but in some cases they are purchasing properties at higher prices than local residents. This is particularly noticeable in popular tourist destinations, especially in Saranda, on the Albanian Riviera, and in central Tirana.
According to experts, in certain high-demand markets, foreigners may pay 5–10% more for comparable properties than local buyers. For an apartment costing around EUR 150,000, the overpayment can range from EUR 500 to EUR 15,000.
As noted, the price difference is not solely due to the buyer’s foreign status. The final price is influenced by the remote nature of negotiations, high demand for move-in-ready housing, and increased interest in properties with sea views, which are inherently more expensive. Another factor is the limited access foreigners have to off-market listings, whereas locals often receive information about sales through personal connections.
At the same time, many foreign buyers generally view their transaction experiences in Albania positively. Among the advantages, they cite the friendliness of local professionals and the relatively straightforward notarization process compared to several other Mediterranean countries.
For the Albanian market, this trend implies a further strengthening of the role of external demand, particularly in tourist areas. In the medium term, this may support price growth in coastal regions, but simultaneously widen the gap between purchasing conditions for locals and foreigners.

 

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Adaptive sports could become foundation of veteran rehabilitation in Ukraine

From Injury to Victory: Is Ukraine Ready for Systematic Veteran Rehabilitation Through Sports

On April 16, 2026, an open expert meeting was held at the National University of Physical Education and Sports of Ukraine

“From Injury to Victory: Is Ukraine Ready for a New Rehabilitation System?”, which served not only as a discussion platform but also as an attempt to form a shared vision of the future model of adaptive sports and rehabilitation in Ukraine.

The event brought together representatives of government institutions, relevant ministries, the scientific and educational community, the National Olympic University, civil society organizations, the sports community, rehabilitation centers, and the veterans themselves—those for whom this system is intended to work first and foremost.

Full-scale war has radically changed the social structure of Ukrainian society. Thousands of soldiers are returning to civilian life with injuries—both physical and psychological. In this context, rehabilitation ceases to be a narrowly defined medical issue and becomes a matter of national resilience.

Adaptive sports play a much broader role in this process than mere physical activity. It is a tool for physical recovery, psycho-emotional stabilization, social integration, and the formation of a new identity after trauma.

However, the main challenge, which was repeatedly raised during the meeting, is the lack of a systematic approach.

Opening the event, Viktor Korzh, director of the NUPSU Training and Rehabilitation Center, immediately identified the key problem: there are already many initiatives in Ukraine, but they remain fragmented.

“Physical education and sports rehabilitation, as well as adaptive sports, are an extremely important social component that should serve the recovery and social integration of our wounded veterans.

This requires an individualized approach, professional medical supervision, and consideration of each person’s health condition.

Only then will these tools truly be beneficial and not cause harm.

“Sports and physical rehabilitation are powerful tools that must be based on deep knowledge and responsibility, and only then will they truly be beneficial and not cause harm.”

His statement set the tone for the entire discussion: the focus is not on creating new separate projects, but on building a comprehensive ecosystem.

Special attention was paid to the role of education in shaping this system.

Olga Borisova, Acting Rector of the National University of Physical Education and Sports of Ukraine, emphasized the strategic importance of training specialists.

“Today, universities must go beyond traditional education and become centers for shaping a new rehabilitation system.

We are talking about training specialists who will work at the intersection of sports, medicine, and psychology.

It is precisely such professionals who will ensure the quality and safety of the veterans’ recovery process.”

This approach underscores that the challenge of adaptive sports is not merely organizational but also a staffing issue. Without systematic training of specialists, even the best programs cannot function effectively.

A key focus of the discussion was an analysis of the experiences of the United States and Israel—countries with long-standing experience working with veterans.

Artem Goncharenko, head of the “Architecture of Resilience” Institute for Rehabilitation, Reintegration, and Professional Development at KNUBA, emphasized that the key difference between these systems is their integration.

“In the U.S. and Israel, adaptive sports do not exist in isolation—they are integrated into state rehabilitation policy.

This is part of a continuous process: from the hospital to a full return to society.

It is important for Ukraine not simply to adopt this experience, but to properly integrate it into its own system.”

In fact, this involves a shift from “post-injury assistance” to a model of “supporting the individual at every stage of recovery.”

One of the most powerful moments of the meeting was the speech by veteran Vadym Honcharenko, who shared his own experience of participating in international competitions.

“Adaptive sports are not just about physical recovery.

It’s about regaining self-confidence, about the opportunity to feel in control of your life again.

It was through sports that I was able to find new motivation and return to an active life.”

His words effectively confirmed what the experts had been saying: the effectiveness of the system is measured not by the number of programs, but by the changes in the lives of specific people.

Also among the meeting participants were: the head of the Sports Committee of Ukraine, Illia Shevlyak; the head of the Department of Physical and Mental Health at the Ministry of Veterans Affairs of Ukraine, Vyacheslav Chernenko; and other guests who actively participated in the discussion.

One of the main conclusions of the meeting was the need for genuine cooperation between the state, educational institutions, the business sector, and civil society organizations. Without such collaboration, the adaptive sports system will remain fragmented and unable to ensure long-term impact.

The meeting at the National University of Physical Education and Sports of Ukraine demonstrated that an understanding of the problem has already been established in Ukraine and that all key players are in place to address it. However, the next step is to consolidate efforts to ensure veterans’ full return to a meaningful life.

Adaptive sports today is not just about physical activity. It is about a new social policy, about bringing people back to life, about the state’s ability to respond to the challenges of war.

And the main question that remained after the event:

Will Ukraine be able to unite all these efforts into a single system that works not on a case-by-case basis, but for every veteran?

The answer to this question depends not on words, but on the decisions that will be made in the near future.

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“Zavalivsky Graphite Plant” to Hold Shareholders’ Meeting on April 30

According to Fixygen, Zavalivsky Graphite Plant PJSC intends to hold a general meeting of shareholders on April 30, 2026. The company published a notice convening the meeting on March 30, and materials for shareholders regarding the annual meeting have been posted on the issuer’s corporate website.

The company is registered as Zavalivsky Graphite Plant PJSC and is located in the town of Zavaliv, Kirovohrad Oblast. According to public registries, the company was founded on October 26, 1994; its authorized capital is UAH 285,882 thousand, and its CEO is Ihor Semko. The company’s primary activity is the extraction of other minerals and quarrying.

According to SMIDA data on major shareholders for the fourth quarter of 2025, 78.9472% of the plant’s shares are owned by LLC “Graphitinvest.”

Zavalovsky Graphite Plant PJSC is a key enterprise in the Ukrainian graphite industry; in its annual report, the company explicitly stated that it has no competition in Ukraine and is a monopolist in this market. The plant specializes in the extraction and enrichment of graphite ore.

According to Opendatabot, in 2025, the company’s revenue was 8.614 million UAH, its net loss was 1.541 million UAH, and its assets were 71.195 million UAH. For comparison, in 2024, the plant’s revenue was 7.135 million UAH, and its net loss was 2.278 million UAH.

https://www.fixygen.ua/news/20260419/zavalovskiy-grafitoviy-kombinat-provede-zbori-aktsioneriv-30-kvitnya.html

 

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“Budtrans” to Hold Shareholders’ Meeting on April 30

According to Fixygen, Budtrans PJSC intends to hold a general meeting of shareholders on April 30, 2026. The company has posted the relevant notice of the meeting, as well as the accompanying documents for participation and voting, on its corporate website. Budtrans PJSC is registered in Kyiv, operates as a private joint-stock company, and, according to public registry data, was founded on November 13, 1998. The company’s authorized capital is 527,300 UAH. Alexander Grigorovich is listed as the company’s director.

The company’s primary activity listed in the state registry is the construction of residential and non-residential buildings. Additional areas of activity include freight trucking, real estate leasing and management, and the manufacture of metal doors and windows, as well as metal structures for construction.

According to Opendatabot, the largest shareholder with a significant stake is Alexander Grigorovich, who owns 75.4352% of the shares. In the registry information, the owners are also referred to as “shareholders according to the registry.”

According to data from public registries, in 2025, Budtrans PJSC’s revenue amounted to 7.17 million UAH, net profit to 141,500 UAH, and assets at year-end to 695,100 UAH. A year earlier, the company’s revenue was 4.94 million UAH, and net profit was 156,000 UAH.

https://www.fixygen.ua/news/20260418/budtrans-provede-zbori-aktsioneriv-30-kvitnya.html

 

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U.S. has extended sanctions exemption for Serbia’s NIS until mid-June

According to Serbian Economist, the U.S. has granted Serbia’s oil company NIS a new 60-day exemption from sanctions, allowing it to continue its operations at least until mid-June. Serbia’s Minister of Mining and Energy, Dubravka Jedović-Handanović, announced the license extension. This refers to an OFAC authorization that maintains NIS’s ability to import crude oil and reduces the risk of disruptions to the country’s oil refining infrastructure.

For Serbia, this decision has not only energy-related but also macroeconomic significance. NIS operates the country’s only oil refinery—in Pančevo—and therefore this latest license extension reduces risks for the domestic fuel market, logistics, and price stability.

Meanwhile, negotiations continue regarding the sale of Russia’s stake in NIS to Hungary’s MOL. According to Reuters, Washington has set a deadline of May 22 for the deal’s completion. Belgrade hopes that the change of government in Hungary will not derail the process, though a final agreement has not yet been formalized.

NIS’s ownership structure remains the key reason for sanctions pressure. According to the report, 45% of the company’s shares are owned by Gazprom Neft, another 11.3% are linked to Gazprom, while Serbia owns nearly 30%, with the remainder held by minority shareholders. It is precisely the withdrawal of Russian entities from NIS’s capital that the U.S. views as a condition for a sustainable resolution of the situation.

For the Serbian economy, the current delay means buying time, but not a final solution to the problem. Until the deal with MOL is closed, NIS and the country’s entire oil sector remain dependent on temporary licenses from Washington. This creates uncertainty for the energy market, the budget, and the investment climate, particularly regarding long-term planning for supplies and the modernization of refining.

https://t.me/relocationrs/2658

 

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