Brussels tells Kyiv to speed up reforms or risk billions
In a letter seen by the Kyiv Independent, EU Commissioner for enlargement Marta Kos outlined 11 reforms that Ukraine failed to complete by their respective deadlines throughout 2025.
Team
Luca Léry Moffat
Economics reporterLuca is the economics reporter for the Kyiv Independent. He was previously a research analyst at Bruegel, a Brussels-based economics think tank, where he worked on Russia and Ukraine, trade, industrial policy, and environmental policy. Luca also worked as a data analyst at Work-in-Data, a Geneva-based research center focused on global inequality, and as a research assistant at the Economic Policy Research Center in Kampala, Uganda. He holds a BA honors degree in economics and Russian from McGill University. Luca is originally from the UK.
Articles
Ukraine's parliamentary dysfunction, explained
Ukraine's parliament is in gridlock as relations have broken down between the legislative and executive branches of government.
The parliamentary crisis, as some have rushed to describe it, has been ignited by the President's Office's weakening influence over the legislature and a lack of communication between parliament and the Cabinet of Prime Minister Yulia Svyrydenko, lawmakers and analysts have told the Kyiv Independent.
"(Svyrydenko) works only with the President's Office and does not wo
How a London-listed fund could open global capital to Ukrainian companies
A new investment fund launched on the London Stock Exchange could help bring more money to Ukrainian companies battered by Russia's four-year-old invasion.
Ukrainian-born OnlyFans owner dies at 43
Ukrainian-born OnlyFans owner Leonid Radvinsky has died aged 43 after a long battle with cancer, the company said on March 23.
Ukraine edges closer to budget oblivion as Orban refuses to budge on 90-billion loan
Hungarian Prime Minister Viktor Orban continued to oppose a 90-billion-euro loan to Ukraine at a gathering of European leaders in Brussels today, according to two EU diplomats familiar with today's discussions.
From Washington to Kyiv, central banks hold rates as Iran war sends oil prices soaring
Ukraine's central bank kept its key rate unchanged at 15% on March 19, as an unexpected bump in inflation and war in the Middle East cause the bank to err on the side of caution.
Why Ukraine could start losing Western aid for the first time
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Billions in urgently needed financing to Ukraine are at risk as a deepening political crisis jeopardizes access to aid — all while Hungary continues to block a separate financial lifeline.
Ukraine has so far failed to implement reforms needed to unlock almost $4 billion in World Bank and EU loans, putting it on track to permanently lose access to some earmarked funds for the first tim
It's official — Ukraine has a new bank
Ukraine will have a new bank on its books as of tomorrow, after Estonian fintech Iute Group finalized its entry into the market on March 16 — the first foreign bank to enter the country's competitive banking sector since 2021.
Representatives from Iute and Ukraine's Deposit Guarantee Fund announced on Monday at a press conference in Kyiv that Ukraine's central bank had approved the sale, paving the way for the bank to begin operations tomorrow.
Iute purchased a bridge bank from Ukraine's guara
Exclusive: Ukraine has few options if Hungary keeps EU funding frozen
A top Ukrainian official said there was no "reliable alternative option" beyond the spring to keep Kyiv's finances afloat.
What Trump's 'jackpot for Putin' move on Russian oil sanctions means
The United States issued a temporary license on March 12 allowing countries to purchase Russian oil currently stranded at sea in an effort to stabilize global energy prices, the U.S. Treasury Department announced.
The decision marks a major shift in Washington's sanctions enforcement strategy.
Washington had previously framed potential sanctions relief as leverage to push Russia toward concessions in negotiations to end its full-scale war against Ukraine.
Now, however, the geopolitical shock
Swiss ruling strengthens Ukraine’s push to extract billions from Russia's Gazprom
Ukraine's state-owned oil and gas giant Naftogaz won a case against Russia's Gazprom in a Swiss court, paving the way for the Russian company to pay more than $1.4 billion in debt.
'Russian barrels are in demand' — Oil price spike boosts Russia's economy
The Iran war could be a boon for Russia, experts say, as turmoil in global energy markets changes the calculus for the world's largest petrostate.
January and February this year were bleak on the fiscal front for Russia, as low oil prices, a looming global oil glut, and compounding sanctions tightened the screws on Russia's energy sector. The country relies in large part on its colossal oil and gas revenues to fund its full-scale invasion of Ukraine — now in its fifth year.
But energy prices h
'I don’t remember prices rising this fast' — Soaring oil prices strain Ukraine’s war economy
The Iran war is hitting Ukrainians at the pump, as rising global energy prices ripple through the war-battered economy that is only just emerging from an energy crisis and significant bout of inflation.
Diesel prices hit $1.64 a liter on March 9, according to Ukrainian fuel market analyst group A-95 Consulting, a 16% climb compared with one month prior. Petrol prices rose by 12% in the same period.
"I’ve been working in this market for 25 years, and I don’t remember prices rising this fast," S
'Tinder for the labor market' — How Ukraine is trying to fix a critical shortage
Since Dmytro Volynets studied mechanical engineering at university over a decade ago, he's worked in retail, call centers, and on a warehouse floor.
Unable to join the army due to a spine injury, the 35-year-old has struggled to find a coherent career path related to his studies — even as several industries offering high paying jobs face labor shortages.
In large part because of Russia's full-scale invasion, Volynets' story is typical right now in Ukraine — despite possessing some of the highe
Ukraine exports electricity for first time since last year
Ukrenergo told the Kyiv Independent that Ukraine resumed electricity exports on March 5 for the first time since November 2025.
