Latest news with #UkraineGovernment


Daily Mail
07-07-2025
- Business
- Daily Mail
Miner Ferrexpo sees iron ore output plummet after Ukraine suspends VAT refunds
Ferrexpo has reported a massive slump in iron ore production following the Ukrainian Government's decision to suspend tax refunds for the firm. The mining company delivered 1.3 million tonnes of iron ore during the quarter ending March, compared to 2.1 million in the previous quarter, which was the highest amount since Russia's full-scale invasion of Ukraine in February 2022. Meanwhile, the Swiss-headquartered group's pellet output plunged by 39 per cent from more than 1.3 million tonnes to 821,882 tonnes. Ferrexpo has been forced to downsize its operations to one pelletising line and to reduce the production of high-grade concentrate due to the halting of VAT refunds and their negative impact on liquidity levels. The suspension follows sanctions imposed by President Volodomyr Zelensky on the oligarch Kostiantyn Zhevago, who controls a 49.5 per cent stake in Ferrexpo and was once dubbed 'Europe's youngest self-made billionaire'. Zhevago has been accused of embezzling funds from Finance & Credit Bank, which collapsed in 2015. He has denied all allegations. Ukraine's government attempted, but failed, to seize his stake in Ferrexpo's Poltava mine through the courts in 2023. In March, the Daily Mail reported that Ferrexpo would initiate international arbitration proceedings if Ukraine part-nationalised the site, which is Ferrexpo's largest iron ore mine. 'All efforts and representations are underway with the respective authorities and government bodies in Ukraine and internationally to try to resolve the VAT refund suspension,' said Lucio Genovese, interim executive chair of Ferrexpo. Ferrexpo noted on Monday that demand for its high-grade low-alumina concentrate from customers in China continued to be strong. The group's annual production volumes remain far below pre-2022 volumes due to the conflict in Ukraine disrupting export operations and many employees serving in the country's armed forces. Mark Crouch, market analyst for eToro, said: 'Ferrexpo has long been navigating treacherous terrain, but the war in Ukraine has brought unprecedented disruption.' However, he added: 'It's worth remembering that Ferrexpo has weathered severe downturns before. 'The company's shares have traded at significantly lower levels during prior crises, such as the 2008 financial meltdown and the 2015 commodities rout. 'For long-term investors with a high-risk appetite, this may be seen not as a crisis, but as yet another turbulent chapter in Ferrexpo's volatile history.' Ferrexpo shares were 0.7 per cent higher at 49.1p on late Monday afternoon, taking their losses to around 55 per cent since the year began.


LBCI
14-06-2025
- Politics
- LBCI
Ukraine hopes Israel-Iran crisis won't decrease military aid
Ukrainian President Volodymyr Zelensky said he hoped that the escalation between Israel and Iran would not result in a drop in military aid to Kyiv, according to remarks published on Saturday. "We would like to see aid to Ukraine not decrease because of this," he said. "Last time, this was a factor that slowed down aid to Ukraine." AFP


LBCI
02-06-2025
- General
- LBCI
Russia offered Ukraine partial '2-3 day' ceasefire: Top negotiator
Russia proposed a partial ceasefire of "two to three days" at talks with Ukraine in Istanbul on Monday, Moscow's top negotiator Vladimir Medinsky said. "We have proposed a specific ceasefire for two to three days in certain areas of the front line," Medinsky said, "so that commanders can collect the bodies of their soldiers." Ukraine is pushing for a full and unconditional ceasefire. AFP


Al Arabiya
29-05-2025
- General
- Al Arabiya
Kremlin says Ukraine has yet to answer Russian proposal for June 2 talks
The Kremlin said on Thursday it was still awaiting a response from Ukraine on Russia's proposal to hold the next round of peace talks in Istanbul on June 2 to begin discussions on draft memorandums for a peace accord. Previous talks on May 16 failed to reach an agreement on a ceasefire - which Moscow has said is impossible to achieve before certain conditions are met. Developing


Bloomberg
28-05-2025
- Business
- Bloomberg
Germany Agrees on €5 Billion in Fresh Military Aid to Ukraine
Germany agreed to provide €5 billion in fresh military aid to Ukraine, the Defense Ministry in Berlin said in a statement on Wednesday.