In the aftermath of the outbreak of the full-scale invasion of Ukraine, the European Union (EU) has been facing the consequences of its misguided policy decisions from decades ago. Doing ‘business as usual’ with Russia, a country whose values are fundamentally different from those of the Western nations’, is always dangerous and may seem reckless.  

According to media reports, the Ukrainian offensive is progressing slower than expected. However, there are many indications that the main phase of the offensive is still ahead of us, and the actions taken so far have only been rehearsals. The attacks are advancing towards the Sea of Azov in order to cut off Russian access to Crimea and divide the occupation zone into two parts.

“Keep your chin up” is the headline of the June issue of the New Monthly Enterprise Survey, a #NRES conducted by the Institute for Economic Research and Policy Consulting since May 2022. From June 15 to June 30, 2023, the heads of 530 enterprises located in 21 out of 27 regions of Ukraine answered questions about the current state of affairs at enterprises and their expectations for further business development.

Pál Szinyei Merse: The Balloon // public domain

A full-scale war became an existential challenge for the Ukrainian industry. Manufacturing enterprises have been forced to actively cut expenditures for innovation, shifting the focus from development to survival. At the same time, businesses see opportunities to restore innovative activity with the help of industry support programs, fiscal incentives, and other measures at the state level.

We are slowly but surely approaching the mark of a year and a half since Russia launched the full-scale invasion of Ukraine. During this time the necessity to track direct and indirect damage caused by it has become both a priority and an enormous challenge for numerous Ukrainian and international organizations. One thing is already clear – we will be doing the math long after the war is over.