Contents tagged with Economy of Ukraine
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Bombardier and Siemens May Invest in Ukrainian Venture
Canadian multinational aerospace and transportation company Bombardier is interested in a possible joint venture with the Electron Corporation and the Lviv Locomotive Repair Plant. Bombardier and engineering giant, Siemens are ready to invest in production of railway products within the territory of Ukraine.
In a press conference, the Minister of Infrastructure of Ukraine, Andriy Pivovarsky, elaborated on the shared interests. "We have confirmation from Bombardier and Siemens about their …
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IMF recognizes status of Ukraine’s debt
Ukraine’s debt to Russia is set to mature on December 20th. Recently, however, the International Monetary Fund (IMF) lifted the ban on lending to countries with existing overdue sovereign debt, so Ukraine’s unpaid "debt of Yanukovych" will not prevent the IMF from further cooperation with Kiev.
The Executive Committee of the IMF officially recognized the $3 billion Eurobond that Ukraine owes to Russia as sovereign debt, not commercial. Consequently, Ukraine will have to demonstrate that it is …
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No delay in the introduction of EU-Ukraine free trade zone
Despite the opposition of Moscow, an agreement on a free trade zone between the EU and Ukraine will begin effective January 1st. The President of the European Commission, Jean-Claude Juncker, ended the delays that were hindering the Free Trade Area (FTA) agreement between the European Union and Ukraine. The EU President stated this during a press conference in Brussels on Wednesday, December 16th.
“A comprehensive Free Trade Area between Ukraine and the EU will become enforced as of January 1 …
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Russia to suspend free-trade treaty with Ukraine
Effective January 1st, 2016, Russia is suspending its free-trade treaty with Ukraine.
Russian President Vladimir Putin is reported to have signed a decree citing "exceptional circumstances, which impact the interests and economic security of the Russian Federation."
Currently, Russia and Ukraine are engaged in trade in accordance with the free trade agreement between CIS countries. However, starting next year the economic part of Kiev's Association Agreement with the EU comes into force, …
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Ukraine to Conclude Large Rail Contract With Turkmenistan
The Vice Prime Minister of Ukraine, Hennadiy Zubko and Vice Prime Minister of Turkmenistan, Satlik Satlikov agreed on a business venture whereby Ukraine would supply 1,500 rail cars to Turkmenistan. 750 of them have already been made available for use.
Satlikov conveyed Turkmenistan’s interest in non-standard rail cars and vehicles from Ukraine, to be used on a railway along the TAPI gas pipeline. The Turkmen export commission is reportedly now studying the possibility of supplying the rail …
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New Silk Road Opened in Georgia
On Sunday, a train delivering the first container from China arrived in Tbilisi by the so-called New Silk Road. The Prime Minister of Georgia, Irakli Garibashvili, the Minister of Economy and the Minister of Foreign Affairs met the train at Tbilisi station. According to the Georgian leadership, the New Silk Road via Georgian territory will significantly reduce the time of freight deliveries from China to Europe, Radio Svoboda reported.
At a solemn ceremony, the Prime Minister Garibashvili …
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Poroshenko Criticizes Results of Ukrainian Fight against Corruption
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Ukrainian President Petro Poroshenko delivered a warning against "calming" reports on the first stage of anti-corruption actions. He claimed that the results of current efforts to fight corruption were unsatisfactory and that more decisive steps would be required at the start of next year.
"We have to prove that the system, carefully crafted during the entire year of 2015, finally works for Ukraine and is able to bring good results," Poroshenko said during the second meeting of the National …
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Russia Demands Ukraine to Return to Soviet Standards
Russia suggested that Kiev should completely refuse to work with European standards in the framework of the tripartite negotiations on the EU-Ukraine free trade zone from 2016.
According to Moscow, it is necessary to return to the old industry standards of the Ukrainian regulatory field, which are not compatible with European standards. In those areas old technical standards have already been adopted.
The Russian Federation has demanded that Kiev revert to all GOST (USSR State Standards) and …
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Ukraine called on EU to block new Russian Nord Stream pipeline
At the meeting of the EU-Ukraine Association Council in Brussels, Ukrainian Prime Minister, Arseniy Yatsenyuk called for a halt on the building of the Nord Stream 2 pipeline. He also called for the extension of sanctions against Russia and for the beginning of a visa-free policy with the European Union for Ukrainians.
“We think that this project has to be blocked because it serves neither Ukrainian nor EU interests,” Yatsenyuk stated. According to him, the project deprives Ukraine, …
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New U.S. funding won't be a part of Ukrainian budget
Additional US financial assistance to Ukraine in the amount of $190 million will not be directed to the state budget. These funds are intended for implementation of the reforms in the judicial and law enforcement spheres, the U.S. officials accompanying the Vice President, Joseph Biden, said on Monday during his visit to Kiev.
According to them, the $190 million in new funding is to be used to carry out programs aimed at improving law enforcement support and making judicial and democratic …