Russian agression

In 2022–2023, when Russian aggression blocked most of Ukraine’s Black Sea ports, the small river ports of Izmail, Reni, and Ust-Dunaisk quietly became lifelines. Grain, metals, oil products — all rerouted through the Danube. Cargo volumes multiplied sixfold. But in 2024, things changed.With the reopening of the Black Sea corridor, cargo naturally shifted back.

Ukraine has introduced numerous reforms between 2014-2019, which support macro-financial sustainability of the country. As a result, even during COVID-19, Ukraine went stronger with debt-to-GDP ratio at about 50%, sound banking system, improved corporate governance and higher openness and transparency. This helped Ukraine to remain resilient since the beginning of full-scale invasion by Russia.

Millions of people and thousands of businesses in Ukraine remain without electricity every day due to damage to infrastructure damage caused by Russian shelling. For two months in a row, the Russian Federation has been launching rocket attacks on the civilian infrastructure of Ukraine every week. The target of this damage was the network of substations and transformers that provide electricity transmission from generating plants.

The metallurgical and metalworking industry has been one of the pillars of the Ukraine’s economy, but the war and the sea blockade are driving it into a deep crisis. In the industry, enterprises pessimistically assess their business activity and business climate; they continue to reduce production and exports.