The 77th day of the war against the Russian invaders continues in Ukraine. On May 11, 2022, the Czech Republic recognized the actions of the Russian army on the territory of Ukraine as genocide of the Ukrainian people, the Russian Gazprom cut off gas in the Luhansk and Donetsk regions, and the U.S. House of Representatives approved assistance to Ukraine for more than $40 billion. has compiled news in the fields of business, politics, and economy that will help to learn more about the situation in the country that has been fighting for its right to exist for more than two months.
Top news on war as of May 11:
- Gazprom has cut off the natural gas transportation from the Russian Federation to the "Sokhranivka" point in addition to seizing the compressor station Novopsk in the Luhansk region. Sergiy Makogon, CEO of the Gas TSO of Ukraine, noted that the Russian authorities bear full responsibility for the humanitarian consequences of such steps.
- The U.S. House of Representatives approved more than $40 billion in aid to Ukraine after President Joe Biden had warned that funds to help Kyiv fend off a Russian invasion would run out in a few days. According to Reuters, 368 deputies voted for the bill, 57 against, with every 'no' vote coming from Republicans. The bill now heads to the Senate, which is expected to consider the aid package by week's end.
- The Senate of the Parliament of the Czech Republic on Wednesday voted for a resolution recognizing the actions of the Russian army on the territory of Ukraine as genocide of the Ukrainian people, Ukrainian Ambassador to the Czech Republic Yevhen Perebyinis said.
Top news on politics as of May 11
- The European Commission will present a legal initiative in two weeks to recognize evasion from EU sanctions against Russia in order to facilitate the confiscation of assets associated with Russia as crimes. Politico reports about this, citing two sources, according to Interfax-Ukraine.
- Czech President Miloš Zeman signed a decision on the consent of 103 citizens of the Czech Republic to join the Armed Forces of Ukraine, the representative of the Czech presidential office Jiří Ovčáček reported. He added that the decision of the President should be signed by the country's Prime Minister.
- British Ambassador to Ukraine Melinda Simmons visited Irpin. "I visited Irpin today.The town centre is a horror story of destruction by Russia. Homes, schools, kindergartens, clinics and shopping centres destroyed. I met residents still living in pitch dark cold basement shelters," Simmons tweeted on Wednesday.
Top news on economy as of May 11
- The Verkhovna Rada Committee on Finance recommended that a new package of tax changes be adopted immediately. Its main provision is that the work of the electronic administration system (EAS) of VAT is fully resumed, so it will be possible to register tax invoices without any problems and move towards the resumption of VAT refund.
- A significant part of the grain stolen by Russian troops from Ukraine is located in the Mediterranean Sea on dry cargo ships under the Russian flag. The most likely country of destination for the cargo is Syria. From there, grain can be smuggled to other countries in the Middle East.
- During the period of May 1-11, 2022, Ukraine exported 299,000 tons of grain and leguminous crops, which is 2.2 times less compared to the same period in May 2021, the Ministry of Agrarian Policy reported. At the same time, it is specified that since the beginning of the 2021/2022 marketing year (MY, July-June) and as of May 11, the country has exported 46.17 million tons of grain and leguminous crops, which is 16.4% higher than the figures for the same date of the previous MY.
Top news on business as of May 11
- Kyiv Food Market resumes its work from May 14 in a pre-war format, its founder, restaurateur Alex Cooper, said. "From Saturday, Kyiv Food Market resumes its work with all formats that were before the war. We will work from 11:00 to 21:00," he wrote on Facebook. According to Cooper, since the fourth day of the war, the establishment has been cooking food for the Armed Forces of Ukraine and hospitals, in total 1.2 million servings have been prepared. This activity will be transferred to Cooper's restaurant Molodist, where they plan to cook 5,000 servings daily. In addition, the restaurant has an institution for pensioners called Palianytsia.
- The Silpo supermarket chain has reopened six stores in Kyiv and the region and plans to open several more outlets by the end of May. According to the press service of the chain, in the Kyiv region, the stores opened in Brovary, Vita-Poshtova, and Boryspil. In addition, two Thrash! stores have resumed work their in Irpin, and Fora is preparing to reopen as well.
- The European Bank for Reconstruction and Development (EBRD) will allow NPC Ukrenergo to change the purpose of the loan for 50 million euros for emergency liquidity support, and the European Fund for Sustainable Development will provide a guarantee to cover the first losses. "This support is part of the EUR 1 billion that the EBRD plans to implement in Ukraine this year in cooperation with donors and partners," the bank said in a press release on Wednesday.
- covered the combat losses of the Russian invaders as of May 11, 2022.