Today's Contents
Just The Facts:
- Ukraine starts legal case to seize assets of Russian oil giant Tatneft
- Ukraine to merge First Investment Bank into Ukrposhta to create a postal bank
- South Korean heavy equipment maker HD Hyundai XiteSolution opens office in Ukraine
- Ukrainian companies spent a record $670 million to import electricity last year, DiXi says
- Spain announces €10 million in humanitarian aid during top diplomat's visit to Ukraine
Here's What They Think:
- CEPA: Czechia likely to swap pro-Ukraine government for Ukraine-skeptic leadership
- Kyiv Post: Davos discussions spotlight uncertainty over Trump's Ukraine policy and Europe's security
- Politico: Ukraine bets that Trump will grow frustrated with Putin
Sober Second Thought:
- Corruption remains major concern in Ukraine, but citizens more willing to report it, survey finds
Ukraine starts legal case to seize assets of Russian oil giant Tatneft
Ukraine initiated legal proceedings to enforce a sanction that would transfer the assets of Russian oil giant Tatneft to the Ukrainian state.
The lawsuit named over 20 individuals and companies linked to Tatneft, including the company's management head, Rustam Minnikhanov.
On Monday, the Ukrainian Ministry of Justice filed the lawsuit with the high Anti-Corruption Court to impose the sanction, the ministry said via Facebook. Tatneft is one of the largest industrial conglomerates in the Russian oil refining industry, the ministry stated.
Revenues from the company finance the Russian invasion of Ukraine, while directly fuelling the Russian military through TANECO oil refinery in Tatarstan, one of Tatneft's key assets.
"We continue to work systematically to deprive the sponsors of Russian aggression of any assets in Ukraine," the ministry said.
"The assets in question include corporate rights of enterprises operating gas station networks, oil depots, fuel stations, vehicles, and specialized equipment across Ukraine’s Kharkiv and Poltava oblasts, estimated to be worth around UAH 2 billion ($52 million)," said Ukraine's Deputy Justice Minister Inna Bohatykh commented, according to a New Voice of Ukraine report.
In June 2024, Ukraine's Antimonopoly Committee approved the transfer of Tatneft's assets to Ukraine's state-owned oil and gas company, Ukrnafta. The assets included 110 facilities, such as gas stations, oil depots, and other commercial properties in Poltava and Kharkiv.
Ukraine to merge First Investment Bank into Ukrposhta to create a postal bank
Ukrainian Prime Minister Denys Shmyhal said on Tuesday that the shares of local First Investment Bank, previously owned by Russian oligarchs, will be transferred to the national postal service Ukrposhta.
"In this way, we are creating a postal bank," Shmyhal said. "Ukrposhta has its branches in all parts of the country, so this will open up new opportunities for Ukrainians who do not use digital tools."
This decision is expected to save the state up to UAH 5 billion ($120 million) over the next 3-4 years, which will be allocated to priority budget items, according to a press release from the government.
Accessing assistance, social benefits, and ordering goods and medications will become more convenient, as all these services will be within walking distance, he added. Ukrposhta has about 27,000 service points across the country, according to the company's web page.
"The Ukrposhta network covers 100% of Ukraine, so the creation of Ukrposhtha Bank is an important step in overcoming financial isolation for thousands of Ukrainians," Ukrposhta said on Facebook "It is primarily about remote areas that are hard to reach (such as highlands) or close to the combat zone, and liberated territories."
In February 2023, the High Anti-Corruption Court of Ukraine confiscated 88.9% of the First Investment Bank shares which were owned by Russian oligarh Yevgeni Giner. The decision was made based on Ukrainian sanctions law.
Established in 1997, First Investment Bank offers a full range of banking services to private and corporate customers. It has over 30 branches in 11 Ukrainian regions.
South Korean heavy equipment maker HD Hyundai XiteSolution opens office in Ukraine
HD Hyundai XiteSolution, the Korea-based manufacturer of heavy machinery, has opened a representative office in Ukraine's capital, as part of a strategy to support Ukrainian economy.
During the opening ceremony, the company said it intends to participate in reconstruction projects and is exploring options for establishing production facilities in Ukraine for large-scale assembly of specific heavy construction equipment.
HD Hyundai XiteSolution intends to establish a customs and logistics hub for Hyundai construction equipment and products in western Ukraine, Ukraine's Ministry of Economy said in a press release.
The company also plans to set up three training centers to train operators and service personnel for heavy machinery. The first centers will be in Kyiv and Lviv regions.
The ceremony was attended by the company's management and representatives of the Ukrainian government, including Ukraine's Deputy Minister of Economy Andriy Telyupa.
"We urge international partners to invest now, as the first ones will get the best opportunities," said Telyupa. "The demand for construction and industrial equipment is high, and we appreciate HD Hyundai’s comprehensive approach: office, service, training, localization of production, cooperation with Ukrainian companies."
HD Hyundai Senior Vice President Moon Jae-Young said his company "strives to play a leading and key role, not limited to supplying equipment, but offering smart technologies and restoration strategies.Our goal is to contribute to the creation of a modern, innovative infrastructure that will become the basis for the future development of Ukraine."
HD Hyundai XiteSolution coordinates HD Hyundai Group's activities in heavy equipment, construction, and industrial machinery.
South Korean construction companies are increasingly anticipating an early end to the war and the start of Ukraine's reconstruction, following Donald Trump's reelection as US president, Business Korea reported in November.
"The domestic construction market recession has lasted longer than expected, so a new breakthrough is needed, and the Ukraine reconstruction project seems to be that breakthrough." an unnamed official of a South Korean construction company told Business Korea.
Ukrainian companies spent a record $670 million to import electricity last year, DiXi says
Ukrainian companies have spent a record $669.4 million to import electricity in 2024, according to think tank DiXi Group.
In 2024 alone, it has cost Ukrainian companies $2 million more than the amount spent in the preceding five years combined, according to the report. DiXi attributed the increase in spending to a sharp rise in the price of electricity.
"During 2023-2024, we had a negative foreign electricity trade balance. All because of the war that the terrorist state is waging against Ukraine, destroying our energy infrastructure," DiXi Group said via Facebook.
Ukraine's electricity import coasts soared to $81 million last year — eight times higher than 2023. Meanwhile, for the third consecutive year, the country has received no revenue from electricity exports, DiXi said.
Spain announces €10 million in humanitarian aid during top diplomat's visit to Ukraine
Spain's Minister of Foreign Affairs Jose Manuel Albares announced €10 million in humanitarian aid for Ukraine during his visit to Lviv on Tuesday.
This funding brings Spain's total humanitarian support to Kyiv to €100 million since the beginning of the Russian invasion. Spain has provided €400 million in reconstruction aid since the beginning of the war.
As part of the visit, Albares met with Ukrainian Foreign Minister Andrii Sybiha and UNESCO Director-General Audrey Azoulay. They established a cultural centre funded by the Spain-UNESCO Trust Fund for Development Cooperation, the Spanish ministry said in a press release.
The center was established with the aim of creating a space dedicated to culture as a contributor to peace and resilience in conflict and post-conflict settings. Ukraine's cultural scene has lost 90% of its resources due to the war, according to the Spanish ministry of foreign affairs, European Union, and cooperation.
Spain's commitments included non-financial support, as Madrid announced plans to send a Spanish team of medical trainers to Lviv hospital to provide trainings to health workers.
During the meeting Sybiha, Albares reiterated Spain's support for Ukraine's process of accession to the European Union. The process started during the Spanish Presidency of the EU.
From his side, Sybiha said: "I appreciate Spain’s commitment to providing further military and humanitarian support for Ukraine. We agreed on next steps to strengthen defence cooperation, expand bilateral partnership, and consolidate efforts for a just peace."
CEPA: Czechia likely to swap pro-Ukraine government for Ukraine-skeptic leadership
Czech Republic’s current pro-Ukraine government, led by Prime Minister Petr Fiala of ODS, is expected to lose power in the upcoming fall elections, and will be likely replaced by the populist ANO party and nationalist allies, according to an op-ed published by the Center for European Policy Analysis (CEPA).
The ANO party is reportedly aligned with pro-Russia and Ukraine-skeptical factions in Europe, and will likely scale back military aid to Ukraine once in power.
Kyiv Post: Davos discussions spotlight uncertainty over Trump's Ukraine policy and Europe's security
The 2025 World Economic Forum in Davos was dominated by discussions on US President Donald Trump and his potential impact on Russia's war in Ukraine, Anders Aslund wrote in an op-ed published by Kyiv Post.
Ukrainian President Volodymyr Zelensky emphasized the need for a stronger, more self-reliant Europe, while concerns grew over Trump's unpredictable foreign policy and its implications for NATO and Ukraine’s defense.
Politico: Ukraine bets that Trump will grow frustrated with Putin
Kyiv hopes US President Donald Trump will grow frustrated with Russian President Vladimir Putin's refusal to negotiate and ultimately back Ukraine, while Trump believes economic pressure can force Putin into a deal, according to an op-ed published by Politico.
Corruption remains major concern in Ukraine, but citizens more willing to report it, survey finds
Corruption continues to be perceived as one of the most serious challenges facing Ukraine, ranking second only to the ongoing war with Russia, according to a survey conducted by Ukraine's National Agency for Corruption Prevention.
The 2024 survey revealed that 79.4% of citizens viewed corruption as a "very serious problem," marking a 7.8 percentage-point increase from the previous year. Among business respondents, 76% also regarded corruption as very serious, reflecting growing concerns within the private sector. Notably, the public perception of corruption as widespread rose significantly, with 91.4% of citizens believing it to be prevalent, an increase from 87.9% in 2023.
Ukrainians are, however, becoming more proactive in reporting corruption, with one in ten citizens and one in six entrepreneurs having reported corruption incidents in 2024, according to the report. This marks a steady rise in anti-corruption activism, as reporting rates among businesses increased by 3.2 percentage points from 2023. The report notes that this growing willingness to report corruption is a significant development in fostering accountability.
The share of citizens willing to report corruption rose to 12.3% in 2024, up from 10.2% the previous year, while 17.2% of businesses reported corruption experiences to authorities, a 3.2 percentage-point increase from 2023. However, the survey noted that only 16.8% of the population felt adequately informed about legal protections for whistleblowers.
The study identified top-level political corruption as the most pressing issue, with 93.8% of respondents describing it as a serious or very serious problem. Business corruption followed, with 86.3% of the public and 78.5% of entrepreneurs identifying it as a significant concern. Grassroots, everyday corruption was rated as very serious by 73.3% of citizens, highlighting the multifaceted nature of the issue.
In terms of sectors, the judiciary, customs, and border control ranked as the most corrupt, according to public perception. The corruption perception index for the judicial system stood at 4.49 on a 5-point scale, followed by customs at 4.40 and border control at 4.26. Among businesses, customs led in corruption prevalence at 35.1%, followed by the utilities sector at 32.2%.
Anti-corruption reforms also emphasized improving transparency in high-risk sectors such as healthcare, construction, and law enforcement. Educational campaigns to help citizens and businesses better recognize and address corrupt practices were highlighted as a priority. The survey found that 76.6% of the population could correctly identify corruption in hypothetical scenarios, compared to 88.9% of entrepreneurs.
The report underscored the importance of continued EU-aligned reforms to combat corruption, particularly as Ukraine seeks greater integration with European institutions. The increase in public perception of corruption, it stated, reflects heightened media coverage and public scrutiny, especially in light of Ukraine's wartime challenges.
The survey was conducted between September and November 2024 using a nationwide sample of 2,488 citizens and 1,206 business representatives. It employed Computer-Assisted Personal and Telephone Interviews and adhered to a standardized methodology established in 2021, allowing for year-to-year comparisons. Findings are representative of areas under Ukrainian government control.
Social Media Posts
Targeted air raid alerts requested
The Ukraine-based European Business Association announced that it has asked senior Ukrainian government figures to consider implementing an air raid alert system that target more specific areas to minimize disruption of corporate operations.
"The current air raid alert system covers entire regions, which often causes unnecessary stoppages of enterprises, resulting in disruption of production plans and increased costs," the association said.
'Diplomatic' Help with Exports
UkraineInvest, the state investment promotion agency, promoted the new Nazovni international platform as "an important resource for supporting Ukrainian exporters in accessing global markets.
The platform, which aims to provide "diplomatic assistance' to help exporters find partners abroad, is run by the Ministry of Foreign Affairs of Ukraine and is available for Ukrainian producers or exporters of goods or services.
Credits for exports to UAE
ECA Ukraine, the government export credit agency that helps Ukrainian exporters place their products, posted on social media that Poland was the top destination of exports by the agency's clients last year, with 1.7 billion hryvnias of exports ($40.5 million).
The United Arab Emirates were next, at 860 million hryvnias, followed by Germany, at 623 million hryvnia and Slovakia, with 508 million hryvnia. The agency said its clients are also entering the Benelux countries, Switzerland, Australia, Finland, Belgium and other countries.
Subsidized Mortgages
Ievgen Metsger, CEO of the Ukrainian Financial Housing Company, which offers low-cost mortgage loans, said 15,068 families have bought a house with the help of the state's yeOselia mortgage program since the program was created 2.5 years ago.
🔹 Most loans were granted to military personnel and law enforcement officers - 8,224 loans at 3% per annum.
🔹3,334 loans were granted to Ukrainians who did not have their own housing (mortgage at 7% per annum).
🔹Among the participants: 1,252 teachers, 1,241 doctors, 369 IDPs, 328 veterans, and 320 scientists.
War and Sanctions
Ukrainian law firm Integrites promoted an article written by a senior associate outlining the key developments in Ukrainian sanctions policy in 2024, including the launch of the State Sanctions Register and major changes to the "War and Sanctions" portal that names sanctioned individuals.
URN Daily: Sense Bank and Ukrgasbank for sale? And US seeks to cancel $4.7 billion of Ukraine's debt
