Latest news with #YaroslavZhelezniak
Coin Geek
16-06-2025
- Business
- Coin Geek
Ukrainian lawmakers introduce digital asset reserve bill
Getting your Trinity Audio player ready... Lawmakers in Ukraine have introduced a draft bill allowing the National Bank of Ukraine (NBU)—the country's central bank—to include digital assets such as Bitcoin in the country's reserves. Submitted to the Verkhovna Rada—Ukraine's parliament—last June 10, Bill number 13356 proposes amendments to the law 'On the National Bank of Ukraine' to include digital assets alongside gold and foreign currencies as potential reserve assets. While the bill lays the groundwork for a digital asset reserve, it does not mandate one, according to Yaroslav Zhelezniak, a member of parliament who confirmed the introduction of the bill on his Telegram channel. Zhelezniak explained that the bill simply authorizes the central bank to acquire digital assets as part of state reserves. 'How, when and how much should be the decision of the regulator itself,' he said. In other words, it would be up to the NBU to decide whether to allocate any portion of its reserves to digital assets, how much to allocate, and when. Although the final decision is in the hands of the central bank, the introduction of the bill makes clear that—at least some—Ukrainian lawmakers support the creation of a state digital asset reserve. 'Proper management of crypto reserves will help strengthen macroeconomic stability and create new opportunities for the development of the digital economy,' wrote Zhelezniak. He added that 'this story has the right to life, and, as we see, many countries are implementing it'—a reference to other jurisdictions exploring digital asset reserves, notably the United States, El Salvador, Singapore, and Bhutan. Zhelezniak expanded on this in a YouTube interview with Binance's regional head for Central and Eastern European countries and Central Asia, Kyrylo Khomiakov, in which the lawmaker was keen to emphasize that the introduction of the draft bill does not mean the Ukrainian government is actively campaigning for the digital asset. Instead, it does not want to miss out on growing adoption worldwide. Binance's Khomiakov was part of a group that helped draft the reserve bill, along with a range of other industry experts and contributors, including Petr Bilyk, head of artificial intelligence practice at local law firm Juscutum Legal Engineering and a member of Ukraine's expert committee on AI development. Watch: Reggie Middleton on DeFi, booms/busts & crypto regulation title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen=""> National Bank of Ukraine Regulation Ukraine Verkhovna Rada Yaroslav Zhelezniak
Russia Today
06-06-2025
- Business
- Russia Today
Ukraine has gone over budget for its military
Ukraine does not have enough money to fund its military and will have to overhaul this year's budget in order to close the gap, Finance Minister Sergey Marchenko has admitted. The shortfall stems from changes in the amount of Western aid and the evolving situation on the battlefield, he added. Addressing legislators on Thursday, Marchenko said, as cited by Ukrainian lawmaker Yaroslav Zhelezniak, that the 'funding for the Armed Forces is currently not sufficient due to many factors, so we will proceed with a budget revision in the near future.' Marchenko said the reasons included changes in military technology, adjustments in arms deliveries from Kiev's suppliers, and heightened battlefield activity. He also acknowledged that the government had failed to anticipate the conditions Ukraine would face in 2025 when it was drafting the budget late last year. 'You cannot forecast this situation linearly. Sometimes the situation requires rather complex, asymmetric decisions,' the minister explained. In mid-May, Zhelezniak estimated the military budget shortfall at 200 billion hryvnia ($4.8 billion), but later raised his assessment to between 400 and 500 billion hryvnia ($9.6-12 billion). In April, Ukrainian outlet Ekonomicheskaya Pravda reported that funds originally allocated for military salaries in the final months of 2025 had already been spent to purchase drones, ammunition, and other weapons. Ukraine already had to contend with a budget deficit in 2023 and 2024, but managed to bridge the gap by raising taxes. According to Zhelezniak, however, this time such measures won't be required as the government intends to cover the gap through increased domestic borrowing and higher-than-expected tax revenues. Kiev continues to rely heavily on Western aid and loans – which officials say Ukraine won't be able to repay in the next 30 years – to compensate for the economic slump caused by the conflict. As of February 2025, European nations have provided Ukraine with $138 billion of assistance of various types, while the US has given $115 billion. In 2023, Russian President Vladimir Putin said that Ukraine would not be able not survive for more than 'a week' if its Western military and financial aid dried up.
Russia Today
05-06-2025
- Business
- Russia Today
Ukraine lacks money for military
Ukraine does not have enough money to fund its military and will have to overhaul this year's budget in order to close the gap, Finance Minister Sergey Marchenko has admitted. The shortfall stems from changes in the amount of Western aid and the evolving situation on the battlefield, he added. Addressing legislators on Thursday, Marchenko said, as cited by Ukrainian lawmaker Yaroslav Zhelezniak, that the 'funding for the Armed Forces is currently not sufficient due to many factors, so we will proceed with a budget revision in the near future.' Marchenko said the reasons included changes in military technology, adjustments in arms deliveries from Kiev's suppliers, and heightened battlefield activity. He also acknowledged that the government had failed to anticipate the conditions Ukraine would face in 2025 when it was drafting the budget late last year. 'You cannot forecast this situation linearly. Sometimes the situation requires rather complex, asymmetric decisions,' the minister explained. In mid-May, Zhelezniak estimated the military budget shortfall at 200 billion hryvnia ($4.8 billion), but later raised his assessment to between 400 and 500 billion hryvnia ($9.6-12 billion). In April, Ukrainian outlet Ekonomicheskaya Pravda reported that funds originally allocated for military salaries in the final months of 2025 had already been spent to purchase drones, ammunition, and other weapons. Ukraine already had to contend with a budget deficit in 2023 and 2024, but managed to bridge the gap by raising taxes. According to Zhelezniak, however, this time such measures won't be required as the government intends to cover the gap through increased domestic borrowing and higher-than-expected tax revenues. Kiev continues to rely heavily on Western aid and loans – which officials say Ukraine won't be able to repay in the next 30 years – to compensate for the economic slump caused by the conflict. As of February 2025, European nations have provided Ukraine with $138 billion of assistance of various types, while the US has given $115 billion. In 2023, Russian President Vladimir Putin said that Ukraine would not be able not survive for more than 'a week' if its Western military and financial aid dried up.
Reuters
05-06-2025
- Business
- Reuters
Ukraine to revise 2025 budget, increasing financing for defence, lawmaker says
KYIV, June 5 (Reuters) - Ukraine's finance ministry plans to revise the 2025 budget to boost financing for defence, lawmaker Yaroslav Zhelezniak said on Thursday, as the war with Russia drives demand for more weapons, ammunition and funds to pay soldiers' wages. Finance Minister Serhiy Marchenko, reporting to parliament on the budget situation, said Ukraine needs to channel more funds to its armed forces, Zhelezniak said on the Telegram messaging app. Ukrainian parliamentary sessions are closed to the public, including to the media, for security reasons. The 2025 budget currently allocates 2.23 trillion hryvnias ($53.7 billion) - about 26% of Ukraine's gross domestic product - for defence spending. Ukraine's army is battling a much larger and better-equipped enemy along more than 1,000 kilometres of the frontline in a conflict now well into its fourth year. Finance ministry data showed that Ukraine's defence spending totalled 765 billion hryvnias ($18.4 billion) in the first four months of the year. Government officials have said they plan to look for additional ways to increase domestic revenues by focusing on measures to reduce the shadow economy. While the bulk of state revenues go to fund the Ukrainian army and domestic weapons production, Ukraine relies on financial aid from its Western allies to finance social and humanitarian spending. Since Russia's invasion in February 2022, Ukraine has received about $133 billion in international financial support.
Yahoo
04-06-2025
- Business
- Yahoo
Ukraine passes Budget Code changes to implement US mineral deal
Ukraine's parliament approved key amendments to the Budget Code on June 4 to implement the landmark minerals agreement with the United States, lawmaker Yaroslav Zhelezniak announced. The legislation, supported by 309 members of parliament, enshrines financial provisions critical to executing the U.S.-Ukraine deal signed on April 30 and ratified by Kyiv on May 8. The agreement grants the U.S. special access to strategic mineral development projects in Ukraine, including lithium, titanium, and rare earth elements vital to defense, aerospace, and green energy industries. The approved changes require Ukraine to contribute 50% of revenues from several sources to the fund. These include rent payments for mineral extraction from new licenses, fees from new subsoil use permits, and proceeds from state production shares under new production-sharing agreements. The funds will be collected in a dedicated budget account and transferred to the Reconstruction Investment Fund at the discretion of the fund's chief administrator. The fund will be co-managed by Ukraine and the U.S. under an equal partnership model. Washington will be represented by the U.S. International Development Finance Corporation (DFC), while Kyiv will be represented by Ukraine's Public-Private Partnerships Agency. The agreement marks a new phase in U.S.-Ukraine economic cooperation and has been months in the making. Protracted negotiations led to the removal of controversial provisions that Ukrainian officials feared could allow for exploitation of Ukraine's natural resources. Prime Minister Denys Shmyhal said in April that future U.S. military aid could be counted as contributions to the fund, though previously allocated assistance will not apply. Read also: Inside Russia, calls for peace come with conditions — and Kremlin talking points We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
