NV Business highlights the main economic news, the most interesting statements, and indicative figures of the outgoing week.
Akhmetov closes media shop
On July 11, oligarch Rinat Akhmetov’s investment company SCM announced that Akhmetov had "made a forced decision" to withdraw the company from the media business. According to the businessman, the decision was made because of the "law on oligarchs." Later, SCM clarified that only the broadcasting licenses held by Akhmetov’s media group was being returned to the state, with all other assets remaining in Akhmetov’s hands.
The day after this announcement, the channels of Media Group Ukraine, which comprise the oligarch’s media holdings, began broadcasting the national telethon, while its online media stopped updating.
Zelenskyy is asking Western banks not to help Russia
Economic advisor to the President of Ukraine, Oleh Ustenko, wrote letters to the heads of the largest American and European banks. He urged them to break off cooperation with companies involved in the supply of Russian oil.
New suspicion in the PrivatBank case
The former head of Privatbank, Oleksandr Dubilet, was informed of new charges against him of the embezzlement of 85.2 million UAH. His first deputy and a department head are also under suspicion.
At the same time, the High Anti-Corruption Court of Ukraine upheld Dubilet’s arrest in absentia.
Roller coaster of dollar and euro
This week, the euro fell below parity against the dollar for the first time in 20 years. The euro fell as much as 0.4% to a low of $0.9998 at 12:45 GMT. This is the lowest level since December 2002. A day earlier, exchange rates briefly equalized for the first time since 2002.
Quotes of the week
“Thanks to its energy model, France is little dependent on Russian gas – this is less than 20% of our needs and we have already begun to diversify,” said French President Emmanuel Macron during an interview with local TV channels on the occasion of the national holiday celebrated on July 14th.
“At the moment, Ukraine is servicing its debt in an orderly way,” said IMF spokesman Gerry Rice.
“And we would expect that to continue.” The International Monetary Fund expects this situation to continue, but calls to support the country with grant funding.
“There is no military solution to the blockade yet, right now it’s the time for complex diplomacy,” said Andrei Stavnitser, co-owner of the largest private Ukrainian port, TIS.
“I want to believe that if the Russians come up with some new trick this week, the UN and Tur-key will influence the decision to block the export of their oil products. It’s not the gas, but the oil that is paying for the war against Ukraine right now (highlighted by us – NV Business).”
“Mr. Novinsky was a direct link in order to recognize Mr. Akhmetov as an oligarch,” said Justice Minister Denis Malyuska.
“Because they are business partners, and Mr. Novinsky, as a member of parliament, is a politi-cal figure. Therefore, him laying down the mandate removed the direct connection of Mr. Akhmetov with the parliament and removed the most obvious sign of the participation in politicallife for Mr. Akhmetov.” Malyuska notes that billionaire Rinat Akhmetov no longer formally falls under the legal definition of an oligarch.
Numbers of the Week
Ukraine has increased food exports to 2.5 million tons, but this is three times less than necessary.
US consumer prices rose 9.1% year-on-year in June. Inflation in the United States reached its highest level since November 1981.