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Ukraine/May 2014

Due to recent events, Ukraine has experienced dramatic change in its political landscape. The country had an interim President, a new pro-Western government, and was hoping that the election of a new president on 25 May 2014 will help in the country’s long road towards stabilization and even improve the economic situation whist the political mayhem is still going strong. The Ukrainians elected the chocolate tycoon Petro Poroshenko as the new president, who has won with a powerful victory.

The political unrest in the country has resulted in serious economic problems and the new government is expected to take on a very difficult task. Ukraine’s long-standing problems in attracting foreign investment, have been magnified in light of the political instability and the prevailing economic uncertainty. Now Ukraine is in the stage of implementation of major economic adjustments and reforms that may restore macroeconomic balances and improve Ukraine’s its business environment. After long economic mismanagement, Ukraine now has the chance to undergo a leap in its economic development.

In addition, the first installment of a loan amounting to $17 billion was received from the International Monetary Fund and the European Union has also unveiled an 11.175 billion Euro (about $15.5 billion) aid package for Ukraine.

Looking at the sad picture of the current political and business climate in Ukraine, Eurofast has few options of protecting business and assets in both continental Ukraine and the recently annexed peninsula of Crimea.

Nadiya Omelchuk
nadiya.omelchuk@eurofast.eu
www.eurofast.eu