Group of Seven finance ministers once again condemned russia’s war in
Ukraine on the eve of its one-year mark and pledged to increase financial
support for Ukraine. G-7 finance ministers increased their budget to USD 39bn
and reaffirmed their “unwavering support for Ukraine,” calling russia’s
aggression “illegal, unjustifiable and unprovoked” in a statement issued last
week. The increase in funding will enable Ukraine to continue the delivery of
basic services and carry out critical repairs of damaged infrastructure apart
from stabilizing the economy. According to DTEK estimates, the country’s
energy industry suffered USD 6.8bn in losses during the year of the full-scale
war. Since February 24, 2022, the power system has survived 14 massive missile
attacks, 17 massive drone attacks, and 255 strikes on facilities. The company
emphasized that the russians were unable to disable Ukraine’s energy industry
with their attacks.
Despite certain positive signals from international partners regarding
the reconstruction of Ukraine, quotes for CentrEnergo (CEEN) and DonbasEnergo (DOEN)
continued to decrease due to the risks of uncontrolled bankruptcy of these
companies. The CEEN stock plunged by 25% last week to UAH 2.40 while from the
beginning of the year, the drop reached 40%.
Raiffeisen Bank (BAVL) was unchanged at 27 kopecks. In a recent
interview, Raiffeisen Bank Ukraine CEO Oleksandr Pisaruk noted that the bank
has formed UAH 9.5bn in reserves for credit risks. The bank’s total corporate
loan portfolio stands at UAH 65bn, therefore, in our opinion, the bank will be
forced to continue forming reserves to cover non-performing loans. The bank’s
retail loan portfolio amounted to UAH 6.8bn, and a reserve of UAH 2.3bn
has already been formed for the retail loan portfolio.
In Warsaw trading, Kernel (KER) gained by
5.6% to PLN 20.00 and Astarta (AST) rose by 4.5% to PLN 23.45.
POLITICS AND ECONOMICS
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The National Bank of Ukraine has
opened a special fundraising account to support the Armed Forces of Ukraine.
Please find more at the National Bank’s official website under the link below:
www.bank.gov.ua
full report
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