Western Balkans citizens legally resident in EU equal to 14% of region’s population
International Ice Hockey Federation (IIHF) has stripped Belarus of the right to hold the World Championship this year
Alexei Navalny arrested on arrival as he returns home
LONG READ: The oligarch problem
Russia's National Welfare Fund accounts for almost 12% of GDP
Police arresting activists ahead of Saturday’s demonstration in support of Navalny
Biden seeking a five-year extension to START II missile treaty
Russian consumer confidence index drops q/q, y/y in 4Q20
Western Balkans and Ukraine urged to scrutinise coal subsidies
Oligarchs trying to derail Ukraine’s privatisation programme, warns the head of Ukraine’s State Property Fund
Private finance mobilised by development banks up 9% to $175bn in 2019
VISEGRAD BLOG: Central Europe's populists need a new strategy for Biden
OUTLOOK 2021 Lithuania
EBRD says loan to Estonia’s controversial Porto Franco project was never disbursed
Czech MPs pass protectionist food law in violation of EU rules
M&A in Central and Eastern Europe fell 16% in value in 2020, says CMS report
Hungarian vehicle makers hit by supply chain shortage
COVID-19 and Trump’s indifference helped human rights abusers in 2020
OUTLOOK 2021 Poland
OUTLOOK 2021 Slovakia
BRICKS & MORTAR: Rosier future beckons for CEE retailers after year of change and disruption
FDI inflows to CEE down 58% in 1H20 but rebound expected
Albania needs reforms for e-commerce to thrive, says World Bank
BALKAN BLOG: US approach to switch from quick-fix dealmaking to experience and cooperation
Corona-induced slump in global clothing sector dragged down Albania’s 2020 exports
Bosnia's exports in 2020 amounted to BAM10.5bn, trade deficit to BAM6.3bn
Bulgaria's Biodit first company to IPO on new BEAM market
Bulgaria’s government considers gradual easing of COVID-related restrictions
Sofia-based LAUNCHub Ventures holds first close of new fund on €44mn
Spring lockdown caused spike in online transactions in Croatia
ING: Growth in the Balkans: from zero to hero again?
Labour demand down 28% y/y in Croatia in 2020
EBRD investments reach record €11bn in pandemic-struck 2020
OUTLOOK 2021 Moldova
Storming parliaments: New Europe's greatest hits
World Bank revises projection for Moldova’s 2020 GDP decline to 7.2%
Montenegrins say state administration is most corrupt institution
North Macedonia plans to cut personal income tax in IT sector to zero in 2023
Romania government to pursue “ambitious” timetable for justice reforms
OUTLOOK 2021 Romania
OUTLOOK 2021 Slovenia
Slovenia’s opposition files no-confidence motion against Jansa cabinet
Slovenia’s government to release funds to news agency STA after EU pressure
UK Moneyhub picks Slovenia for post-Brexit European base
D’S Damat franchise deals ‘show Turkey’s hard-pressed mall operators becoming their own tenants’
Turkey’s benchmark rate held as concerns over faltering recovery come to fore
Turkish lira breaches HSBC’s stop-loss, Turkey ETF signalling outflows
CAUCASUS BLOG : What can Biden offer the Caucasus and Stans, all but forgotten about by Trump?
Armenia ‘to extend life of its 1970s Metsamor nuclear power plant after 2026’
OUTLOOK 2021 Armenia
COMMENT: Record high debt levels will slow post-coronavirus recovery, threaten some countries' financial stability, says IIF
OUTLOOK 2021 Georgia
Iran’s technology minister indicted for failing to properly implement internet censorship
No US move to rejoin Iran nuclear deal imminent, say Biden national security nominees
TEHRAN BLOG: Will Biden bet on a quick return to the Iran nuclear deal?
Tehran Stock Exchange chief quits amid “Black Monday” fury
Central Asia vaccination plans underwhelm, but governments look unruffled
Fears of authoritarianism as Kyrgyz populist wins landslide and backing for ‘Khanstitution’
Mongolia's PM quits amid protests over treatment of mother with coronavirus and newborn baby
Mongolia's winter dzud set to be one of most extreme on record says Red Cross
Mongolian coal exports to China paralysed as Beijing demands virus testing of truck drivers
Mongolia fears economic damage as country faces up to its first local transmissions of coronavirus
OUTLOOK 2021 Tajikistan
OUTLOOK 2021 Turkmenistan
Turkmenistan: How the Grinch stole New Year
COMMENT: Uzbekistan is being transformed, but where are the democratic reforms?
Download the pdf version
Ukraine's parliament, the Verkhovna Rada, has adopted the so-called anti-Kolomoisky bank law in a final reading on May 13 that bans the return of failed banks to their former shareholders and clears the way for Kyiv to sign off on a new International Monetary Fund (IMF) deal.
The IMF has insisted on the bill as a pre-condition to giving Ukraine a new Standby Agreement (SBA) that the government desperately needs if it is to meet its debt obligations this year and have enough money to deal with the economic stop-shock caused by the coronavirus (COVID-19) epidemic.
The law is designed to prevent oligarch Ihor Kolomoisky from retaking control of PrivatBank, which was nationalised in 2016 when the National Bank of Ukraine (NBU) found it had a $5.5bn hole in its balance sheet. Kolomoisky and his partners had looted the bank using shell companies and fake loans but have not been held accountable. Kolomoisky has since mounted a campaign in the courts to have the bank returned to his ownership, or at least to have the state pay $2bn in compensation. The NBU has accused Kolomoisky by name of mounting attacks on its staff in a “terror” campaign.
Ukrainian President Volodymyr Zelenskiy has struggled to get the bill passed as several deputies in his own fraction who are associated with Kolomoisky rebelled and refused to vote for the bill. Zelenskiy has had to rely on votes from the opposition parties to get the bill through by only margin of four votes.
Kolomoisky has pulled out all the stops to block the bill. Deputies associated with Kolomoisky introduced over 16,000 amendments to the bill after it was passed in the first reading in a dramatic midnight Rada session on March 30. Those amendments would have taken five months to debate until the Rada passed a new law that changed the procedures and allowed the deputies to vote on the amendments in bulk.
The controversial bill was supported by 270 MPs, well ahead of the necessary 226 votes for the law to pass. The Verkhovna Rada was considering the final readings of the bill according to a simplified procedure due to the record-high number of amendments.
During the parliament's extraordinary meeting on April 16, the bill was backed in the first reading by 242 MPs.
The simplified procedure allows the Rada to adopt any law in cases where MPs have filed record-high number of amendments to such a document, as happened with the banking bill, for which Ukrainian MPs filed about 16,335 amendments.
"Good news. Let’s see what Kolomoisky does next," Timothy Ash, senior sovereign strategist at BlueBay Asset Management, wrote in a short note immediately after the adoption of the document by the Rada.
On May 13, the nation's PM, Denys Shmyhal, said that Kyiv hopes that the IMF will provide the first tranche under new programme by the end of May.
"We hope that by the end of May we will reach signing of the documents and will receive the first tranche of money as it was discussed," news agency Interfax quoted Shmyhal as saying during an hour of questions to the government in Rada. "Today we are on the stage close to signing of the memorandum."
here to continue reading this article
and 5 more for free or purchase
12 months full website access including
the bne Magazine for just $250/year.
Register to read the bne monthly magazine for
Password could contain only
and have 8-20 symbols length.
Please complete your registration by confirming your
A confirmation email has been sent to the email
address you provided.
can't be empty.
No user with
this email address.
Access recovery request has expired, or you are using
the wrong recovery token. Please, try again.
Access recover request has expired.
Please, try again.
To continue viewing our content you need to complete
the registration process.
Please look for an email that was sent to
with the subject line
"Confirmation bne IntelliNews access". This email will have
instructions on how to complete registration
process. Please check in your "Junk" folder in
case this communication was misdirected in your
If you have any questions please contact us at firstname.lastname@example.org
Sorry, but you have used all your free articles fro
this month for bne IntelliNews. Subscribe
to continue reading for only $119 per year.
Your subscription includes:
For the meantime we are also offering a free
digital weekly newspaper to subscribers to
the online package.
Click here for more subscription options,
including to the print version of our
flagship monthly magazine:
Take a trial to our premium daily news
service aimed at professional investors that
covers the 30 countries of emerging
For any other enquiries about our
products or corporate discounts please
contact us at
If you no longer wish to receive
Magazine annual print
Website & Archive
Combined package: web
access & magazine print
Take a trial to our premium daily news service
aimed at professional investors that
covers the 30 countries of emerging Europe: