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Russia became the largest investor in Ukraine in the first half of 2018, according to data released by Ukrstat on August 30.
Despite the de facto state of war between the two countries, their economies remain joined at the hip and business continues.
Russia invested $436mn into Ukraine 1H18, or 34.6% of the total $1.26bn of foreign investment – more than any other country, according to the State Statistics Service of Ukraine, Vedomosti reported.
Cyprus was the second-largest investor ($219mn), followed by the Netherlands ($208mn), Austria ($59mn), Poland ($54mn), France ($47mn) and Great Britain ($43.4mn).
The bulk of the money goes into banking and insurance ($750mn or 60%) as despite regulatory restrictions imposed by the National Bank of Ukraine (NBU) on Russian banks, they remain an important part of the local financial sector. Banking and insurance investments take the lion’s share followed by trade (10%), industry (8.2%) and IT (8%).
However, investment remains well below par, and the net inflow of funds to Ukraine in 1H18 was down by a third (31%) compared to the same period a year earlier, when $922mn was invested. Ukraine is badly in need of large-scale investment but the political uncertainty and the unstable economy has meant that investors – both Russian and especially foreign, have shied away.
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