Ukraine's state energy giant Naftogaz has commissioned a new exploration well producing 383,000 cubic meters of natural gas per day through its subsidiary Ukrgazvydobuvannya, CEO Sergii Koretskyi announced on July 8.

The 5.7-kilometer deviated well was drilled and commissioned six weeks ahead of schedule as Ukraine works to boost domestic production amid Russian attacks on its energy infrastructure, including gas storage facilities in western Ukraine.

"This is a significant achievement, given the country's need for gas," Koretskyi said.

Naftogaz produces the lion's share of Ukrainian gas, but its production facilities were severely damaged in a series of Russian missile strikes earlier this year, reducing production by as much as 40%.

According to data from Naftogaz, Ukrgazvydobuvannya lost about 50% of its production due to shelling.

Ukrgazvydobuvannya managed to increase commercial gas production to 13.9 billion cubic meters (bcm) in 2024 compared to 13.2 bcm in 2023, commissioning 83 new wells despite wartime conditions.

Ukraine previously produced 52 million cubic meters daily before Russia's full-scale invasion, but required 110-140 million cubic meters during winter months, covering the shortfall from underground storage.

Russian strikes have repeatedly targeted Ukraine's gas infrastructure, including a February 11 combined missile and drone attack that damaged Naftogaz production facilities in Poltava Oblast.

To secure winter supplies, Naftogaz has signed four contracts with Poland's Orlen for delivery of 440 million cubic meters of U.S. liquefied natural gas. The latest agreement, announced July 2, covers an additional 140 million cubic meters.

According to Bloomberg estimates, in 2025 Ukraine may import a record 5 billion cubic meters of gas from Europe.

Ukraine's gas storage situation has also deteriorated significantly, with underground reserves falling to 6.02 bcm as of May 11 — the lowest level in at least 11 years.

The facilities are operating at just 19.4% capacity, with 2.79 billion cubic meters less gas available than the previous year.

Ukraine’s minerals fund focus of private investment ahead of major recovery conference

This week, thousands of companies, business heads, and global leaders are headed to Rome for the fourth Ukraine Recovery Conference on July 10, with many companies hoping for more clarity around the future of a U.S.-Ukraine minerals deal. It’s been over two months since President Volodymyr Zelensky signed Washington’s so-called “minerals deal” — which, in reality, covers all Ukraine’s natural resources, including oil and gas, related infrastructure, and now, defense projects. While the Economy

The Kyiv IndependentDominic Culverwell

The U.S. fast-food giant McDonald's plans to open 10 new restaurants in Ukraine this year, signaling faith in Ukraine's struggling but growing wartime economy, the New York Times (NYT) reported on June 28.

McDonald's closed all its locations in Ukraine after Russia launched the full-scale invasion in February 2022, but began reopening later that year. The 10 new restaurants will bring the total number close to 120 — more operating McDonald's locations than before the war.

"Overall, this indicates that despite the military actions, Ukraine's economy is showing positive dynamics," Viktor Mykyta,  a top economic adviser to President Volodymyr Zelensky, told the NYT.

"If a business like McDonald's can operate here, it shows any investors that they, too, can confidently work here."

Mykyta served as Governor of Ukraine's far-western Zakarpattia Oblast until last fall. The region was the only one in Ukraine without a McDonald's outpost — until this spring, when two McDonald's restaurants opened in Zakarpattia's cities of Uzhhorod and Mukachevo.

The expansion of McDonald's offers job opportunities and lucrative tax revenues. In 2024, McDonald's paid over $60 million in taxes in Ukraine, making it the country's largest taxpayer in the industry.

Ukraine's economy is projected to grow by 3.3% this year, according to the European Bank for Development and Reconstruction (EBRD). Earlier projections showed over 4% growth, but rising inflation and an economic slowdown exacerbated by Russian attacks on energy infrastructure and nationwide labor shortages brought the forecast down.

Still, Ukraine has been able to welcome back Western businesses that suspended operations at the start of the war, including Ikea, H&M, and Zara.

Russia's war has presented challenges to McDonald's operations. In January 2025, a Russian missile strike on Kyiv damaged Ukraine's oldest McDonald's. Many restaurants also do not offer breakfast due to frequent air raids. In March, the company relaunched its breakfast menu at six McDonald's locations.

McDonald's closed its restaurants in Russia and left the Russian market entirely in 2022.

Russia revives obsolete T-62 tanks amid equipment shortages, Ukraine’s intel claims

“The key factors limiting the ability to produce modern armored vehicles in Russia are a lack of industrial capacity and a shortage of imported high-tech components,” Ukraine’s military intelligence said.

The Kyiv IndependentKateryna Denisova

President Volodymyr Zelensky has instructed government officials to prepare a decision introducing a long-term moratorium on business inspections in Ukraine, the Presidential Office announced on June 27.

Zelensky discussed the moratorium during an address at the "State and Business Forum: From Dialogue to Partnership," held in Kyiv.

"I have instructed that a decision on a long-term moratorium on business inspections be prepared to protect businesses from any pressure by unscrupulous individuals in various government positions," he said.

Economic growth is a vital component of Ukrainian resilience, necessitating ongoing dialogue between the government and entrepreneurs, Zelensky said. In addition to imposing the moratorium on inspections, Kyiv will also expand the Council for Entrepreneurship Support in an effort to cultivate entrepreneurship in Ukraine.

"Even under such harsh conditions of this war, Ukraine can rely on its entrepreneurs — on our domestic Ukrainian manufacturing, our Ukrainian logistics, our Ukrainian services across all sectors — from security to everyday life, as well as on Ukrainian developments and investments," the president said.

Following Russia's full-scale invasion in early 2022 and the onset of martial law, Ukraine temporarily suspended certain business regulations, including tax inspections for businesses. Zelensky signed a law resuming tax inspections for certain businesses in December 2023.  

Now in its fourth year of full-scale war against Russia, Ukraine's economy is still attempting to recover from the massive blow dealt in 2022, when the GDP dropped by 29.1%. At the same forum on June 27, Ukraine's new Prosecutor General Ruslan Kravchenko announced another measure meant to boost business: an audit of criminal cases related to businesses in Ukraine.

"The second priority is to finally sort out the proceedings related to business, protect business, and achieve justice in these matters," Kravchenko said.

The Prosecutor's Office will be dedicated to "ensuring the rights of investors and businesses," Kravchenko wrote on his Telegram channel on June 26. Efforts to safeguard businesses will not interfere with Ukraine's legal obligations and the regulatory reforms required for its integration into the European Union, he said.

Ukraine’s new top prosecutor known for high-profile cases, seen as Zelensky loyalist

Loyalty to the incumbent administration has been the key requirement for prosecutor generals in Ukraine. Ruslan Kravchenko, who was appointed as prosecutor general on June 21, appears to be no exception. Previously he had been appointed as a military governor by President Volodymyr Zelensky and is seen as a presidential loyalist. Kravchenko became Ukraine’s top prosecutor after a lengthy hiatus during which the position of prosecutor general remained vacant. His predecessor, Andriy Kostin, r

The Kyiv IndependentOleg Sukhov