Business news from Ukraine

Business news from Ukraine

57% of Ukrainian refugees in Europe have jobs, but 60% working below their qualifications

The average employment rate of Ukrainian refugees aged 20-64 in European countries in mid-2025 was 57%, including self-employment and informal work, which is 22 percentage points (pp) lower than the comparable figure for citizens of the host country, according to a UNHCR survey on the integration of Ukrainian refugees into the labor market.

“The results vary significantly: countries bordering Ukraine tend to have the highest employment rates, while Western and Northern European countries show significantly lower rates, even when differences in refugee profiles are taken into account,” the document, which is based on data from 6,817 respondents, notes.

According to the publication, 3% of those aged 20-64 (or 5% of those in work) are self-employed or entrepreneurs.

It is noted that proficiency in the local language is one of the strongest predictors of employment, and a longer stay in the host country is also associated with improved access to the labor market.

According to the data, Estonia and Hungary lead in terms of employment, with 72% and 71% respectively, followed by the United Kingdom (69%), Poland (68%), Bulgaria (67%), the Czech Republic (66%), and the Netherlands (64%).

Spain (61%), Italy (58%), Lithuania (57%), France (53%), Romania (50%), Moldova, Ireland, and Belgium (46% each) are close to the average.

According to the survey, the employment rates of Ukrainian refugees are significantly lower in Sweden (43%), Finland (40%), Denmark and Germany (39% each), Norway (37%), and Switzerland (29%).

“However, the problem of underemployment remains widespread. Nearly 60% of working refugees report that they are working below their skill level, and they are almost twice as likely as citizens of the country to hold low-skilled jobs,” the UNHCR document states.

According to the document, more than a third of refugees with higher education work in low-skilled professions, compared to 7% of citizens of the host country. According to the researchers, this mismatch between skills is likely to be the main reason for the 40% median wage gap between refugees and host countries.

It is also noted that, unlike employment rates, underemployment does not improve significantly over time when language, sector continuity, education, and labor market barriers are taken into account, indicating the presence of structural barriers that require targeted intervention.

According to UNHCR, reducing gaps in employment and productivity will lead to significant macroeconomic benefits: if average national targets are achieved, this could increase annual GDP growth by up to 0.7 percentage points in some countries, especially those with large refugee populations and significant productivity gaps.

Among other findings of the study, adults aged 50-64 are about 10 percentage points less likely to be employed than those who are younger. Men are 7 percentage points more likely to be employed than women. Having a vocational diploma increases the probability of employment by about 5 percentage points compared to those with only a secondary education. However, higher degrees provide only limited additional benefits—about 10 percentage points overall—with little difference between bachelor’s and master’s degrees.

Living with young children under the age of 6 reduces the probability of employment by 11 percentage points, which is consistent with other studies that identify childcare constraints as a significant barrier.

At the same time, living alone increases the probability of employment by 8 percentage points.

Surprisingly, living with elderly people (65+) is associated with a 6 percentage point increase in the probability of employment, suggesting that most elderly people may not require intensive care from household members, but rather provide support with household chores.

In terms of language, respondents who report at least some knowledge of the local language are 13 percentage points more likely to be employed than those who do not know it at all or have only minimal knowledge. It is noteworthy that a higher level of language proficiency does not seem to provide additional advantages, which means that the types of jobs available to Ukrainian refugees (mostly low-skilled) may not require a high level of language proficiency.

Finally, the study notes that there is a clear link between the likelihood of finding employment and the time elapsed since arrival. Although there is no significant difference between arrivals in the last six months and those in the last year, the probability of employment increases by 10 percentage points relative to the baseline for those who arrived 1–2 years ago, by 14 percentage points for those who arrived 2–3 years ago, and by 20 percentage points for those who arrived more than three years ago.

According to updated UNHCR data, the number of Ukrainian refugees in Europe as of January 16, 2026, was estimated at 5.349 million (5.311 million as of December 11), and 5.898 million (5.860 million) worldwide.

In Ukraine itself, according to the latest UN data for the end of 2025, there were 3.7 million internally displaced persons (IDPs), compared to 3.340 million in July and 3.76 million in April.

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Kametstal plant certifies rebar for supply to Lithuania

The Kametstal plant, part of the Metinvest mining and metallurgical group (Kamensk, Dnipropetrovsk region), has certified B500SP and B500B grade rebar for supply to Lithuania.

According to the company, Metinvest’s steel products are conquering EU construction sites.

At the same time, it is noted that at the end of 2025, Kametstal’s rebar took a new step in European geography: from the “green light” on the Romanian market for B500C class profiles in October to the official certification of B500SP and B500B classes for Lithuania in December.

“The certification process for B500SP and B500B grade rebar with a nominal diameter of 8 to 32 mm, produced on the 400/200 rolling mill, has been successfully completed. As a result, certificates have been obtained that enable Kametstal to supply its products to customers in Lithuania,” the company said in a statement.

It is noted that the certification was preceded by intensive preparation and coordinated work by a team of specialists from Kametstal and the management company of the Metinvest Group. An offline audit, during which an experienced expert, Valdemaras Gauronskis, director of the Construction Products Certification Center (Statybos produkcijos sertifikavimo centras – SPSC), visited Kametstal, took place at the end of October. Based on the results of the production inspection, a positive decision was made regarding the compliance of the specified grades of reinforcing steel with the Lithuanian standard.

Kametstal is part of the Metinvest Group.

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Kernel agrees oil supplies to Europe with Spanish company Aceites Abril

Kernel, one of Ukraine’s largest agricultural holdings, has discussed new opportunities for development in the EU market and agreed on prospects for deepening its partnership with Spanish sunflower and olive oil supplier Aceites Abril, the agricultural holding’s press service reported on Facebook.

It is noted that the topic of the meeting in Orense (Spain) was the expansion of vegetable oil supplies to Europe and the adaptation of logistics. The parties discussed the range, potential volumes, and practical solutions to ensure the stability and predictability of exports.

“We talked about specific things: logistics, supply flexibility, and opportunities to expand the range for the EU. It is important for us to build predictable, long-term models of cooperation. We continue to develop partnerships in the EU, focusing on supply stability, effective commercial solutions, and long-term mutually beneficial cooperation,” said Andriy Paladiy, director of oil and protein trading at the agricultural holding, whose words are quoted in the report.

Founded in 1962, Spanish company Aceites Abril S.A. is one of Spain’s leading family-owned vegetable oil producers. It specializes in the production of Extra Virgin and Virgin olive oil, as well as sunflower, soybean, and grape seed oil. The company owns a factory in the industrial zone of San Sibao das Vinhas and its own logistics terminal in the port of Vigo, which exports products to more than 60 countries around the world. The company is consistently among the ten largest players in the industry in Spain.

Before the war, the Kernel agricultural holding company ranked first in the world in sunflower oil production (about 7% of global production) and exports (about 12%). It is one of the largest producers and sellers of bottled oil in Ukraine. It is also involved in the cultivation and sale of agricultural products.

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Wine consumption in Europe will decline – forecast

The European Commission expects wine consumption in Europe to decline by 0.9% annually over the next nine years, according to a report by the EC cited by the newspaper Le Figaro. According to the document, by 2035, wine consumption by European citizens over the age of 16 will decline from 21.2 liters per capita per year to 19.3 liters.

According to the International Organization of Vine and Wine, the main consumer of wine in Europe is France, followed by Italy, Germany, and Spain. According to a 2023 study by the Vin et Societe association, wine consumption in France has already declined significantly: while in the 1960s the figure was 127 liters per capita per year, the latest data shows that per capita consumption in France is now 40 liters per year.

The EC explains this trend by the fact that “consumers are concerned about their health, and also because national policy calls for moderate alcohol consumption.” In addition, the decline in consumption may be due to “changes in consumer habits and preferences.” Also, preference is often given to quality rather than quantity.

 

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Naftogaz Group increased electricity imports from Europe this week

Naftogaz Group increased electricity imports from Europe this week based on a government decision and with the aim of stabilizing the situation in the energy system, said Sergey Koretsky, chairman of the board of Naftogaz of Ukraine.

“The volume of imported electricity already covers more than 50% of the needs of all the Group’s enterprises, as provided for by the government’s resolution,” he said in a Facebook post on Saturday.

Koretsky explained that the corresponding amount of electricity has been allocated for the needs of domestic consumers.

“We are coordinating our actions with the government in order to stabilize the situation in the energy system as quickly as possible after the Russian shelling,” the chairman of the board of Naftogaz emphasized.

As reported, amid the deteriorating situation in Ukraine’s energy system due to massive Russian shelling of energy infrastructure, the government has instructed state-owned companies to increase electricity imports.

During the “Question Time to the Government” in the Verkhovna Rada on January 16, First Deputy Prime Minister of Energy Denys Shmyhal pointed out that, on behalf of the government, Naftogaz of Ukraine, Ukrzaliznytsia, and part of the industrial complex will import at least 50% of their electricity needs.

“This will make it possible to free up 1.5 MW for people’s needs. I hope this will happen in the coming days,” Shmyhal said at the time.

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Gas prices in Europe rose by 11% due to abnormal cold weather and low storage levels

The prolonged cold spell in Europe is pushing gas prices up. The spot price for “day ahead” delivery on the benchmark European TTF hub closed at $486 per 1,000 cubic meters on Wednesday, adding 11% in just one trading day. This is the highest level since June 2025.

On Thursday, trading opened at $491. At the moment, the price has adjusted to $477.

Air temperatures in Europe in January this year are falling to their lowest levels in the last decade and a half. Overall, January (which is already the coldest winter month) is expected to be three degrees colder than the climatic norm and four degrees colder than last year.

Clear weather is accompanied by low wind speeds, or even calm conditions. This increases the load on the power system, as it reduces the output of wind farms. The reliability of the power system is maintained primarily by underground gas storage facilities, which are the most flexible source and closest to the points of consumption.

The average level of gas reserves in underground storage facilities in Europe fell to 48.4% at the end of the gas day on January 20, according to data from Gas Infrastructure Europe. This is 15 percentage points lower than the average for the last five years. At the moment, European underground gas storage facilities are ahead of the usual rate of consumption by four weeks. Moreover, the GIE observation base knows of examples when such a level (or even much higher – 59%) of reserves was reached only by the end of the withdrawal season and the start of injection.

By the end of 2025, countries in the region had purchased 109 million tons of LNG (142 billion cubic meters in regasified volume), which is 28% more than in 2024. In January 2026, liquefied gas imports could reach 10 million tons, which is 24% higher than a year earlier. And this could be a new record for the European gas industry. Despite high demand, there remains a large unused capacity reserve – on January 20, terminals were operating at 51% of their capacity. There is also a noticeable trend of declining LNG stocks at terminals.

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