economy

Russia plans major military spending increase to $142 billion in 2025

Russia plans to boost military spending to 6.2% of its gross domestic product in 2025, according to Bloomberg, which reviewed the country's draft three-year budget on Sept. 24.

24 September 2024, 11:56 AM

Russia opens its banks in occupied Ukrainian territories, not just in Mariupol

Russia has begun opening branches of its banks in the occupied territories of Ukraine.

16 September 2024, 03:59 PM

IMF forecasts Ukraine’s economy to grow 3% in 2024 with inflation rising to 9%

The Ukrainian economy is expected to grow by 3% in 2024, with inflation accelerating to 9%, according to the IMF's forecast, revised from earlier estimates of 2.5%-3.5% GDP growth and 8% inflation, the NBU reported on Sept. 11.

11 September 2024, 10:55 AM

Rising prices will continue: National Bank of Ukraine lists causes of inflation acceleration

Consumer inflation in Ukraine rose to 5.4% year-over-year in July 2024, up from 4.8% in June.

7 September 2024, 07:26 PM

PrivatBank to dismiss CEO early

The Supervisory Board of PrivatBank has decided to terminate CEO Gerhard Boesch’s contract early, effective Nov. 1, which will be his last working day at the bank.

2 September 2024, 04:00 PM

Ukraine pauses state debt payments to navigate financial challenges

Ukraine's Cabinet of Ministers has decided to temporarily suspend payments on the 2015 external sovereign bonds starting Sept. 1, 2024, as part of a debt restructuring agreement.

28 August 2024, 06:50 PM

Russia experiences highest spike in wage arrears in decade

Overdue wage arrears in Russia rose by more than 30% in July for the first time since January 2013, with the amount of unpaid wages reaching 427.4 million rubles (nearly $4.8 million), The Moscow Times reported on Aug. 21, citing Rosstat data.

22 August 2024, 01:06 PM

Ukraine raises external budget funding request to $35 billion for next year

Ukraine’s Ministry of Finance announced it needs $35 billion in external funding for next year’s budget, up from the $22.7 billion estimated by the IMF’s EFF program, according to Deputy Finance Minister Olha Zykova.

21 August 2024, 12:16 PM

Chinese banks reject yuan associated with Russia as 'dirty' currency

In the first seven months of 2024, trade turnover between China and Russia reached $136.67 billion, marking a 1.6% increase compared to the same period last year, Russian business outlet Kommersant reported on Aug. 7.

7 August 2024, 12:25 PM

U.S. Special Representative Penny Pritzker unveils Ukraine recovery plan

U.S. Special Representative for Ukraine’s Economic Recovery Penny Pritzker outlined a plan with five key conditions for ensuring the success of Ukraine’s recovery, Voice of America reported on Aug. 3.

4 August 2024, 01:09 PM

U.S. Special Representative for Ukraine’s Economic Recovery arrives in Kyiv

US Special Representative for Ukraine's Economic Recovery Penny Pritzker arrived in Kyiv, US Ambassador to Ukraine Bridget Brink wrote on X on July 29.

30 July 2024, 10:58 AM

Russian central bank raises rates to curb wartime inflation

Record military spending on the war against Ukraine is “overheating” the Russian economy, leading to labor shortages, macroeconomic imbalances, and rising inflation, Newsweek reported on July 27.

28 July 2024, 07:55 PM

North Korean economy grows, boosted by arms supplies to Russia

North Korea's economy grew for the first time in several years, bolstered by arms supplies to Russia, Bloomberg reported on July 26.

26 July 2024, 03:10 PM

IMF maintains 2024 GDP growth forecast, warns of inflation risks

The International Monetary Fund has reaffirmed its forecast of global GDP growth at 3.2% for 2024, highlighting increased risks of inflation that could prolong high interest rates, IMF Chief Economist Pierre-Olivier Gourinchas said during the presentation of the updated World Economic Outlook (WEO), Ukrinform reported on July 16.

17 July 2024, 12:55 PM

Ukrainian National Bank head condemns Russian counterpart as part of war criminal's regime

Head of the Central Bank of Russia, Elvira Nabiullina, is part of the regime fighting against Ukraine and an accomplice in the crimes committed by Putin, stated NBU Head Andriy Pyshnyi in an interview with the Central Banking press service, the National Bank of Ukraine reported on July 11.

12 July 2024, 10:35 AM

Ukraine's international reserves fall 2.9% to $38 billion

According to preliminary estimates by the National Bank of Ukraine (NBU), Ukraine's international reserves decreased by 2.9%, or $1.14 billion, to $37.9 billion, the NBU reported on July 5.

5 July 2024, 04:02 PM

Russia drops from top ten largest economies worldwide

Amidst a decline in the ruble’s value, Russia has fallen out of the top ten largest economies globally, slipping from 8th to 11th place, according to a World Bank report released on July 4, with Italy, Brazil, and Canada surpassing its growth rates last year.

4 July 2024, 02:24 PM

Russian coal industry profit drops by 93% amid sanctions and loss of clients – The Moscow Times

The profit of the Russian coal industry, one of the largest raw materials industries in the economy, fell by 93%, or 15 times, over the year, The Moscow Times reported on June 27 with reference to Rosstat data.

28 June 2024, 11:18 PM

Biden and Trump clash in first televised debate since 2020 election - main points

The first televised debate between US President Joe Biden and former President Donald Trump since the 2020 presidential election took place on June 28.

28 June 2024, 12:45 PM

Ukraine faces catastrophic defense funding shortfall, says finance committee chairman

Ukraine is facing a catastrophic situation in financing its armed forces, said Danylo Hetmantsev, Chairman of the parliamentary Finance Committee.

26 June 2024, 04:11 PM

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