Today's Contents
Reporter's Notepad:
- Draft open banking regulation to set stage for new generation of financial services in Ukraine
Just The Facts:
- After call with Putin, Trump says Ukraine and Russia to start ceasefire talks 'immediately'
- EC cuts forecast for Ukraine's 2025 GDP growth to 2% from 2.8%
- Deal on installing small modular reactors at Chernobyl Exclusion Zone expected soon, says Ukraine's agency head
- Korean asphalt concrete maker SG, Ukraine's restoration agency sign memorandum on cooperation
- EU commits €36.8 million to support UN Refugee Agency in Ukraine
Here's What They Think:
- ECFR: EU should take a lesson from Ukraine on emergency reconstruction
- Counteroffensive.News: War could drive Ukraine to rebuild beyond the Soviet era architecture
Sober Second Thought:
- Ukraine's organic exporters target growth in 2025, but stick with familiar products and markets, study finds
The Rebuilder's Social:
- IMF begins eighth review of Ukraine EFF program. Government services must look like ChatGPT, says Ministry of Digital Transformation. Claims for destroyed non-residential property now accepted at Register of Damage. Swedish government initiative helps train Ukraine for EU accession negotiations.
URN Partner Program
Ukraine Rebuild Newswire's Partner Program offers expertise to readers in areas typically beyond the scope of daily journalism, illuminating areas such as the legal and regulatory landscape in Ukraine, logistics, the physical security situation, and much more.
The following article was produced in a partnership between URN and the top 10 global law firm CMS, designed to better inform companies considering helping rebuild Ukraine. Much of the article was based on a CMS analysis published here.
Draft open banking regulation to set stage for new generation of financial services in Ukraine
The following article was produced in a partnership between Ukraine Rebuild Newswire and the top 10 global law firm CMS designed to better inform companies considering helping to rebuild Ukraine. Much of the article was based on a CMS analysis published here.
The Ukrainian central bank's draft Regulation on Open Banking is set to introduce rules for data sharing between banks and third-party providers, making possible a new generation of financial services such as pro-active personal budgeting apps, instant loan approvals, and direct-from-account online payments.
The regulation, to take effect Aug. 1, would let third-party payment service providers, such as account information and payment initiation firms, access bank account data of consumers and initiate payments via standardised digital interfaces.
"Open banking will mark a significant milestone in the development of Ukraine’s digital financial ecosystem," says Ihor Olekhov, Partner and head of Banking & Finance Practice in Kyiv at CMS, who authored an analysis of the regulation. "The regulation is set to usher in a host of new applications and services that are now common in many European Union nations but aren't yet possible in Ukraine."
The regulation can open opportunities in Ukraine for licensed fintechs, budgeting apps, or loan platforms—and allow those service providers to initiate payments on behalf of willing customers. This could open the way to personalized, and competitive financial products—such as tailored loan offers, all-in-one account dashboards, and smarter budgeting tools.
Real-time data access, strong authentication
Open banking, already widely adopted across the European Union, allows third-party providers to access account information or initiate transactions via standardized digital interfaces, known as APIs, with user permission. Ukraine’s draft regulation follows this model and stems from the “On Payment Services” law enacted in 2022, which brought the country’s financial legislation closer to European Union standards.
In the EU, it has enabled a new generation of financial services—from budgeting apps that consolidate account data across banks, to lenders that use real-time banking data for faster, more personalized credit decisions. Other tools automate savings based on spending patterns, while payment services let users pay merchants directly from their bank accounts, bypassing card networks and reducing fees.
Under the Ukrainian draft legislation, banks and non-bank payment service providers will be required to ensure real-time data access, strong authentication, and secure infrastructure. Customers will be able to manage their consent remotely and withdraw it at any time; for account information services, consent can last up to 180 days.
The regulation also imposes obligations on both banks and third parties, including data storage for five years, fraud monitoring, user complaint procedures, and mandatory reporting to the National Bank of Ukraine.
The central bank says the measure will support Ukraine’s digital transformation and align its financial sector with EU best practices. CMS is coordinating stakeholder feedback ahead of final approval.
For further details, contact CMS at: Ihor.Olekhov@cms-cmno.com
After call with Putin, Trump says Ukraine and Russia to start ceasefire talks 'immediately'
Following his two-hour call with Russian leader Vladimir Putin on Monday, US President Donald Trump said that negotiations between Russia and Ukraine will start "immediately."
"Russia and Ukraine will immediately start negotiations toward a Ceasefire and, more importantly, an END to the War. The conditions for that will be negotiated between the two parties, as it can only be, because they know details of a negotiation that nobody else would be aware of," Trump wrote in a post on Truth Social.
Trump also said he shared the plan for talks with Ukrainian President Volodymyr Zelensky and the leaders of the EU, France, Italy, Germany, and Finland during a group call after his conversation with Putin.
After speaking to Trump, Putin stated the conversation was "very informative and very frank."
"We agreed with the President of the United States that Russia will propose and is ready to work with the Ukrainian side on a memorandum regarding a possible future peace treaty defining a number of positions, such as, for example, principles of settlement, the timing of a possible peace agreement, and so on, including a possible ceasefire for a certain period if appropriate agreements are reached," Putin said.
The Russian president also said that contacts between the participants of the meeting in Istanbul have resumed, "and this gives reason to believe that we are generally on the right track."
Zelensky wrote on X that he had spoken to Trump two times on Monday - bilaterally, before Trump's call with Putin, and after the call, when he was joined by other European leaders. "At the beginning of our bilateral conversation, I reaffirmed to President Trump that Ukraine is ready for a full and unconditional ceasefire … I also reiterated that Ukraine is ready for direct negotiations with Russia in any format that brings results," Zelensky wrote.
Ukraine and Russia's negotiating teams met for the first time in over three years in Istanbul on Friday, but failed to reach an agreement on a ceasefire.
The negotiations resulted in an agreement to soon exchange 1,000 prisoners of war each and to resume negotiations after both sides outlined their visions for a future ceasefire.
EC cuts forecast for Ukraine's 2025 GDP growth to 2% from 2.8%
The European Commission has lowered its forecast for Ukraine's economic growth to 2% from 2.8% it projected in November, citing the impact of the war on the country's productive capacity and business sentiment.
Exports are expected to decline due to weak industrial output and the closure of the Pokrovsk coal mine, with agricultural exports also falling after a poor 2024 harvest, the Commission said on Monday in its Spring 2025 Economic Forecast report.
Meanwhile, imports will stay high because of strong demand for energy, coal, and materials for defense and reconstruction. This will drag down GDP growth. Domestic demand, however, should stay strong, supported by defense spending, reconstruction efforts, and steady, but slower, growth in consumer spending despite high inflation, as per the report.
The EC also said that it now expects Ukraine's real GDP growth to accelerate to 4.7% in 2026, down from 5.9% it projected in November, under the assumption that conditions for a gradual increase in early reconstruction efforts will be in place from the start of the year.
"The recovery is expected to be driven by rising reconstruction investment, easing export bottlenecks, and improving economic confidence, which should outweigh the dampening effect of a gradual decline in defence-related spending," the Commission stated.
The EC cautioned that the outlook is very uncertain, with more risks than opportunities. If the security situation worsens, it could lead to more damage to key infrastructure, block exports by sea, and cause more labor shortages due to mobilization and people leaving the country. On the positive side, if security improves faster, reconstruction could move ahead more quickly and on a larger scale.
According to the Commission, Ukraine's economy grew by 2.9% in 2024.
Earlier this month, the European Bank for Reconstruction and Development (EBRD) also cut its 2025 GDP growth projection for Ukraine, to 3.3% from a previously forecast 3.5%. The lender, however, kept its forecast for Ukraine's economic growth in 2026 at 5%.
Deal on installing small modular reactors at Chernobyl Exclusion Zone expected soon, says Ukraine's agency head
The State Agency of Ukraine for the Management of the Exclusion Zone and the state-owned operator of Ukraine's nuclear power plants, Energoatom, are expected to soon sign a deal to start installing small modular reactors at Chernobyl Exclusion Zone, said the head of the agency, Hryhoriy Ishchenko.
"This is part of the program, which, I hope, will be implemented in Ukraine," Ishchenko stated in an interview published by Interfax Ukraine on Monday.
Ishchenko also noted that his agency is ready to allocate land plots at the Exclusion Zone to Energoatom for the placement of small modular reactors.
In September 2023, Energoatom and the US company Westinghouse signed a memorandum on the possibility of introducing small modular reactors AP-300 in Ukraine, Energoatom noted in a press release in November.
The same year, Energoatom received a list of 18 sites in Ukraine from state-run energy transmission system operator Ukrenergo where small modular reactors can be deployed to replace outdated or damaged power units at thermal power plants.
Last year, Ukraine and the US launched three project partnerships under the Foundational Infrastructure for the Responsible Use of Small Modular Reactor Technology (FIRST) program, worth a combined $30 million.
In Ukraine, nuclear material can only be owned and used by the state. The government sees developing small modular reactor technology as a key part of the country's post-war recovery, helping to boost energy security and cut carbon emissions.
Korean asphalt concrete maker SG, Ukraine's restoration agency sign memorandum on cooperation
South Korean asphalt concrete manufacturer SG and the State Agency for Restoration and Infrastructure Development of Ukraine have signed a memorandum of cooperation.
The focus of cooperation with SG will be road construction using EcoSteel Ascon technology, which increases the durability of the roadbed through the use of slag, the agency said in a press release on Monday.
The agency plans to exchange technologies and implement joint projects, including work on highways such as R-55 in Odesa and Mykolaiv regions, as per the statement.
South Korea's POSCO International Corporation and SG first presented to Ukraine in January the new technology for laying asphalt pavement, which has been used in Korea for over 10 years, Ukrainian online outlet Prakmatika reported at the time.
EU commits €36.8 million to support UN Refugee Agency in Ukraine
The European Union (EU) has committed €36.8 million to support the operations of the UN Refugee Agency (UNHCR) in Ukraine from July 2025 through December 2026.
Since the start of the year, Ukraine has seen a sharp rise in Russian aerial attacks on major cities, causing civilian casualties and widespread damage to homes, schools, and hospitals, the EU Delegation in Ukraine said in a press release on Monday.
Civilian deaths and injuries in March were 70% higher than a year ago, according to the UN. In response, UNHCR is delivering emergency aid, repairing homes, supporting displaced people in collective sites, and providing psychosocial support.
In 2025, UNHCR plans to provide 2.7 million multi-sectoral services to people in need, depending on available funding, as per the statement.
Since Russia's full-scale invasion in February 2022, the EU has strongly supported UNHCR's aid efforts in Ukraine, contributing €166.2 million in the period, including extra funds for winter help. It also gave €26.2 million to support Ukrainian refugees in Moldova.
ECFR: EU should take a lesson from Ukraine on emergency reconstruction
The European Union should take a lesson from Ukraine's approach toward rebuilding and update its rules to better help Kyiv and others in future emergencies, Mustafa Nayyem, former deputy minister of infrastructure of Ukraine, wrote in an op-ed for the European Council on Foreign Relations (ECFR).
Over three years of war, Ukraine has developed a fast, flexible model of emergency reconstruction, enabling it to mobilize resources within weeks and respond quickly to Russian attacks. In contrast, the EU's procedures lag behind Ukraine's in speed and effectiveness, Nayyem argued.
Counteroffensive.News: War could drive Ukraine to rebuild beyond the Soviet era architecture
Despite destruction, Ukraine now has a chance to leave behind the Soviet legacy in urban planning through the post-war rebuilding, Mariana Lastovyria, Artem Moskalenko, and Tim Mak, reporters with the Counteroffensive.News, wrote in an op-ed.
This is a chance to build safer, more livable cities and leave behind outdated Soviet-era traditions, embracing modern urban standards, they argued, noting that the buildings from the Soviet period are not only outdated for modern life but also unfit for wartime conditions.
Ukraine's organic exporters target growth in 2025, but stick with familiar products and markets, study finds
Ukraine's organic producers are poised to expand their export footprint in 2025, with over half planning to enter new markets, but most are doing so with existing products and targeting familiar destinations in Europe and North America, according to a study by Ukraine's Organic Initiative Public Association in cooperation with the MZ HUB research agency.
The study, based on a survey of 91 out of about 150 organic exporters in Ukraine, found that 54% of companies intend to grow their export presence this year. However, only 12% plan to introduce new products. France, the US, Switzerland, and Canada top the list of new target markets, while existing main export markets like Germany, Poland, and the Netherlands are expected to remain key destinations.
The product mix reflects this continuity. Berries, particularly frozen blueberries, were the most commonly exported item in 2024, followed by soybeans, cereals, and medicinal herbs. Most exporters rely on supply chains led by foreign traders and processors, with only 10% working directly with retail or wholesale chains abroad.
Exporters cited several reasons for market expansion, led by the need to increase production volumes (57%) and develop in-house processing capacity (37%).
When asked about their goals in foreign markets they plan to expand to, nearly 90% of companies said they aim to boost exports of existing products, while 45% also seek higher prices and stronger brand recognition abroad.
Ukraine's organic sector continues to face persistent obstacles, especially in logistics. Border issues with Poland were identified as the top problem by 60% of respondents, while 32% mentioned the rising cost of raw materials and customs hurdles.
To support successful exporting, 71% of companies indicated a need for financial assistance in the form of grants or loans. Participation in trade fairs was also a priority for over half of the respondents. Exporters additionally sought help with market analysis, logistics, staff training, and networking opportunities through B2B events and matchmaking tours.
The researchers caution that the sector's focus on scaling existing exports rather than pursuing innovation could limit long-term competitiveness. They recommend programs that promote product diversification, value-added processing, and niche market development.
Social Media Posts
IMF begins eighth review of Ukraine program
The Ministry of Finance announced on LinkedIn that the International Monetary Fund has begun its eighth review of the Extended Fund Facility (EFF) program with Ukraine today.
Key topics to be covered by the review include:
➖ Measures to mobilize domestic budget revenues;
➖ Public debt management;
➖ The Budget Declaration for 2026–2028;
➖ Public Investment Management reform.
Government services must look like ChatGPT
Valeriya Ionan, Deputy Minister for Eurointegration at the Ministry of Digital Transformation, posted that the government plans to engage AI in innovations in crisis response, efficiency, 'voice-first government' and other areas.
Under 'voice-first government,' she wrote, citing Minister Mykhailo Fedorov, that "Within half a year, Diia will become a chat. You'll be able to simply write: 'Send me income certificate for 2023,' and the system will automatically generate and send the document."
Claims for destroyed non-residential property now accepted
Markiyan Kliuchkovskyi, executive director of the Register of Damage Caused by the Aggression of the Russian Federation Against Ukraine (RD4U), announced that the register is now accepting claims for people with destroyed non-residential real estate.
"These are personal assets — garages, parking places, storage units, service premises, workshops, office or commercial spaces, and other non-residential structures, structures built over years, used for work, storage, or supporting families — that have been destroyed or damaged by Russia's aggression against Ukraine," he wrote.
Training for EU accession talks
Swedish non-profit Raoul Wallenberg Institute announced the launch a an initiative, with Swedish government support, meant to help Ukraine negotiate its accession to the European Union.
The initiative, called CORE – EU Chapter 23: Co-Owned Rights Expertise for Ukraine’s Accession to the EU, offers the Ukrainian Ministry of Justice "strategic support, hands-on expertise, and practical training," the institute sauid.
URN Daily: Sense Bank and Ukrgasbank for sale? And US seeks to cancel $4.7 billion of Ukraine's debt
