Denys Krasnikov
Kyiv Post
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Past articles by Denys:
National Bank head Yakiv Smolii resigns due to 'political pressure'
Yakiv Smolii, the governor of the National Bank of Ukraine, has resigned due to “systematic political pressure.” Smolii submitted his letter of resignation to President Volodymyr Zelensky on July 1, saying that he can no longer “fulfill my obligations to manage the activities of the National Bank and its cooperation with other state agencies,” the […] → Read More
Business Update: May 14 – Trio tried for raiding foreign investor, Kyiv loses $56 million
Ukraine fulfills all conditions for obtaining further financial aid from the EU. As soon as the International Monetary Fund (IMF) provides its final assessment and approve further cooperation with Ukraine, the European Union will be ready to allocate its second 500-million-euro tranche “without delay,” EU commissioner Oliver Varhelyi has said. Ukraine will soon launch free … → Read More
Business Update: May 12 – Less steel & GDP, more roads & trade for Ukraine
J.P. Morgan expects a 5.1% decline in Ukraine’s GDP in 2020. This decline aligns with predictions of the National Bank of Ukraine, which said it would be 5%. The state budget for 2020, in turn, predicts a 4.8% decrease. In 2021, however, Ukraine’s economy will grow by 6.3%, J.P. Morgan predicted. The hryvnia will weaken … → Read More
Business Update: May 7 – IKEA comes, inflation drops, reserves grow
Ukraine’s international reserves increased by $800 million in April. This is a 3.1% climb, according to the National Bank of Ukraine. In total, Ukraine now has $25.7 billion in foreign currency, gold and other assets, which is enough to cover more than four months of future imports. Inflation in Ukraine slows to 2.1%. Consumer prices … → Read More
Business Update: May 6 – Nuclear power for Bitcoins, Bogdan trolleybuses for EU
Ukraine will supply the Czech Republic with trolleybuses. Ukrainian automobile company Bogdan has won a tender in consortium with Czech firm Tram For Envi to supply the country with six 12-meter trolleybuses. The Czech-Ukrainian consortium offered trolleybuses for 2.6 million euros, or 440,000 euros per bus. The Bogdan trolleybuses are the only ones made in … → Read More
Business Update – April 10: Banking bill stalled, EU to credit Ukraine’s small business
Money supply in Ukraine is up 2.8% in March. The amount of money circulating in Ukraine increased by 2.8% this month, reaching Hr 1.518 trillion ($56 billion), according to preliminary data from monetary statistics posted on the website of the National Bank of Ukraine (NBU). Businessman Oleksandr Yaroslavsky has agreed to purchase Bank Credit Dnipro. … → Read More
Business Update – April 3: NBU buys dollars, inflation to rise
The Finance Ministry hopes to receive $5 billion from the IMF by 2021. During negotiations with the International Monetary Fund, Ukraine has presented its forecast for the national budget deficit in 2020 and agreed on the sum it can generate itself to cover it. Now the country hopes to receive additional $5 billion, Finance Minister … → Read More
Business Update – Feb. 28: Ukraine boasts more e-money, easier business, busier ports
The volume of issued e-money in Ukraine grew 2.5-fold in 2019. The amount of digital money circulating in Ukraine last year grew by Hr 203 million, the National Bank of Ukraine reported, with total volume reaching Hr 16.7 billion. 16 banks can issue digital currency in Ukraine, including Alfa-Bank, PrivatBank, Oschadbank, Raiffeisen Bank Aval and … → Read More
Business Update – Feb. 14: Boryspil passenger growth up, GDP growth down
Kyiv Boryspil International Airport takes first place in 2019 ACI Europe ranking. The airport’s record 22.1% passenger traffic growth allowed it to lead the rating of major airports with 10-25 million passengers annually, Boryspil wrote on its Facebook page. Boryspil’s record came amid an overall decline in passenger growth in Europe, according to the ACI … → Read More
Business Update – Feb. 13: Banks generate record $2.5 billion profit, UAE firm buys local port operator
Ukrainian banks earn record Hr 60 billion ($2.5 billion) in 2019. This means the banking sector saw profits almost three times higher than in 2018, according to Deputy National Bank Governor Kateryna Rozhkova. “New historic record,” Rozhkova said on Facebook. Ukraine’s largest state-owned bank PrivatBank was the most profitable, generating $1.3 billion in profits. Heavyweight … → Read More
How Ukraine plans to change personal income tax in 2020
Next year, Ukrainian workers and their employers may be paying much lower taxes thanks to legislation expected to be introduced by parliament. Pressed by the new government, lawmakers plan to file this draft law in spring. The tax rate will be one of the things to change. Instead of the current combined tax of 41.5% … → Read More
Business Update – Jan. 22: Zelensky at Davos, NBU loses to Kolomoisky, excise stamp innovation
Ukrainian President Volodymyr Zelensky speaks at the World Economic Forum in Davos, Switzerland. During his speech, Zelensky pledged to make Ukraine an economic leader in the central and eastern European region. He called on the audience to invest more money in Ukraine. “We propose all of you to be the shareholders of the success of … → Read More
Business Update – Jan. 21: Kolomoisky property seized, pharma factory plans, UIA flights cut
Lviv economic court grants the National Bank of Ukraine (NBU) over $4.1 million of real estate belonging to oligarch Ihor Kolomoisky. The case is one of 148 the NBU opened against PrivatBank’s previous co-owner, Kolomoisky, and his companies in 2018, the NBU said. PrivatBank was nationalized in 2016 and recapitalized with state money after a … → Read More
Tax changes on horizon for IT entrepreneurs
Will tax reforms help or hurt Ukraine’s growing information technology sector? This question is on the mind of most tech professionals and the companies that employ them, as the government again considers taxation changes that will affect most of the industry. Millions of Ukrainians work as “individual entrepreneurs,” which allows them to pay a low, … → Read More
Ukrainian Monobank founders seek to repeat success in UK
Ukraine’s mobile-only bank Monobank is coming to the United Kingdom. Two Ukrainians, who are also former top executives of the notorious PrivatBank, are banking stars in today’s Ukraine: they co-founded and now run Monobank, which has amassed over 1.5 million users in two years and is known for its cutting-edge approach to online banking. In … → Read More
Oligarch Akhmetov to launch news channel Ukraina 24
Ukraine is set to gain yet another oligarch-controlled news channel. Media holding Media Group Ukraina, which belongs to oligarch Rinat Akhmetov, Ukraine’s richest man, will launch its own news-oriented television channel, the National Television and Radio Broadcasting Council confirmed to Detector Media on Nov. 7. Called Ukraina 24, the channel has already received the license needed … → Read More
Drive-by assassin bombs businessman's car in Kyiv, killing bodyguard
Yet another car has exploded in Kyiv, resulting in multiple casualties. On the evening of Nov. 6, a motorcycle sped up to a black Mercedes travelling on a highway in western Kyiv and set an explosive device on its roof. Then the motorcyclist drove off and detonated the bomb from a distance, police report. As a … → Read More
Pipeline erupts and opens crater in central Kyiv — just like last year!
Lightning never strikes the same place twice. But a pipeline in central Kyiv has burst for the second time, opening up a crater that swallowed up cars. And it happened almost exactly a year after a similar emergency at the exact same spot. Call it an annual tradition. Last November, a heating pipe burst in the middle … → Read More
Ukrainian singer receives MTV music award for best Russian act
Ukrainian singer Anna Korsun — known by her stage name Maruv — has been recognized by MTV as the best Russian singer. Maruv, 27, received the prize for the Best Russian Act on Nov. 3 in Spain at the ceremony for this year’s MTV Europe Music Awards. Apart from Ukrainian Maruv, MTV considered Russian singers … → Read More
Tackling corruption in style as agencies design e-gov strategy
Ukraine’s new government is taking serious steps to digitize its state services. The newly-formed Ministry of Digital Transformation has already unveiled a brand image named Diia, under which the government will provide Ukrainians with e-services. The ministry didn’t come up with the brand on its own though. It hired the local marketing agency Fedoriv and … → Read More