Business news from Ukraine

UKRAINE REMAINS IN SPOTLIGHT OF G7 – HEAD OF EUROPEAN COMMISSION AND BRITISH PM

British Prime Minister Boris Johnson calls on the G7 countries, whose leaders start a three-day summit near Munich on Sunday, to continue supporting Ukraine in the fight against Russian armed aggression.
“Now is not the time to give up on Ukraine, they need the support and determination of the G7 more than ever,” he tweeted.
“The UK will continue to stand by Ukraine at every turn because we know their security is our security and their freedom is our freedom,” Johnson said.
The negative global impact of Russia’s war will be at the center of discussions at the G7 summit in Germany, European Commission President Ursula von der Leyen said on Sunday.
“We will stand with Ukraine for as long as it takes,” she tweeted.
Other highlights of the summit, she said, include security of energy supplies and global food security, investment in resilient infrastructure and global pandemic preparedness.
“We will also discuss how we can best deal with price increases without compromising our climate goals,” the Commission President added.

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EU LEADERS URGED EUROPEAN COMMISSION TO QUICKLY GIVE PROPOSALS FOR SUPPORT IN RESTORATION OF UKRAINE

The leaders of the European Union called on the European Commission to promptly present its proposals for EU support for Ukraine in the reconstruction of the country after the war waged against it by Russia.

The conclusions, adopted at the European Council meeting on Thursday in Brussels, noted that the European Commission “soon will submit a proposal to provide Ukraine with a new exceptional macro-financial assistance of up to 9 billion euros in 2022.”

“The European Council calls on the Commission to promptly present its proposals for EU support for the reconstruction of Ukraine, in consultation with international partners, organizations and experts,” the document reads.

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ACCORDING TO EUROPEAN COMMISSION, UKRAINE NEEDS MORE REFORMS TO IMPROVE COMPLIANCE WITH FATF STANDARDS

Ukraine’s anti-money laundering legislation partially complies with the standards of the Financial Action Task Force (FATF) and international legislation, but the recommendations of the Council of Europe’s Committee of Experts on the Evaluation of Money Laundering Measures (Moneyval) still remain unfulfilled , says the European Commission.
“Further reforms are needed to improve Ukraine’s compliance with FATF standards, in particular those relating to virtual assets, ultimate beneficial ownership and supervision of non-banking enterprises and transactions,” the European Commission’s Opinion on Ukraine’s application for membership in the European Union states.
It states that for these reasons, Ukraine is still reporting to Moneyval in accordance with the enhanced control procedure.
The European Commission also pointed to the need for more progress in investigating and prosecuting major money laundering schemes.
“Establishing a comprehensive framework for combating financial crime and money laundering and ensuring its effective implementation is critical to addressing the significant risks they pose,” the Opinion notes.
With regard to the established National Agency of Ukraine for the identification, search and management of assets obtained from corruption and other crimes (ARMA), it is indicated that since the end of 2019 it has not had a permanent head.
“Legislation regarding the management of seized assets should be improved and an appropriate national strategy for the return of assets should be adopted,” the European Commission believes.

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EUROPEAN COMMISSION RECOMMENDS THAT EUROPEAN COUNCIL GRANT UKRAINE STATUS OF CANDIDATE MEMBER OF EU

The European Commission recommends that the European Council grant Ukraine the status of a candidate member of the European Union with the subsequent implementation of the necessary steps.

The corresponding announcement on Friday in Brussels was made by the President of the European Commission Ursula von der Leyen.

EUROPEAN COMMISSION WILL RECOMMEND TO EUROPEAN COUNCIL TO GRANT UKRAINE AND MOLDOVA STATUS OF CANDIDATE FOR EU MEMBERSHIP – SOURCE

The European Commission will recommend to the European Council that Ukraine and Moldova be granted EU candidate status with further “homework” to be done.
Interfax-Ukraine was informed about this on Thursday in Brussels by a source close to the negotiation process and acquainted with the draft document. “To recommend granting candidate status to Ukraine on the understanding that the next steps will be taken (grant candidate status under the understanding that follows steps are taking),” the agency’s interlocutor quoted the draft document as saying.
Next, he said, is a list of “homework” that Ukraine will have to complete before official negotiations begin. Among them – ensuring the rule of law, the fight against corruption, oligarchs, money laundering. According to the source, this work should be done by Ukraine in any case, since for full membership in the EU it must meet the criteria of Article 49 of the Treaty. “Such a wording will allow countries that are still hesitating to be “taken on board,” the source explained the position of the European Commission. In addition, he also believes that Kyiv will need a significant amount of time to meet the necessary criteria.
With regard to Moldova, the list of “homework” is even longer than for Ukraine. With regard to Georgia, the EC recommends that candidate status be granted only after doing “homework”.
These recommendations have yet to be approved by the EU leaders at the summit, which will be held June 23-24 in Brussels.
The official announcement of the conclusions is scheduled for this Friday, June 17th.

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EUROPEAN COMMISSION WILL INSIST ON GRANTING UKRAINE STATUS OF CANDIDATE FOR EU MEMBERSHIP – MEDIA

The European Commission will insist on granting Ukraine the status of a candidate member of the EU, the final decision rests with the European Council, Politico reported.
“The European Commission will recommend granting Ukraine formal EU candidate status, according to several officials familiar with discussions that took place during a debate among commission members on Monday,” the statement said on Tuesday night.
The debate in the College of Commissioners followed a visit on Saturday by Commission President Ursula von der Leyen to Kyiv, where she discussed Ukraine’s membership bid with President Volodymyr Zelensky.
Zelenskiy and other Ukrainian officials have pushed for formal recognition as an EU candidate country, saying the appointment would provide an invaluable morale boost during the war. “They repeatedly noted that after the 2013-2014 Maidan revolution, the citizens of Ukraine repeatedly risked their lives – and indeed, thousands have now died – fighting for a free, democratic future in the EU,” the publication stressed.
“The Commission does not forget that Ukraine is the only country in Europe where people died, where people were shot because they were on the streets with EU flags. Now we cannot tell them: “Sorry guys, you were waving the wrong flag” , – quotes his source Politico.
It is noted that supporters of Ukraine’s bid said that any delay in granting candidate status would be deeply demoralizing for Ukraine, as invading Russian troops temporarily occupy large swaths of the south and east of the country and seek to capture the entire eastern region of Donbass.
During discussions about the status of the candidates for Ukraine, Moldova and Georgia, many EU officials and diplomats noted the sensitivity, given the slow pace of accession of the Western Balkans, which was declared a candidate country more than 10 years ago.
“Monday’s debate among commissioners raised broader questions about what an enlarged EU might look like in the future, including whether there would still be one commissioner per member state. The discussion also touched on the possibility that the upcoming summit, some EU leaders may try to impose conditions on Ukraine’s candidacy or return to the idea of granting some new status that does not correspond to the official candidacy.
According to the information from the representative of the Elysee Palace, the status of the candidate, if it is granted, will be only the beginning of a much longer process.
“Once Ukraine potentially gets candidate status, we also have to see when negotiations start. And you know that the EU membership methodology provides for chapter-by-chapter negotiations and reversible negotiations depending on how the country develops. So there are requirements that are in line with EU standards. , and in any case they will be very demanding of Ukraine,” the spokesman said.
In Kyiv, Igor Zhovkva, deputy head of Ukrainian President Zelensky’s office, said there was no alternative to nominating a candidate. “We will not accept any alternatives, nor compromises, as some leaders tell us, nor deviations from this candidate status,” Zhovkva was quoted as saying by the publication.

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