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War damage and business relocation: Highlights on war in Ukraine as of March 17

Losses caused by the war and functioning of business: Highlights on the war as of March 17. Photo: Collage by The Page

Losses caused by the war and functioning of business: Highlights on the war as of March 17. Photo: Collage by The Page

The twenty-second day of the war against the Russian invaders continues in Ukraine. This day has been quite eventful for the field of business, politics, and economics. The Page has compiled a digest that will help you to know the situation in Ukraine.

The major developments of the day are:

  • postponement of Russia's default: The Ministry of Finance of the Russian Federation announced that it had executed a payment order for payments in the currency of coupon income in the amount of $117.2 million on two issues of Russian Eurobonds. According to the Fitch agency, if this had not happened, de facto the default process of the Russian Federation would have been launched. what does it mean — see the following link;
  • permission for the circulation of fuel of an environmental standard: the Ukrainian government allowed the introduction of Euro 3 and Euro 4 gasoline and diesel fuel and also simplified the customs procedures for supplying petroleum products;
  • experts’ assessment of damage caused to the infrastructure of Ukraine. The amount of losses reached $62.6 billion.


  • Ukraine has frozen electricity prices for the population amidst military aggression. The Ministry of Energy is inclined to maintain the current model of special obligations for the supply of the population in the electricity market.
  • Since the outbreak of hostilities, Ukrainians have withdrawn 35.5 billion UAH from hryvnia accounts. This level of banking system liquidity determines the retention of rates on interbank transactions at the level of the lower limit of rates on standing facilities of the NBU (9%) and a reduction in the demand of banks for NBU refinancing loans provided at a rate of 11%.
  • Danylo Hetmantsev, Chairman of the parliamentary Committee on Finance, Taxation and Customs Policy, suggests that the government and the military leadership of the country consider the possibility of seizing the property of business representatives who, under martial law, significantly and without a reason increase prices for accommodation services, transportation, and a number of goods.


  • The Czech government declared of not being able to accept Ukrainian refugees. Approximately 270,000 refugees from Ukraine have arrived in the Czech Republic, and the authorities are already running out of resources to accept everyone who wants to stay in the country without problems.
  • Slovakia is ready to transfer the Soviet-made S-300 system to Ukraine, but on the condition that the Slovak army gets a replacement, Slovak Defense Minister Jaroslav Naď said on Thursday.


  • More than 120 enterprises of various areas have decided to relocate to Zakarpattia. A specially created departament helps enterprises to restart their business in Zakarpattia. In the last few days, the authorities have already received 500 applications from enterprises, while 300 of them are in direct and stable communication.
  • There are still 17,000 companies operating in Ukraine, among the owners, founders, or ultimate beneficiaries of which there is at least one citizen or resident of Russia or Belarus. Given that the Verkhovna Rada adopted a special law on Russian property in Ukraine on March 3, 2022, these assets may be subject to forcible withdrawal.


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