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UBJ AM July 5, 2017
Mark Satter
Cyberattack cost Ukraine millions; After PrivatBank, PwC may be banned from bank audits in Ukraine; shadow economy contracts sharply
image/svg+xml Kyiv Lutsk Rivne Zhytomyr Lviv Ternopil Khmelnytskyi Uzhgorod Chernivtsi Vinnytsia Chernigiv Sumy Kharkiv Poltava Cherkasy Kirovohrad Lugansk Dnipropetrovsk Donetsk Zaporizhzhia Mykolaiv Odesa Kherson Simferopol Sevastopol Ivano- Frankivsk

• Companies and agencies tally the damage of databanks lost to hostile encryption from cyberattack. Ukraine’s Infrastructure Minister Volodymyr Omelyan estimates in interview with the Associated Press the cyber attack cost his departments millions of dollarz.

• One week after attack, the father and daughter owners of Intellect Service told Reuters they were not to blame for the global offensive, as some had claimed. The attack crippled Ukrainian banks and infrastructure before spreading across the world.

• Ukrainian authorities yesterday seized the servers of M.E. Doc, a software company suspected of spreading the computer virus that swept across Ukraine and the world last week. M.E. Doc is Ukraine’s most popular accounting software. The owners of the company deny any wrongdoing according to The New York Times.

• Belarusian investor Viktor Prokopenya has petitioned Ukraine’s central bank for permission to buy the Ukrainian subsidiary of Russia’s biggest bank, Sberbank. Ukraine recently imposed sanctions on Sberbank in response to the conflict with Russian-backed separatists in the east.

• The Ukrainian government may ban PricewaterhouseCoopers from conducting further bank audits in the country. While under the accounting giant’s supervision, Ukraine’s top lender PrivatBank “developed a more-than-$5-billion hole in its books,” according to the Wall Street Journal.

• The Hague’s Court of Arbitration will hear Ukrnafta’s case in which the Ukrainian oil and gas giant seeks damages for property lost in the 2014 annexation of Crimea by Russia. Russia previously refused to participate in ant arbitration proceedings stemming from the invasion of Crimea.

• According to Ukraine’s Ministry of Economic Development, the shadow economy, or black market, fell to 34% of the country’s GDP in 2016. This marks a six point decrease from 2015, Interfax reports.

• The attractiveness of Ukraine’s economy to investors scored three out of five points for 2017, according to the European Business Association’s Attractiveness Index report. This is the first time since 2011 that Ukraine has scored above a 3, finishing with a 3.1 out of 5.

• Ukraine is having a record year in terms of the amount of grain exported, the Ministry of Agrarian Policy says. A record 43.8 tons of grain have been exported this marketing year.

• The amount of Russian gas piped through Ukraine to the European Union jumped 21% in the first half of 2017, UAposition reports.

For comments or story tips, please email UBJ AM News Reporter Mark Satter at

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