Today's Contents
Reporter's Notepad:
- A week in review
Just The Facts:
- Russian investment envoy confirms he's in Washington for talks with US officials
- US tariffs 'difficult, but not critical' for Ukraine, economy minister says
- EBRD, IFC, BSTDB to lend €157 million for 147 MW wind farm in Ukraine
- Poland to upgrade gas metering station at Ukraine border to boost transmission capacity
- Energoatom condemns talk of Zaporizhzhia NPP relaunch under Russian control
- Denmark announces nearly $1 billion in military aid for Ukraine
Here's What They Think:
- Middle East Monitor: Ukraine needs to safeguard its sovereignty in reconstruction efforts
- The Kyiv Independent: South Africa's nuclear disarmament legacy positions it as key partner for Ukraine on nuclear safety
Sober Second Thought:
- Poland-Ukraine ties could drive collaboration in energy, construction, defense, says Warsaw Enterprise Institute
The Rebuilders' Social
- New government website showcases Ukraine's 'digital ecosystem,' Poland donates 5,000 more Starlink units and friend-of-URN Swen Lorenz posts briefly about investment dinner in Kyiv.
A week in review
Dear readers,
URN newsroom chief Valentina here with you today for another review of the events that marked the week behind us.
Funding, funding, funding …
Yes, a bunch of loan and financing programs were announced this week for Ukraine. Starting from Monday, we heard that the IMF completed the seventh review of Ukraine's $15.5 billion Extended Fund Facility program, allowing for a $400 million disbursement to support the country's budget and bringing the total disbursements under the program to $10.1 billion.
On a different note—but still funding—the Polish state development bank BGK said it will provide a total of PLN 250 million ($65 million) to three financial partners for on-lending to local companies that want to take part in Ukraine's reconstruction.
"This money will be used to strengthen exports, organize production, transport and logistics capabilities for companies that want to operate between Poland and Ukraine," Poland's Deputy Minister of Funds and Regional Policy Jan Szyszko said.
Further north, but again, funding, Norway announced it will provide NOK 100 million ($9.5 million) in 2025-2026 to support investment-ready projects in Ukraine, target priority sectors, including sustainable energy, food security and agriculture, and critical infrastructure reconstruction.
Germany came into the mix, saying it will provide an additional €7.27 million to the Ukraine Energy Support Fund to support the repair of the country's energy infrastructure, bringing the total allocated to the fund to nearly $400 million.
Also this week, the European Commission disbursed €3.5 billion in funding to Ukraine as part of the €50 billion Ukraine Facility, bringing the total released under the instrument to about €19.6 billion.
"This third regular quarterly payment under the facility will enhance Ukraine's macro-financial stability, support its public administration, and advance critical long-term reforms," the Commission said.
And, of course, where there's funding, there's multilaterals:
- The World Bank approved $432 million for Ukraine to improve road network and transport sector;
- The European Investment Bank said it will direct €50 million to Ukrainian Railways to upgrade key rail border crossing points with Poland, Slovakia, Hungary, and Romania;
- The European Bank for Reconstruction and Development (EBRD) said it plans to allocate €1 billion this year to support Ukraine in rebuilding its power sector;
- The EBRD, the International Finance Corporation, and the Black Sea Trade and Development Bank (BSTDB) will jointly lend €157 million to Wind Power GSI Volyn and Wind Power GSI Volyn 3, special-purpose vehicles established in Ukraine to build and operate a 147 MW wind farm.
Chunks of military aid …
Military aid is still flowing to Ukraine uninterrupted. This week, the Netherlands earmarked €2 billion in defense support for Ukraine for 2025, including €500 million to fund Ukraine's Drone Line project to integrate unmanned aerial systems into front-line operations.
Sweden announced it will provide SEK 16 billion ($1.6 billion) in its largest military support package to Ukraine, bringing Sweden's total military support to SEK 80 billion.
Its southern neighbour Denmark approved its 25th military assistance package for Ukraine, valued at DKK 6.7 billion ($970 million), to support the country from 2025 to 2027.
Ceasefire …
Not the best week for this topic. We are all still waiting for that one piece of news that would beat all the others in (almost) any competition. The week started with Trump getting "very angry" at Putin and threatening tariffs on purchasers of Russian oil.
"If Russia and I are unable to make a deal on stopping the bloodshed in Ukraine, and if I think it was Russia's fault — which it might not be — but if I think it was Russia's fault, I am going to put secondary tariffs on oil, on all oil coming out of Russia," Trump told NBC News.
The week ends with news that Putin's investment envoy, Kirill Dmitriev, was in Washington on April 2-3 to hold meetings with the Trump administration officials. What they talked about, we don't know, but Dmitriev is the highest-ranking Russian official to travel to the US on state business since the Russian full-scale invasion of Ukraine in February 2022—maybe to get us somewhere.
My favorite story of the week …
Kingspan, the multinational building materials manufacturer, said it has received the first building permit to begin construction on its €280 million Building Technology Manufacturing Campus near the western city of Lviv.
In February of this year, Ukraine Rebuild Newswire reported on Stenson's remarks regarding the process of getting approvals and permits for the site, as well as the construction delay.
I would finish this review with a comment Stenson made at the time:
"The process of getting approvals and progressing is incredibly bureaucratic. That's the bad news. The good news is that, if you work through it, then it's possible to do even the complicated projects."
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For questions related to daily news and story suggestions, feel free to message me at valentina@ukrainerebuildnews.com.
For sponsorships, the URN Guidebooks, the Tips for Investors column, and other general matters, email founder Adam Brown at adam.brown@ukrainerebuildnews.com.
Now moving on to today's headlines …
Russian investment envoy confirms he's in Washington for talks with US officials
Russian President Vladimir Putin's investment envoy, Kirill Dmitriev, said on Thursday he was in Washington on April 2-3 to hold meetings with the Trump administration officials.
In a post on Telegram, Dmitriev wrote he came to Washington at the direction of Putin.
"Today, numerous forces interested in maintaining tension stand in the way of restoring constructive cooperation... These forces are deliberately distorting Russia's position, trying to disrupt any steps towards dialogue, sparing neither money nor resources for this," Dmitriev wrote.
Dmitriev also said that "restoring dialogue is a difficult and gradual process."
"But each meeting, each frank conversation allows us to move forward. A real understanding of the Russian position opens up new opportunities for constructive cooperation, including in the investment and economic sphere," Dmitriev wrote.
US envoy Steve Witkoff invited Dmitriev to the US last week, unnamed US officials told Reuters.
The officials told Reuters that Dmitriev met with the Trump administration representatives, including Witkoff, on Wednesday, amid the White House's push for a ceasefire in Ukraine.
It was not clear, however, what Dmitriev discussed with the US officials, according to Reuters.
Dmitriev, who heads the Russian Direct Investment Fund, is the highest-ranking Russian official to travel to the US on state business since the Russian full-scale invasion of Ukraine in February 2022, Reuters noted.
US tariffs 'difficult, but not critical' for Ukraine, economy minister says
A 10% tariff on all exporters to the US that President Donald Trump announced on Wednesday will be "difficult, but not critical" for Ukraine, Economy Minister Yulia Svyrydenko said.
In a post on Facebook on Thursday, Svyrydenko noted that Ukraine will be subject to the 10% general duty, and that there is no separate higher tariff like in the case of the European Union (20%) and some other countries.
"If everything remains as it is, the US universal duty will hit mainly small producers. Therefore, we are already working to ensure that Ukraine has better conditions," Svyrydenko wrote.
In 2024, Ukraine's exports to the US amounted to $874 million, including $363 million in cast iron and $112 million in pipes, while the country's imports from America stood at $3.4 billion last year, according to Svyrydenko.
Ukrainian producers sell over 600 different categories of goods to the US, the minister said.
"Our tariffs on American goods are quite low — the rate on cars is 10%, on coal and oil — 0%," Svyrydenko said.
On Wednesday, the US announced a minimum 10% tariff on all exporters to the country, with higher duties imposed on approximately 60 nations with significant trade surpluses with the US.
EBRD, IFC, BSTDB to lend €157 million for 147 MW wind farm in Ukraine
The European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), and the Black Sea Trade and Development Bank (BSTDB) will jointly lend €157 million to Wind Power GSI Volyn and Wind Power GSI Volyn 3, special purpose vehicles established in Ukraine to build and operate a 147 MW wind farm.
Under the project, supported by the European Union (EU), the UK, and the Climate Investment Funds' Clean Technology Fund (CTF), the EBRD and the IFC will each lend €60 million and BSTDB will lend €37 million, the EBRD said in a press release on Thursday.
The project's total cost is estimated at €225 million, with the remaining funds to be provided by the project sponsor, GNG Group (Galnaftogaz), commonly recognized in Ukraine as OKKO Group. GNG Group is Ukraine's largest transportation fuels retail company in terms of sales volume
The wind farm is expected to generate about 380 GWh of renewable energy annually, resulting in CO2 savings of over 245,000 tons per year, the EBRD said.
The EBRD's funding will be backed by financial guarantees from the EU provided under its Ukraine facility, while IFC and BSTDB's loans are backed by guarantees from the EU under the Ukraine Investment Framework.
The UK's Foreign, Commonwealth & Development Office provided €4.5 million in grant funding as a first loss guarantee to enable the mobilization of IFC and BSTDB's loans. IFC's funding also includes €10 million in debt financing from the CTF, as per the statement.
"This is a smart investment at a critical time. It boosts Ukraine's energy security and supports its shift to renewables. The EU is glad to help make it happen," said Stefan Schleuning, Head of Cooperation at the EU Delegation to Ukraine.
Since the Russian full-scale invasion in February 2022, the EBRD has made €6.5 billion available to support Ukraine's real economy, the lender noted.
Poland to upgrade gas metering station at Ukraine border to boost transmission capacity
Poland's natural gas transmission system operator Gaz-System said it will upgrade a gas metering station in Hermanowice at the border with Ukraine, looking to boost gas transmission capacity towards its neighbour.
The project includes modernization of the gas facility in Hermanowice and enhancing its metering and billing capabilities to optimize the release of available capacities in the Polish transmission system to the market, Gaz-System said in a press release on Thursday.
The works are scheduled for completion around late 2025 or early 2026.
Gaz-System said that the decision on the upgrade stems from the ongoing technical dialogue with the Ukrainian TSO - Gas Transmission System Operator of Ukraine regarding the operations of the gas interconnection between the two.
In December, Gaz-System said it will introduce firm capacity for natural gas transmission from Poland to Ukraine during the first three quarters of 2025 to ensure stable and reliable gas flow to Ukraine. The company had previously provided interruptible service.
Energoatom condemns talk of Zaporizhzhia NPP relaunch under Russian control
The state-owned operator of Ukraine's nuclear power plants Energoatom issued a statement on Thursday, condemning talks of a potential restart of the Zaporizhzhia nuclear power plant.
Situated 650 kms southeast of Kyiv along the Dnipro River, the largest nuclear power plant in Europe has been under Russian military control since March 2022, with all six of its reactors remaining in "cold shutdown" mode.
Earlier this week, the Zaporizhzhia plant director, Yuriy Chernichuk, outlined the steps required to restart the plant after an extended period of inactivity in an interview with Strana Rosatom.
"We consider as the most realistic option to first restart units 2 and 6 which have Russian-made fuel loaded," Chernichuk told Strana Rosatom. He said several units have been maintained in hot shutdown, which is "very different from power production mode, so the amount of work that we have to do before launching is quite large."
The Zaporizhzhia region, partially occupied by Russian forces, was one of four Ukrainian territories annexed by Russia following referendums staged after Moscow's full-scale invasion. A presidential decree subsequently declared the power plant Russian property under the control of Rosenergoatom, a subsidiary of Rosatom.
Energoatom, which continues to claim ownership of the plant, said on Thursday that any talk on the Zaporizhzhia restart under the control of Rosatom experts "is a direct violation of nuclear and radiation safety standards."
"The license to operate the ZNPP is held by its legal operator, JSC NNEGC Energoatom, and only Ukrainian specialists have the right and competence to operate the plant," Energoatom said.
Last week, Russia's Foreign Ministry said that the Zaporizhzhia nuclear plant is "under Russian jurisdiction" and will not be handed over to Ukraine, the US, or international organizations.
During a phone call with Ukraine's President Volodymyr Zelensky in March, US President Donald Trump discussed Ukraine's electrical supply and nuclear power plants, saying that the US could help run those plants with its electricity and utility expertise.
Zelensky confirmed to the Financial Times during an online briefing that his discussions with Trump focused solely on the Zaporizhzhia nuclear power plant.
Denmark announces nearly $1 billion in military aid for Ukraine
The Danish government has approved its 25th military assistance package for Ukraine, valued at DKK 6.7 billion ($970 million), to support the country from 2025 to 2027, the Danish Defense Ministry said.
Funded through the Danish Ukraine Fund, the package includes air defense systems, artillery, and financial support for the Ukrainian Air Force, the ministry said in a press release on Thursday.
Denmark's assistance program includes DKK 1.4 billion for artillery and ammunition purchases in cooperation with allies, along with additional funding for air defenses, the drone coalition, and the IT coalition. Additionally, Denmark will invest DKK 2 billion in Ukraine's defense industry.
Copenhagen was the first to implement the so-called Danish model, directly purchasing weapons for Ukraine from Ukrainian manufacturers.
In 2024, Denmark allocated a total of approximately DKK 4.4 billion to the Ukrainian defense industry via the Danish model, as per the statement.
Middle East Monitor: Ukraine needs to safeguard its sovereignty in reconstruction efforts
Ukraine, while receiving significant Western support, faces the risk of structural dependency as its recovery and reconstruction unfold, Dr Elif Selin Calik, a scientist specializing in renewable energy and sustainability, wrote in an opinion piece for the Middle East Monitor. The author calls for an approach that prioritizes Ukraine's agency and sovereignty during its recovery and reconstruction process.
The article highlights the role of international organizations like the IMF and multinational banks, in shaping Ukraine's post-war future, questioning whether reconstruction will prioritize public interests or corporate influences. Despite these challenges, the article underscores Ukraine's resilience, with its civil society and local leadership playing an active role in the fight against Russian aggression and in advancing reforms.
The Kyiv Independent: South Africa's nuclear disarmament legacy positions it as key partner for Ukraine on nuclear safety
The history of South Africa's nuclear disarmament, its current role as the only African nation with a nuclear power plant, and its leadership in advocating for stronger nuclear protections in armed conflict make it an ideal partner for discussing nuclear safety, particularly in relation to the Russian attacks on Ukrainian nuclear plants, Dmytro Koval, co-executive director of human rights organization Truth Hounds, wrote in an opinion piece for The Kyiv Independent.
South Africa's role as a major African economy, a BRICS member, and a potential mediator in peace talks makes it an important country for advocacy on shared priorities, such as nuclear safety, human rights, and global solidarity, Koval wrote.
Poland-Ukraine ties could drive collaboration in energy, construction, defense, says Warsaw Enterprise Institute
Poland and Ukraine's current "exceptionally" good relations could serve as a foundation for deeper cooperation in energy, defense, agricultural processing, and the pharmaceutical industry, according to the Warsaw Enterprise Institute (WEI).
While Ukraine is expected to become a natural competitor to Poland in agricultural production within the common European market, the report—titled "State of Play. Poland-Ukraine"—highlights significant opportunities for collaboration in food processing.
Ukraine's reserves of strategically important raw materials, including rare earth elements, also offer substantial economic potential. According to the report, these resources could help drive Polish and European industries while reducing reliance on non-European suppliers.
The decline in Ukrainian imports to Poland in 2023 was primarily driven by ongoing restrictions on agricultural products such as grain, processed grain products, oilseeds, and processed oilseed products. However, the report notes that these restrictions do not apply to the transit of these goods through Poland to destinations beyond its borders.
Polish businesses have identified workforce shortages, corruption, and unstable laws as the most significant barriers to investment in Ukraine, the report states. While these issues have been actively addressed by President Volodymyr Zelensky’s administration, challenges remain. In 2023, approximately 600 Polish companies operated in the Ukrainian market.
Cross-border infrastructure is crucial for sustaining economic growth and enhancing connectivity between Poland and Ukraine. Initiatives such as Interreg NEXT Poland-Ukraine (2021-2027) aim to strengthen development in infrastructure, education, and environmental protection.
Poland's role as a logistical hub for arms supplies to Ukraine further underscores the importance of these developments, the WEI report adds. This logistical significance is expected to grow with Ukraine’s post-war reconstruction needs.
Additionally, both Ukrainian and Polish officials emphasize Poland's expertise in supporting Ukraine's EU accession, particularly in civil service training, legislative harmonization, and promoting Ukraine’s interests within European institutions.
Social Media Posts
Digital State UA Website Launched
Valeriya Ionan, deputy minister for Eurointegration at the Ministry of Digital Transformation of Ukraine, announced that Digital State UA, an online platform showcasing Ukraine's "digital ecosystem, has gone live.
The site "positions Ukraine as not only resilient — but truly digital & innovative" and "promotes Ukrainian GovTech, IT & Tech companies, products, solutions," according to the post.
Poland Donates 5,000 More Starlink Units
Ukraine's Ministry of Digital Transformation announced that Poland has provided Ukraine with an additional 5,000 Starlink Enterprise units, bringing the total from Poland to 29,500 and the total from all international partners to 50,000.
"The Starlinks will help restore communication in newly liberated regions, and support the operation of schools, medical and social facilities, energy workers, and military personnel. Ukrainians will remain connected even under the most challenging conditions."
Recent Tax Changes Explained
Ukrainian law firm Avellum promoted an interview in the legal journal Yurydychna Gazeta with Anton Zaderyholova, partner for Tax and Private Client practices, exploring "significant changes in taxation and private wealth management" in recent years.
"He explains how the new rules on controlled foreign companies (CFCs), tax residency, and international data exchange impact clients," according to the post. "Anton also analyzes modern corporate structuring strategies, jurisdiction choices for holding and trading companies, and key aspects of succession planning for private clients."
'Most Insightful Dinner'
Friend-of-URN Swen Lorenz, the German fund manager and investment writer who wrote "99 stock-buying ideas to invest in the reconstruction of Ukraine" for Ukraine Rebuild Newswire, posted a brief description of his investment dinner in Kyiv, which included URN readers.
"This was one of the most insightful dinners I ever hosted," he wrote. "We had in the room – architecture, real estate, rare earths, NGOs, recruitment, fund regulation, legals, banking, oil and gas, taxes, and immigration. Visiting for five days didn't turn me into a Ukraine expert, but I gathered interesting impressions. I spoke to decision-makers and business owners instead of relying on media reporting."
URN Daily: Sense Bank and Ukrgasbank for sale? And US seeks to cancel $4.7 billion of Ukraine's debt
