Latest news with #YaroslavZheleznyak
Arabian Post
3 days ago
- Business
- Arabian Post
Ukraine Eyes Crypto Inclusion in National Reserves
Kyiv's parliament has introduced draft Bill 13356, empowering the National Bank of Ukraine to incorporate virtual assets—primarily Bitcoin—into its official gold and foreign-exchange reserves. The legislation would not compel the central bank to adopt such assets, but merely grant it the legal framework to do so. Lead author Yaroslav Zheleznyak, first deputy chair of the Rada's Finance Committee, highlighted that the bank would retain full discretion over timing, volume, and methodology of any crypto acquisitions. He described the measure as a pivotal move to 'integrate Ukraine into global financial innovations' and bolster macroeconomic resilience while catalysing the digital economy. Ukraine currently holds approximately 46,351 BTC—valued at over $5 billion—though these holdings originate from asset seizures, donations, and fundraising during wartime, and remain under civil-servant control rather than central-bank custody. If passed, the law would permit the bank to transition some of those coins into officially recognised reserves. ADVERTISEMENT The proposal mirrors a broader trend: several nations are charting similar initiatives. The United States launched a Strategic Bitcoin Reserve under an executive order issued on 6 March by former President Trump, consolidating government‑owned cryptos into a national asset. Pakistan, Brazil and the Czech Republic are exploring mechanisms to incorporate digital assets into sovereign financial systems. El Salvador, which adopted Bitcoin as legal tender in 2021, holds over 6,000 BTC, while Bhutan maintains mining‑powered reserves worth around $750 million. Yet the move is not without detractors. Critics emphasise Bitcoin's volatility, liquidity constraints and concentration within corporate entities like MicroStrategy, which undermine its suitability as a stable reserve asset. The Swiss National Bank's governor, Martin Schlegel, reaffirmed this stance on 25 April in Bern, warning that crypto lacks the stability and liquidity required for central‑bank reserve portfolios. ECB President Christine Lagarde has echoed similar concerns, stating that digital assets do not meet the criteria for eurozone reserve holdings. Proponents argue that strategic inclusion could buffer Ukraine against inflation and currency devaluation, offering rapid, secure transferability unmatched by physical assets. Zheleznyak's Telegram statement emphasised that implementation would be fully at the central bank's professional discretion. Operationalising the proposal will require establishing robust legal and procedural frameworks: anti‑money‑laundering protocols, cybersecurity safeguards, digital custody infrastructure, and accounting mechanisms. Banking analysts suggest that careful integration and risk management will be essential to balance innovation with financial stability. Ukraine's draft arrives amid growing global debate on digital money. Central bank digital currencies are being piloted worldwide, such as Turkey's digital lira, China's e‑renminbi, and Nigeria's e‑Naira. Meanwhile, debates continue over whether public‑sector balance sheets should venture into decentralised finance or maintain traditional gold‑forex portfolios. As parliamentarians prepare to debate Bill 13356, attention will turn to amendments that might specify asset types, risk parameters, and accounting standards—or narrow discretionary power for the central bank. The legislation must also align with IMF frameworks and comply with anti‑money‑laundering regulations.
Yahoo
3 days ago
- Business
- Yahoo
Ukrainian Lawmakers Submit Bill for Creation of Crypto Reserve
Ukrainian lawmakers have taken the first step towards the creation of a crypto reserve. A group of eight deputies of Ukraine's parliament, the Verkhovna Rada, submitted a bill which would authorize the country's National Bank to include "virtual assets in the gold and foreign exchange reserves," on Tuesday. The bill's principal sponsor is Yaroslav Zheleznyak, who serves as first deputy chairman of the Committee on Finance, Tax and Customs Policy. Zheleznyak described the bill as a "step [to] integrate Ukraine into global financial innovations," in a post on Telegram. "Proper management of crypto reserves will help strengthen macroeconomic stability and create new opportunities for the development of the digital economy," he added. Zheleznyak noted however that if it became law, the policy would not demand the central bank create a crypto reserve, merely that it would have the option of doing so. Ukraine already holds 46,351 bitcoin BTC, worth over $5 billion, a figure which only the U.S., China and the U.K. surpass, according to data tracked by BiTBO. However, reports from 2021 say this is all held by civil servants and other officials, as opposed to being held in government coffers. Countries planning on building cryptocurrency reserves are not new, with the U.S. being the most prevalent. Pakistan's government revealed similar plans for a strategic BTC reserve at the end of last month.
Russia Today
22-05-2025
- Business
- Russia Today
Ukraine wants fixed percentage of EU's GDP
Ukraine has proposed that EU member states allocate a fixed portion of their GDP to fund the country's armed forces. The bloc's leaders have pledged continued military support for Kiev despite a policy change by US President Donald Trump, who aims to mediate a truce. Finance Minister Sergey Marchenko outlined the proposal during this week's G7 finance ministers meeting in Canada, according to a Facebook post published on Thursday. 'What we are proposing is partner participation in funding Ukraine's Armed Forces, which would effectively integrate them into Europe's defense structure,' he wrote. Marchenko added that the cost 'would represent only a small share of the EU's GDP' and could be distributed among countries willing to join the initiative. Kiev wants to launch the new scheme in 2026, with contributions counted toward NATO defense spending targets. Marchenko's appeal comes as Ukraine struggles with rising fiscal pressure and an uncertain outlook on foreign assistance. On Tuesday, MP Yaroslav Zheleznyak said the country's 2025 budget includes a shortfall of 400–500 billion hryvnias ($9.6–12 billion) for financing its armed forces. Fellow lawmaker Nina Yuzhanina warned that military support was at a critical level and called for sweeping domestic budget cuts to redirect resources. Ukraine's mounting debt has also raised alarm. Total state debt is approaching $171 billion, with public debt nearing 100% of GDP. Earlier this month, Marchenko said the country would be unable to repay foreign creditors for the next 30 years but intends to continue borrowing. Since the escalation of the conflict with Russia in 2022, Ukraine has received billions in military, financial, and humanitarian aid and loans from the US, the EU, and other donors. Brussels' approach has drawn criticism from some EU member states, including Hungary and Slovakia. The US, Ukraine's largest donor, has moved to recoup its financial aid to Ukraine by signing a natural resources deal with Kiev. The agreement, pushed by Trump, grants the US preferential access to Ukrainian mineral resources without providing security guarantees. Trump, who has repeatedly called for a swift resolution to the conflict, has pledged to mediate a truce rather than expand military support. Ukrainian lawmakers have warned that the military aid package approved under former President Joe Biden will run out by summer, and no talks on further US deliveries are currently underway. Russia has consistently condemned Western arms shipments to Ukraine, declaring that they will only prolong the conflict without changing its outcome, while also being an additional economic burden for ordinary taxpayers.
Belfast Telegraph
08-05-2025
- Politics
- Belfast Telegraph
Ukraine and Russia both report attacks on first day of Moscow-declared ceasefire
It came as Ukraine's parliament unanimously approved a landmark minerals deal with the US. The ratification is a key step in setting the deal in motion. It would allow Washington access to Ukraine's largely untapped minerals, deepen strategic ties and create a joint investment fund with the US for the reconstruction of Ukraine. Parliament approved the agreement with 338 members voting in favour, Ukrainian politician Yaroslav Zheleznyak wrote on his Telegram account. No politician voted against it or abstained. 'This document is not merely a legal construct, it is the foundation of a new model of interaction with a key strategic partner,' Ukrainian economy minister Yulia Svyrydenko wrote on X. Russian bombs, meanwhile, struck north-east Ukraine in the opening hours of the ceasefire, killing at least one civilian, Ukrainian officials said. Artillery assaults took place across the 620-mile front line, although with less intensity than in the previous 24 hours, officials said. The ceasefire coincides with Russia's biggest secular holiday, the 80th anniversary of victory over Nazi Germany. Kyiv has pressed for a longer-term ceasefire. On Thursday Mr Putin welcomed Chinese President Xi Jinping to the Kremlin. Mr Xi, who Mr Putin earlier described as 'our main guest' at Friday's Victory Day festivities, arrived in Russia on Wednesday for a four-day visit. Ukrainian foreign minister Andrii Sybiha accused Russia of violating its own ceasefire 734 times between midnight and midday on Thursday. He called the ceasefire a 'farce' on social media platform X. He said Russia carried out 63 assault operations along the front line, 23 of which were still ongoing as of midday. Ukraine 'responds appropriately' and is actively sharing information about the attacks with the US, the European Union and others. 'We will not let Putin fool anyone when he does not even keep his own word,' Mr Sybiha said. Russian attacks also took place near Chasiv Yar in the Donetsk region on Thursday morning, a press officer for Ukraine's 24th Mechanised Brigade, Oleh Petrasiuk, told the Associated Press. One person died and two were wounded when Russian forces dropped guided air bombs on residential areas near the border in the north-east region of Sumy, the regional prosecutor's office said. Large-scale missile and drone attacks, which have been a near-daily occurrence in Ukraine in recent weeks, were not recorded since 8.30pm on Wednesday, Ukraine's air force said. Ukrainian President Volodymyr Zelensky had previously cast doubt on the ceasefire, calling it 'manipulation' as US-led peace efforts stalled. 'For some reason, everyone is supposed to wait until May 8 before ceasing fire – just to provide Putin with silence for his parade,' Mr Zelensky said. In March, the United States proposed a 30-day truce in the war, which Ukraine accepted, but the Kremlin has held out for ceasefire terms more to its liking. Russia's Defence Ministry meanwhile accused Ukrainian forces of attacking its positions and said its forces would continue to 'mirror' Ukraine's actions during the Kremlin's ceasefire. The regions of Belgorod, Lipetsk, Orenburg, Ryazan and Tambov came under a drone threat alert overnight, but there were no reports of any drones being shot down or intercepted. Russia's civil aviation authority, Rosaviatsia, also briefly imposed restrictions on flights to and from the airport in Nizhny Novgorod. In welcoming Mr Xi, Mr Putin said that 'the brotherhood of arms between our peoples, which developed during the harsh war years, is one of the fundamental foundations of modern Russian-Chinese relations of comprehensive partnership and strategic co-operation'. He added that Moscow and Beijing were developing ties 'for the benefit of the peoples of both countries and not against anyone'. Mr Xi, in turn, said that 'history and reality have fully proved that the continuous development and deepening of China-Russia relations is a necessity for the friendship between the two peoples from generation to generation.' He also called for safeguarding 'international fairness and justice'. Mr Putin and Mr Xi have met more than 40 times and developed strong personal ties that bolstered the countries' 'strategic partnership' as both face tensions with the West. China has offered robust diplomatic support to Moscow after its full-scale invasion of Ukraine in 2022 and has emerged as a top market for Russian oil and gas, helping fill the Kremlin's war coffers. Russia has relied on China as the main source of machinery and electronics to keep its military machine running after western sanctions curtailed high-tech supplies.
Toronto Sun
08-05-2025
- Politics
- Toronto Sun
Russia and Ukraine report attacks despite Moscow-declared truce as Kyiv ratifies minerals deal
Published May 08, 2025 • 3 minute read In this photo provided by the Ukrainian Emergency Services on May 8, 2025, a rescue worker puts out a fire of a building which was heavily damaged by a Russian strike in Sumy region, Ukraine. Photo by Ukrainian Emergency Service via AP / AP KYIV, Ukraine — Russia and Ukraine both reported attacks on their forces on the first day of a 72-hour ceasefire called by Russian President Vladimir Putin, while Ukraine's parliament unanimously approved a landmark minerals deal with the U.S.. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account The ratification is a key step in setting the deal in motion. It would allow Washington access to Ukraine's largely untapped minerals, deepen strategic ties and create a joint investment fund with the U.S. for the reconstruction of Ukraine. Parliament approved the agreement with 338 members voting in favour out of the required 226 votes, Ukrainian lawmaker Yaroslav Zheleznyak wrote on his Telegram account. No lawmaker voted against it or abstained. 'This document is not merely a legal construct, it is the foundation of a new model of interaction with a key strategic partner,' Ukrainian Economy Minister Yuliia Svyrydenko wrote on X. Russian bombs meanwhile struck northeast Ukraine in the opening hours of Moscow's unilateral ceasefire, killing at least one civilian, Ukrainian officials said. Artillery assaults took place across the 1,000-kilometre front line, although with less intensity than in the previous 24 hours, officials said. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. The ceasefire coincides with Russia's biggest secular holiday, the 80th anniversary of victory over Nazi Germany. Kyiv has pressed for a longer-term ceasefire. Putin on Thursday welcomed Chinese President Xi Jinping in the Kremlin. Xi, who Putin earlier described as 'our main guest' at Friday's Victory Day festivities, arrived in Russia on Wednesday for a four-day visit. Both sides list attacks since the Moscow-declared truce Ukrainian Foreign Minister Andrii Sybiha accused Russia of violating its own ceasefire 734 times between midnight and midday Thursday. He called the ceasefire a 'farce' on the social media platform X. He said Russia carried out 63 assault operations along the front line, 23 of which were still ongoing as of midday. Ukraine 'responds appropriately' and is actively sharing information about the attacks with the U.S, the European Union and others. 'We will not let Putin fool anyone when he does not even keep his own word,' Sybiha said. This advertisement has not loaded yet, but your article continues below. Russian attacks also took place near Chasiv Yar in the Donetsk region on Thursday morning, a press officer of Ukraine's 24th Mechanised Brigade, Oleh Petrasiuk, told The Associated Press via phone. One person died and two were wounded when Russian forces dropped guided air bombs on residential areas near the border in the northeast Sumy region, the regional prosecutor's office said. Large-scale missile and drone attacks, which have been a near-daily occurrence in Ukraine in recent weeks, were not recorded since 8:30 p.m. Wednesday, Ukraine's air force said. Ukrainian President Volodymyr Zelenskyy had previously cast doubt on the ceasefire, calling it 'manipulation' as U.S.-led peace efforts stalled. 'For some reason, everyone is supposed to wait until May 8 before ceasing fire — just to provide Putin with silence for his parade,' Zelenskyy said. This advertisement has not loaded yet, but your article continues below. In March, the United States proposed a 30-day truce in the war, which Ukraine accepted, but the Kremlin has held out for ceasefire terms more to its liking. Russia's Defence Ministry meanwhile accused Ukrainian forces of attacking its positions and said its forces would continue to 'mirror' Ukraine's actions during the Kremlin's ceasefire. The regions of Belgorod, Lipetsk, Orenburg, Ryazan and Tambov came under a drone threat alert overnight, but there were no reports of any drones being shot down or intercepted. Russia's civil aviation authority Rosaviatsia also briefly imposed restrictions on flights to and from the airport in Nizhny Novgorod. Putin praises relations with Xi In welcoming Xi, Putin said that 'the brotherhood of arms between our peoples, which developed during the harsh war years, is one of the fundamental foundations of modern Russian-Chinese relations of comprehensive partnership and strategic cooperation.' This advertisement has not loaded yet, but your article continues below. He added that Moscow and Beijing were developing ties 'for the benefit of the peoples of both countries and not against anyone.' Xi, in turn, said that 'history and reality have fully proved that the continuous development and deepening of China-Russia relations is a necessity for the friendship between the two peoples from generation to generation.' He also called for safeguarding 'international fairness and justice.' Putin and Xi have met over 40 times and developed strong personal ties that bolstered the countries' 'strategic partnership' as both face tensions with the West. China has offered robust diplomatic support to Moscow after its 2022 full-scale invasion of Ukraine and has emerged as a top market for Russian oil and gas, helping fill the Kremlin's war coffers. Russia has relied on China as the main source of machinery and electronics to keep its military machine running after Western sanctions curtailed high-tech supplies. Sunshine Girls Editorial Cartoons Sunshine Girls Toronto Maple Leafs Canada
