• Farmland for Foreigners: Referendum A Few Years Away
  • Low World Steel Prices Force Cuts at Metinvest
  • Nayyem: From Molotovs to Tanks
  • Bond Market to Grow
  • Optimistic Mood Music Around IMF
  • Speed Traps Spread Across the Nation

A national referendum on the sale of farmland to foreigners will take place several years from now, “after people see the benefits coming to them because of the land market,” Timofei Milovanov, Minister of Economy and Agriculture, told a British-Ukrainian Chamber of Commerce dinner Thursday night. “People need to see real benefits, on the ground,” Milovanov said of the step by step approach.

Separately, Roksolan Pidlas, deputy chair of the Rada’s economic development committee, told reporters Thursday: “People will see how this works in practice. And then they can conclude whether they are ready to let in foreign companies and foreign citizens.”

Without waiting, a “big” Saudi delegation arrives in Kyiv to study Ukraine’s evolving farmland market, says Leonid Kozachenko, president of the Ukrainian Agrarian Confederation. Citing the looming food needs of China, he told the US-Ukraine Business Council: “The Chinese need 5 million hectares of farmland.”

Low world steel prices are forcing Metinvest, Ukraine’s mining and metallurgical company, to cut investment plans and to trim administrative staff by 30%. To avoid layoffs, the company is starting to shrink staff through attrition – retirements, and resignations. “The metallurgical industry is cyclical, therefore the Metinvest group considers the current crisis as a temporary phenomenon,” reports the Mariupol-based company. “Implementation of the developed action plan in conjunction with operational improvements will save the maximum number of jobs and ensure the stable operation of enterprises.”

Since 2013, Metinvest has invested $1.2 billion in modernizing Ilyich Iron and Steel Works in Mariupol, Donetsk Oblast. Three weeks ago, the company inaugurated a $110 million modernization of its LPC-1700 plant, which makes hot-rolled coils. Aiming to win 4.5% of the world market for this kind of sheet steel, the upgrade raises the combined rolled coil production of Metinvest’s two steel plants in Mariupol to 4.5 million tons. For the job, electric motors were designed and manufactured by Shanghai Electric Machinery Company and engineering and technology were supplied by Primetals Technologies of Austria.

Mustafa Nayyem is a new deputy general director of UkrOboronProm. A former parliamentarian, Nayyem will be responsible for interaction with public authorities, NGOs, and international entities. Six years ago, on Nov. 21, 2013, Nayyem, a journalist for Kommersant Ukraine, detonated the Revolution of Dignity with a Facebook appeal to defend the European path. In recent days, UkrOboronProm CEO Aivaras Abromavičius named four deputies: Roman Bondar, from recruiting company Odgers Berndtson Ukraine, for transformation; Nadezhda Bigun, from ProZorro, for procurement; Sergey Ivanyuta, from NBU and UkrGazvyDobuvannya, for finance; and Oleg Yakovenko, from the Economic Development Ministry, for projects.

Don’t miss the latest news!

* indicates required

Net foreign purchases of new hryvnia treasuries has increased 17-fold to $4.4 billion, reports the National Bank of Ukraine. Now, the central bank wants to expand the secondary market by creating “a liquidity center in the government bonds market based on a modern trading platform.” Even with most trading going through Ukraine’s stock exchanges, buying and selling volume is up almost 70% y-o-y, to $2.7 billion through Nov. 8, reports the central bank.

Ukraine and the IMF will reach an agreement by the end of December, Kateryna Rozhkova, first deputy governor of the National Bank of Ukraine, predicts in an interview with Liga.Finance. “I no longer see any particular difficulties: the law on illegal enrichment has been passed, the budge also, Naftogaz unbundling is signed by the President, there soon will be formed new independent supervisory boards of state-owned banks,” said the central bank officials. “Even the most difficult issue – the return of money spent on bankruptcy banks – has also been progressing lately. We will get our baseline scenario – a Staff Level Agreement by the end of the year.”

Prime Minister Honcharuk told reporters Wednesday of an IMF deal:We have come quite close to reaching an agreement with colleagues at the working level.”

Ukraine should build EU-standard institutions and implement free-market changes with an eye to graduating out of IMF tutelage by the end of the Zelenskiy government, Finance Minister Oksana Markarova said Tuesday night at the fifth-anniversary dinner of Hromadske International. “My ambitious plan is to be able to finish so that in 2023 we will not have a question of when we will receive a new tranche, but we can provide for ourselves,” she told the news organization. “The program we are working on is good, and it will allow us to carry out a lot of reforms, privatizations, concessions and other things. But it should allow us to leave it at the end – as Poland was able to do in due course.”

Visa, the international payment system, has agreed to work with the new Digital Transformation Ministry to popularize payment systems – QR codes and Tap to Phone technology – to turn smartphones into mobile Point of Sale terminals. Through the planned Дія, or ‘Action’ portal, citizens will pay utility bills, fees, and fines. “A person’s communication with the state should be as convenient, fast and inconspicuous as possible,” says Digital Transformation Minister Mikhail Fedorov. In December, the first project with Visa will start – using Дія to pay fines for traffic violations.

Starting this weekend, the number of highway sections controlled by radar will be increased by almost 50%, to 186, the Patrol Police report. Speed cameras will control the four main highways radiating out of Kyiv, according to a highway map posted by the Center for Transportation Strategies. Since highway police started using radar cameras one year ago, 350,000 speeders have been fined.

With more Ukrainians dying on the highways every year than in the war, the Infrastructure Ministry has set a goal of cutting accidents by 30% next year. In 2020, UkrTransSafety plans to illuminate 1,504 pedestrian crossings, deploy 87 digital speed displays at the entrance to villages, and to build 266 traffic circles. Over the next year, the highway safety agency will deploy 26 more weight in motion systems to detect overloaded trucks. After 2020, the agency plans to deploy 150 of these systems.

  • Hundreds of State Companies Move Down Assembly Line To Privatization
  • French Win Contract to Build 20 Fast Border Patrol Boats
  • New, Better Crossings into Crimea and Russia-Controlled Donbas

Britain’s Cadogan Petroleum has temporarily halted gas production in Ukraine due to the non-renewal of a special permit, the company said. Five months ago, the company applied for a renewal of a 20-year permit to produce from the Blazhivskoye oil field in Lviv oblast. Although the Lviv Regional Council voted last month to endorse the renewal of the permit, there has been no action by the State Service of Geology and Subsoil. Cadogan’s shares are listed on the London Stock Exchange as CAD. Once the largest oil and gas producer of the Soviet Union, independent Ukraine has been a major oil and gas importer for decades.

Of 500 state companies listed for privatization, 2/3 have already been transferred to the State Property Fund from the Cabinet of Ministers. The job of the Fund is to “prepare them for sale through transparent auctions, through the ProZorro system. Sales to sell to an effective owner,” Prime Minister Honcharuk said after the Cabinet meeting on Thursday. Honcharuk said he has no doubts that the final third will be transferred to the Fund by the end of next month.

The Cabinet of Ministers has appointed three new independent members of the Supervisory Board of Oschadbank:  Janne Harjunpaa (Finland); Juan Enrique Perez Calot (Spain), and Igor Mityukov (Ukraine). A Kyiv court has postponed to Dec. 5 a review of a lawsuit by Sevki Acuner, former head of EBRD in Ukraine against the National Bank of Ukraine for refusing to approve him for the post of chairman of the Oschadbank Supervisory Board.

The Cabinet also approved Laszlo Urban (Hungary) for the board of Ukreximbank. An Ukreximbank board member emails the UBN that Oleksandr Hrytsenko, chairman of the Ukreximbank board, “was well aware of this search plan weeks before” his detention.  The Supervisory Board decided on Friday to hold a competition for the post. Hrytsenko was arrested the next day.

Through 2022, Ukraine’s Border Service will receive 20 French-made fast patrol boats. In a €136.5 million deal, OCEA, a shipyard near the Atlantic coast city of La Rochelle, will make 15 FPB-98 ships. Another five boats will be built in Mykolaiv under license. Internal Affairs Minister Arsen Avakov says Ukraine will pay 15% of the cost, with the rest coming from commercial bank loans and a treasury loan from the French Finance Ministry.

The aluminium craft can hit 35 knots and carry a crew of 13. Ukraine will add armaments. At 32 meters, the patrol boats can be moved from the Black Sea to the Sea of Azov without going through the Russia-controlled Kerch Strait. The boats are to be based in Odesa on the Black Sea, in Berdyansk and Mariupol on the Azov, and at Izmail and Kiliya on the Danube. Avakov says that 80% of Ukraine’s patrol boats on the Black Sea are outdated. France already has sold the boats to Suriname and the Philippines.

In a concrete step toward easing low-level trade and people-to-people contact across the Donbas separation line, President Zelenskiy opened on Thursday a steel and asphalt pedestrian bridge at Stanitsa Luhansk. Replacing makeshift stairs going up and down river banks, the bridge is wide enough for an ambulance to cross but not wide enough for a tank.

Last week, in what could be models for the Donbas, two ‘temporary’ checkpoints opened at Chonhar and Kalanchak – the two checkpoints between Kherson Oblast and Russia-controlled Crimea. The checkpoints have offices for passport control, vehicle inspection areas, and bathrooms. With Ukrzaliznytsia doing the construction, work now starts on a second phase – cafeteria, pharmacy, driver rest area, and bus station.

  • Ukraine Goes Crypto – Currencies, Exchanges and Mining
  • New Law Designed to Keep PrivatBank out of Kolomoisky’s Clutches
  • Anti-Corruption Drive Takes Down Officials
  • Foreign Demand Pushes Down Bond Yields

The Digital Transformation Ministry has filed a bill with the Rada to adjust the tax code to deal with cryptocurrency transactions. Developed with ‘the blockchain community,’ the draft law defines such concepts as virtual asset, crypto asset, distributed ledger, token, and an asset-backed token.The first feature is the 5% tax rate on personal income for investment profits from the sale of crypto assets for a period of 5 years,” reports the Ministry’s press service. Sales of crypto assets are not subject to value-added tax, or VAT. Last month, government and business representatives signed a memorandum of cooperation on implementing distributed registry technology, or blockchain.

The Ministry also plans to legalize crypto mining. Demanding large amounts of power and dozens of computers, crypto currency mining operations have been uncovered in odd places in recent months: a Lviv railway building, a nuclear power plant and the abandoned swimming pool of a national university. Ukraine has some of the lowest electricity rates in Europe.

Three large cryptocurrency exchanges want to work in Ukraine, Andrey Kolodyuk, board chairman of the Ukraine Venture and Private Capital Association, tells Interfax-Ukraine. Noting that 25 to 30% of all crypto traders work in the former Soviet Union, largely in Ukraine or Russia, he said. “Over the past 2.5 years, three world cryptocurrency exchanges have asked me to work legally in Ukraine.” Adding that “the cryptocurrency market is a multi-billion dollar,” he said: “Ukraine, which from the point of view of the state today does not earn anything, will begin to receive taxes after the exchanges enter our market.”

Binance, the world’s biggest cryptocurrency exchange, has agreed to work with the Ministry of Digital Transformation “to develop a strategy for the implementation of blockchain technology and the creation of the new virtual assets and virtual currencies market in Ukraine,” the Ministry reports. “The Ministry intends to create a comfortable, competitive environment for the crypto industry in Ukraine,” said Mykhailo Fedorov, Minister of Digital Transformation. “We open Ukraine to one of the largest cryptocurrency exchanges in the world and let Binance legally start their business here. Thanks to this step, both Ukrainians and global cryptocurrency companies will be able to operate in Ukraine openly and transparently.”

Binance CEO Changpeng Zhao said:The legalization of cryptocurrencies and corresponding adoption of progressive legislation in this sphere can become one of the key drivers in stimulating positive growth in the Ukrainian economy as well as attract additional investments to the country.”

Under IMF guidance, Ukraine is drawing up a new bank insolvency law that would ban returning insolvent banks to their former owners, Reuters reports. The law seems to be crafted to overcome IMF objections that Ihor Kolomoisky has a chance to recover PrivatBank. After the bank was seized from Kolomoisky three years ago, $6.4 billion was injected to keep the bank afloat.

Citing a deputy head of the State Guarantee Fund, which compensates the depositors of failed banks, the new law would speed up the process resolving disputes between owners of insolvent banks and the state, and would stipulate that no court can prevent the state from selling assets of insolvent banks, even if the insolvency were later found to be unlawful. Between 2012 and October 2019 the authorities spent the hryvnia equivalent of $3.4 billion to compensate depositors of failed banks, according to the Guarantee Fund.

The High Anti-Corruption Court ruled Friday to arrest several state officials in a criminal case involving fraud and bribery, reports the news site reported. The National Anti-Corruption Bureau uncovered a scheme where suspects allegedly demanded a bribe of $300,000 to enable an appointment to a key post in Naftogaz. Arrested include Viktoria Lisnycha, a deputy culture minister, and Svitlana Kondzelia, director of the President’s public information access department.

Concorde Capital’s Zenon Zawada writes: “It is very rare for a Ukrainian court to arrest even mid-ranking state officials while they are in office. So these arrests indicate the High Anti-Corruption Court, an independent institution required by the IMF and launched in September, is off to a positive start…It will be an important achievement for Zelenskiy if he is able to ensure their independent functioning.”

The free market laws being adopted this fall by the new government could add 1.2 percentage points a year to Ukraine’s economic growth in the 2020s, according to a new report by the EBRD. The government aims for a hothouse growth of 5-7% a year. Third-quarter growth was up 4.2 y-o-y. Timothy Ash writes from London:Not if the current push to go after political opponents of the Zelenskiy administration smacks of selective justice.”

In face of strong foreign investor interest, the Finance Ministry reduced yields below 14% on all bonds offered Tuesday in the weekly auction. Selling $54 million in hryvnia denominated treasuries, the Ministry achieved these weighted averages:  3-month bonds – 13.95% (down 40 basis points); 1-year bonds – 13.46% (down 28 bps); and 2-year bonds – 13.5% (down 114 bps). This year, foreign holdings of Ukraine hryvnia treasuries has risen from $23 million in January to $4 billion today.

DTEK Energy, Ukraine’s leading coal and power holding, has finalized restructuring $207 million in debt, partly by converting debt to $100 million in Eurobonds, offering a coupon of 10.7% per annum, the company reported Monday on the website of the Irish Stock Exchange.

Concorde Capital’s Alexander Paraschiy writes: “After the finalization of its debt restructuring, DTEK Energy should enjoy an upgrade of its credit ratings, triggering an appreciation of DTEKUA bonds. This also opens an opportunity for DTEK Energy to try to refinance its existing debt at cheaper rates.” 

  • Ukreximbank Places $100 Million Eurobonds
  • Czechs, Poles Increasingly Rely on Ukrainian Labor
  • Dual Citizenship on the Horizon

The State Bureau of Investigations has asked the Prosecutor-General’s Office to initiate the cancelation of Petro Poroshenko’s immunity in parliament. The Bureau, a new law enforcement agency tasked with investigating high-level crimes, said the former president is suspected of interfering last spring in a competition to select judges for the High Council of Justice.

Ukreximbank has placed $100 million worth of Eurobonds with a maturity of 10 years and a rate of 9.95%. Ukraine’s third-largest bank, Ukreximbank has assets of $8.4 billion. The placement was not made to raise additional capital, but to retire Eurobonds coming due next yearOrganized by JPMorgan and Morgan Stanley, the issue was oversubscribed three times. The bank reports that final investors were from: Switzerland – 30%; UK  – 29%; US – 26%; other EU – 9%; and Asia – 6%. By type, investors were: asset managers and funds – 61%; hedge funds – 21%; banks and private banks – 18%.

S&P Global Ratings has upgraded Kyiv’s long-term credit rating to “B” from “B-,” with a stable outlook, the agency said in a press release. S&P says the capital will fully repay its debt to the central government next year, cutting its direct debt by 50%.

Due to a drop in world steel consumption, smelting in Ukraine fell by 10% over the last two months, reports the Industry Ministry. The US-China trade war has depressed major investments involving steel. About 350,000 people work in Ukraine’s metals industries, a sector that typically exports $10 billion every year.

With Ukrainian workers increasingly meeting a growing labor shortage in the Czech Republic, President Zelenskiy meets visiting Czech Prime Minister Andrej Babiš in Kyiv. Accompanying, the Prime Minister is Karel Havlíček, Minister of Industry and Trade, and 85 business executives.

Last summer, the Czech government doubled its long term work visa quota for Ukrainians to 40,000. Another 80,000 Ukrainians work in the country short term, under the 90-day visa-free regime, estimates the Czech Ministry of Labor. Last month, Prague moved to start issuing 1,500 special work visas per year for Ukrainians to work in farming and food processing. To serve this migrant worker market, SkyUp, Ukraine’s low-cost carrier recently started flights from Kharkiv to Prague, and from Kyiv Boryspil to Pardubice, a charter airport 100 km east of Prague.

Ukrainian workers contributed 11% to Polish GDP growth from 2014 to 2018, according to a new study by the National Bank of Poland, reports PAP news agency. During the peak years, 2016 and 2017, Ukrainian labor was responsible for 0.7 percentage points of Poland’s annual GDP growth. The contribution fell to 0.3% last year as regional competition grew for Ukrainian workers.

Almost 900,000 Ukrainians work full time in Poland, Jacek Kotłowski, deputy director of Economic Analysis at the National Bank of Poland, tells reporters in Warsaw. Referring to a labor shortage caused by Poland’s aging population and shrinking local workforce, he said: “Tensions in the labor market are significantly reduced due to an influx of immigrants.”

Of the 526,900 Ukrainians who received their first residence permit in the EU last year, 78.5% were living in Poland, reports Eurostat. Ukraine was by far the top nationality, nearly equal to the sum of the next three countries – China, India, and Syria. For Ukrainians, the top three destinations were: Poland – 413,449; Czech Republic – 26,979; and Hungary – 21,793. Of the top 10 nationalities, Ukrainians and Americans were the most likely to move to the EU to work – 65% for Ukrainians and 37% for Americans.

Emigration was cited as the largest threat to Ukraine by 56% of 2,500 respondents to a Rating agency poll last month. Economic decline was in second place. Further down the list was war with Russia.

Dual citizenship will help emigrants keep their ties to UkraineDmytro Kuleba deputy prime minister for European and Euro-Atlantic Integration, tells ZN.UA. “We should not tear these people away – we have already lost so many,” says Kuleba, noting that tens of thousands of Ukrainians have obtained Hungarian and Romanian passports to be able to work in the EU. The government is expected to submit to the Rada in the coming weeks a bill to allow dual citizenship. Kuleba said such a law would not apply to Russians: “The right of dual citizenship should not under any circumstances apply to the aggressor country.”

  • Second Bank Chair Gets Bail
  • From Calgary to Kyiv: Natural Gas?
  • DTEK Hits Target of 1G in Solar, Wind Power
  • Kyiv Pundits Caught With Their Pessimism Showing

The chairman of Raiffeisen Bank Aval went back to work Friday after the Austrian-based bank paid $208,000 bail in a case stemming from a bank failure five years ago. Oleksandr Pysaruk had been issued a notice of suspicion in a case dating to 2015 when he was first deputy governor of the National Bank of Ukraine. He participated in the $49 million central bank bailout of VAB bank. The bank collapsed the following month. “The most important thing is that I continue to perform my duties as the head of Raiffeisen Bank Aval,” Pysaruk told reporters on leaving the High Anti-Corruption Court. “I personally was pleased to make sure that in Ukraine there is still a court that hears arguments.”

Martin Grühl, CFO of Raiffeisen Bank International, said from Vienna:Alexander Pisaruk will continue to serve as Chairman of the Board of Raiffeisen Bank Aval. We are convinced that all suspicions of misconduct will be lifted from Mr. Pisaruk in the near future and that he has always adhered to the highest professional and ethical standards, working for both Raiffeisen Bank Aval and for many years at the IMF and other international institutions.”

In a first step toward privatizing one of Ukraine’s big four state banks, the World Bank’s International Finance Corporation has approved extending to Ukrgasbank a 5-year, €30 million loans. At IFC discretion, the loan could be convertible into shares, up to 20% of the bank’s equity. The IFC has been working with Ukrgasbank for the last two years to prepare it for privatization. The Finance Ministry is publicly committed to fulling selling the bank, which currently has $4 billion in assets.

A ship carrying US liquefied natural gas destined for Ukraine docks tomorrow at Świnoujście, Poland’s LNG landing terminal on the Baltic. Brokered by ERU, an American company working in Kyiv since 2016, the liquid cargo will total 90 million cubic meters after regasification. Dale Perry, the ERU managing partner, tells the UBN that gas shipments from Poland to Ukraine could increase 5-fold, to 5 billion cubic meters, if about $200 million were invested in expanding capacity on 200 km stretch of pipeline between eastern Poland and Western Ukraine. The work – doubling an existing pipeline and adding compressors – could be done in one construction season.

GNL Quebec representatives met last week with Ukrainian energy officials last week to explore the possibility of delivering Western Canada gas to Ukraine via LNG tankers to Poland. Under the planned US$5.5 billion Énergie Saguenay Project, a 700 km northeast extension to the TransCanada pipeline would bring gas to Port Saguenay, a deep water port near the Saint Lawrence River. Using the cheap electricity of Hydro-Québec, GNL would liquefy gas for shipping across the North Atlantic. From Saguenay to Świnoujście is 3,400 nautical miles, half the distance from Qatar to Świnoujście. It is two thirds the distance of New Orleans-Świnoujście.

PGNiG, Poland’s state-controlled oil and gas company, formally gave notice last week to Gazprom that it will not renew its Russia gas supply contract after it expires in Dec. 2022. Maciej Wozniak, PGNiG vice president for commercial affairs, says Poland will replace Russian gas with Norwegian gas from a new trans-Baltic pipeline and with LNG from Qatar, US and, potentially, Canada. President of Ukraine Volodymyr Zelenskiy has signed a law on the unbundling of Naftogaz of Ukraine.

With Russia-EU-Ukraine gas transit talks to take place this week in Brussels, President Zelenskiy has signed a law separating Naftogaz production and pipelines. Known as ‘unbundling’ the creation of a new pipeline company was needed to comply with EU laws. In advance of a new round of talks, President Putin says a new transit contract should be part of a ‘package’ where Naftogaz would renounce all legal claims against Gazprom. As Ukraine’s state oil and gas company starts winning Gazprom assets in court cases around the world, Gazprom last week canceled a planned placement of Eurobonds in Swiss francs for fear of losing the money to Naftogaz, reports Russian Interfax.

With the inauguration Friday of a 100 MW wind power plant on the wind blown north coast of the Sea of Azov, DTEK has reached its goal of investing €1 billion to create nearly 1 gigawatt of renewable energy capacity in Ukraine by the end of this year. DTEK now has 500 MW of wind power, all on the north coast of the Azov: Orlivka – 100 MW; Primorska – 200 MW; and Botievska – 200 MW. In Zaporizhia and adjoining Dnipropetrovsk regions, DTEK has three solar stations: Nikopolska – 200 MW;  Pokrovska – 240MW ; and Tryfanovska – 10 MW. “We have invested more than €1 billion euros in the renewable energy sector of Ukraine,” says Maxim Timchenko, DTEK CEO. “We are confident that Ukraine can become a leader of decarbonization in Europe, providing our country with homegrown clean energy.”

“Under Zelenskiy, Max Nefyodov, Ukraine’s hipster IT genius who created ProZorro, is tackling corruption in the customs service,” continues the Foreign Policy piece. “The country now has an active National Anti-Corruption Bureau, a new anti-corruption court, and one of the world’s most transparent annual income declaration systems, in which nearly 2 million government officials are required to disclose all their holdings in an online database open to the public and to detail all their assets as well as personal possessions valued above $3,000… the popular impression of a nation drowning in graft is more a reflection of Trump’s lawyer Rudy Giuliani’s associations with dodgy oligarchs and expat intermediaries…than of Ukrainians’ lived reality.”

“Instead, citizens are enjoying an economy growing at around an annual 4 percent clip, a stabilized currency, declining unemployment, growing real wages, improving infrastructure, and booming IT, agriculture, and alternative energy sectors,” the authors write. “A small but dynamic middle class has emerged and is playing an active role in Ukrainian civil society. Villages, towns, and regions are finding new life thanks to the decentralization of power and increases in local budgets. Ukrainian culture, whether film, books, music, or theater, is thriving in a way it hasn’t since the 1920s.”

Kyiv economic pundits caught with their pessimism showing: After the 4.6% GDP growth in Q2, the Kyiv consensus, as measured by Bloomberg, predicted Q3 growth of 3.7%. It came in Thursday at 4.2%. “It is a positive surprise,” Olena Bilan, Dragon Capital’s chief economist told Bloomberg Friday. Concorde Capital’s Evgeniya Akhtyrko wrote: “The preliminary indicator of 4.2% yoy growth came as a big surprise.” Bank of America Merrill has upgraded its 2019 GDP growth forecast for Ukraine to 3.8%.

The original English version is from our partner UBN – Ukraine Business News. For more information and news archive, go to: