Ukraine Business Roundup — The foreign arms producer showing real results in Ukraine
For all the hype around foreign weapons producers setting up shop in Ukraine to help it fend off Russia's invasion, they have little to show for it.
With the exception of the Prague-domiciled conglomerate Colt CZ, which has set up assembly of its Bren 2 assault rifles inside Ukraine, reporter Kollen Post writes in his latest.
The Ukraine-assembled rifle — dubbed the 'Sich' for the center of life of the Ukrainian historical nomad-warrior Cossacks — offers swappable components for alternating between Soviet and NATO calibers.
Ondrej Bohac, head of public sector at Colt CZ, said that something in the 'upper tens of thousands' are already in Ukrainian hands and 'tens of thousands should be assembled (in Ukraine) this year.'
The company's ultimate goal is to 'get rid of Ukrainian dependence on Soviet weapons, like the AK-47, and not only on the weapons themselves but also on the ammunition, which is still produced mainly in Russia and Belarus,' Bohac told Post.
Ukraine does not seem close to running through its old stockpiles of ammunition, but as with the conversion from Soviet 122 and 152 mm artillery to NATO-standard 120 and 155 mm, the transition is a long-term Western turn.
Many international arms giants have announced plans to build their wares inside of Ukraine, ranging from Rheinmetall to Northrop Grumman to Baykar, but those projects have mostly stalled out, writes Post.
Colt CZ is one of the first to set up production, putting the firm in a relative frontier position. Its experience will be a bellwether for NATO-based weapons manufacturers expanding to Ukraine.
Read the full profile here.
Ukraine's Central Bank raised the key policy rate from 14.5% to 15.5% per annum from March 7, adding that it was ready to take further steps to curb growing inflation in the country.
The move marks the second raise of the key policy rate since the beginning of 2025. In late January, the central bank raised it from 13.5% to 14.5%.
Inflation reached its highest level in about 18 months in January as a result of a lower harvest, growing business costs, particularly energy, and continued Russian attacks. Price growth was expected to peak sometime in the middle of this year, but tense relations with the Donald Trump administration have soured expectations.
Pyshnyi also warned of increasing risks due to less favorable economic trends caused by "further geopolitical polarization of countries" and "the corresponding fragmentation of global trade."
After the Oval Office showdown a couple of weeks ago and the subsequent collapse of the minerals agreement, everyone in town is wondering what's up with the deal.
Some reports have suggested that in retaliation for an argument in the White House, Trump was negotiating for a 'better deal.' But multiple sources have told the Kyiv Independent that the details of the agreement haven't changed, and that it's more a matter of when the two sides will sign it — which remains unclear.
It could all hinge on this week's meetings in Saudi Arabia. Trump's Middle East envoy Steve Witkoff told Fox News that he was 'really hopeful' that President Volodymyr Zelensky would return to the U.S. to sign the deal in the near future.
Ukraine's government plans to spend $2.6 billion purchasing 4.5 million first-person-view (FPV) drones this year as part of a large-scale effort to equip its military with advanced technologies, the Defense Ministry said on March 10. Ukraine purchased 1.5 million drones in 2024, with 96% of spending going to Ukrainian producers.
A Since Russia launched its full-scale invasion of Ukraine, USAID has provided $2.6 billion in humanitarian aid, $5 billion in development assistance, and more than $30 billion in direct budget support to Kyiv. The agency funded school reconstruction, bomb shelters, critical energy repairs, and civil society initiatives.
A Russian attack on Ukraine's energy infrastructure overnight on March 7 forced Ukraine's largest private energy company DTEK to shut down one of its gas production facilities in Poltava Oblast. Meanwhile, DTEK is in talks with U.S. suppliers to bring more natural gas to Europe, Wall Street Journal reported.
Ukraine's largest state-owned energy company, Naftogaz, and Poland's petroleum refineries company, Orlen, have signed a contract for the supply of approximately 100 million cubic meters (mcm) of liquefied natural gas (LNG), Naftogaz announced on March 7. As Russia continues targeting Ukraine's energy infrastructure, domestic gas production has declined due to Russian strikes, forcing Ukraine to increase imports.
Ukraine has received 752 million pounds ($970 million) as the first installment of the U.K.'s contribution to the G7 loan covered by frozen Russian assets, Prime Minister Denys Shmyhal announced on March 7. "The funds will go towards strengthening Ukraine's defense capabilities," Shmyhal said on X.
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On top of their unique team set-up the Peaky Blinders have one more trick up their sleeve that sets their work above most. Often, bomb-dropping squads arm their Mavics with hand grenades or grenade launcher roads, but, seeing the need for a more effective munition, the unit collaborated with a local manufacturer to produce the gruesomely named Foot Crusher. Deceptively light but packed with hundreds of small metal balls, the bomb usually does enough damage to stop a Russian soldier in their tracks, even if the drop does not land a direct hit. Read also: 'He's mine' – How Ukraine's ace drone unit hunts Russian soldiers near Kupiansk As the day goes on, moments with the sound of a drone above — whether a Mavic, FPV, or larger fixed-wing drone — not present are few and far between. Most are friendly, but if there is any doubt, the team quickly drops what they are doing, grabbing their rifles and portable electronic warfare units to face down the enemy threat. Around 3 p.m. comes an attack from weapons that can not be shot down or evaded — glide bombs. The first group lands further away, but the second is aimed right at the treeline. 'Everyone in the trench!' yells Zalizniak, as the team ducks for cover, 'and don't forget to start recording!' The explosions — three of them — tear through the air and send ripples through the ground as the soldiers wait for the all clear. Taking shelter in a narrow trench, Artem 'Deputat,' who today is responsible for preparing the Foot Crushers, takes a moment to go over the videos recorded from the day's work so far. 'That's it, he's wounded for sure,' he says, watching the recording of a hit on a Russian soldier. This time, it's the handiwork of Dmytro 'Advokat' ('Lawyer' in Ukrainian), who was a lawyer in Kharkiv in civilian life and now continues to run a large volunteer operation alongside his service. '100% . Look, he froze — see?,' said Deputat, watching the playback. 'My hands are shaking from happiness.' After a successful hit, the team makes sure to save the video to post to their unit's social media accounts later. With their trademark flat caps, endearing back story, and proof of effective work, the Peaky Blinders have developed an unmistakable brand as a unit, recently launching an online merchandise store where anyone can buy hoodies and tee-shirts emblazoned with the unit's logo and pictures of the iconic Foot Crusher. As gruesome as they can be, videos of drone hits have become a key part of the information fabric of this war on both sides. This macabre collection of greatest hits fulfils several purposes: proof of the unit's effective work attracts donations for drones and supplies, gives a morale boost for viewers all over Ukraine, and shows the real fate of Russians who enlist to make a quick buck. 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'You see your comrades who are devoted to this task, and you realize that you're all focused on one shared, effective outcome that you're achieving together.' On the drive back to their base in Dnipropetrovsk Oblast, the team crosses open fields that will remain unplanted and unharvested this summer. Their vehicles are protected with electronic warfare devices for the short but deadly drive, but now, with the advent of unjammable Russian fiber optic drones, they always have to keep an eye out for hunters in the air. With Russian advances gaining pace across key sectors of the front line over May and into June, soldiers here have little faith in renewed attempts to reach at least a ceasefire through negotiations. Instead, said Deputat, groups like the Peaky Blinders see clearly that the only real efforts for peace are forged by their own hands, by stopping Russia here on the battlefield. 'In truth, I've come to understand one golden essence and truth: decisions aren't made back there in offices — they're made here, on the ground, locally,' he said, 'that's the objective truth of the modern world.' 'I want peace, but seeing the efforts made for the so-called resolution of the conflict, I don't see that peace.' You can watch the video version of this story here: Hi, this is Francis Farrell, the author of this piece. With the increasing saturation of drones in the sky, I can't say for sWe could just stay in Kyiv and report from there, but we go to the war regularly, to bring it back to you before it comes knocking on your door for real. We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
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