Ukraine expands credit program for farmers facing export blockade
Ukrainian PM Serhii Koretskyi (Photo: Serhii Koretskyi / Facebook)
Cabinet of Ministers adopted a decision to introduce an emergency support for Ukrainian agricultural producers amid Russian terror in the Black Sea and export blockade by expanding the 5–7–9% affordable lending program, PM Serhii Koretskyi reported on Aug. 7.
"We are amending the 5–7–9% program so that farmers can access subsidized loans to replenish their working capital. The state will compensate for the interest rate difference. The total volume of lending opportunities under this program reaches up to 80 billion UAH [approx. $1.79 billion]," Koretskyi noted.
According to the prime minister, this measure will enable agricultural producers to procure all necessary supplies for seasonal field operations, maintain production levels, and ensure stable exports of Ukrainian agricultural products.
"In parallel, we are working with the European Commission to secure additional support for the further expansion of this program. Additional practical decisions to support agricultural producers will be adopted in the near future," Koretskyi announced.
Ports blockade impact on Ukrainian economy
The support package comes as Russian forces actively target civilian vessels and port infrastructure across Odesa and Mykolaiv oblasts, including ships blocked since the 2022 full-scale invasion. The UN warned of growing global food security risks following the attacks, while Ukrzaliznytsia temporarily restricted freight deliveries to Odesa port stations.
The blockage has produced severe economic fallout across industrial and agricultural sectors:
Industrial halts: Pivdennyi Mining and Processing Plant in Kryvyi Rih partially suspended extraction due to blocked maritime shipping, while Ferrexpo halted pellet exports by sea.
Price collapse: Wheat prices inside Ukraine plummeted threefold to 3k UAH (approx. $67) per ton for direct farmgate purchases.
Bankruptcy warning: The Ukrainian Agrarian Council urged the Prime Minister to enact urgent anti-crisis measures, warning that port disruptions, damaged berths, high fuel costs, and export limits threaten domestic farmers with mass bankruptcies.
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