2021 to be Challenging Year for Ukraine

  • Ukraine does not have the Coronavirus vaccine.
  • Ukraine is hoping for the new sanctions against Russia.
  • Ukraine is expected to have early parliament and presidential elections in 2021.

This year has been tumultuous for Ukraine. The Coronavirus pandemic and the rampant corruption has lead to an economic collapse in the country. Furthermore, the situation with Russia will not be resolved. Ukraine may get its wish with newly elected US president Joe Biden.

Petro Poroshenko is a Ukrainian businessman and politician who served as the fifth President of Ukraine from 2014 to 2019.

Mr. Biden is expected to implement new sanctions against Russia. Ukraine has been advocating for Russia to be disconnected from the SWIFT payment system. 

The Ukrainian population will continue to experience financial hardship. The cost of electricity will continue to rise. To note, Ukraine has one of the highest prices for electricity in Europe. The price of goods and services continues to rise as well.

Moreover, the beginning of 2021 will highly likely be spent in lockdown due to the Coronavirus pandemic. Ukraine will be among the last to get the Coronavirus vaccine. Ukraine will not get the Russian Sputnik V vaccine and the West is not rushing to give away vaccines to other nations until their citizens are vaccinated.

Ukraine has received zero vaccine batches to date. Of course, Ukraine will bravely state that they are independent and the hatred for Russia will allow them to possibly get aid from the US.

Ukraine cleverly offered to deliver vaccines to Africa with their largest cargo jet. However, they have not been taken up on their offer. In reality, corrupt Ukraine will highly likely end up with a few boxes of the vaccine for the Ukrainian politicians and their families. Ukraine is one of the most corrupt nations in the former Soviet Bloc.

However, Ukraine can hope that their biggest fan, Joe Biden, will do a lot for the country after his inauguration. Nevertheless, Mr. Biden is an American first, and given the previous conundrums regarding his ties to Ukraine, he might actually stop giving Ukraine the aid.

To note, there have been talks of making January 20 a day off to celebrate Mr. Biden’s inauguration in Ukraine. This would be a first for the foreign nation to celebrate a US presidential inauguration with a holiday. The former president and chocolate king, Petro Poroshenko, has been Mr. Biden’s favorite. Thus, President Volodymyr Zelensky has a lot of work ahead of him to convince the newly elected US president to provide aid to Ukraine.

Volodymyr Zelensky (born 25 January 1978) is a Ukrainian actor, screenwriter, comedian, director and politician serving as the 6th President of Ukraine, inaugurated 20 May 2019.

It is highly likely that Ukraine will have early parliamentary and presidential elections in 2021. President Zelensky has been losing support and the Ukrainian elites are not happy with his politics. The US will appoint a new American ambassador to Ukraine. This will also give an indication of the Ukrainian relationship with the US and the direction.

There will be changes coming to the NABU. Nevertheless, the corruption continues to thrive in Ukraine. Just last week, law enforcement detained the leader of a gang who is also one of the elected Ukrainian officials. According to the investigation, members of the gang over the past two years committed “raids” on households and farms, both in the Dnipropetrovsk region and abroad.

“It is noted that during the commission of crimes, the raiders threatened the victims with firearms and were dressed in camouflage clothing and balaclavas. For conspiracy, they moved around in cars with fake license plates,” according to the Ukrainian official release.

Overall, the year 2021 will not be easy for Ukraine. Ukraine could default on its debt, and given the hard economic scenarios around the world, Ukraine will not get much of the foreign aid.

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Christina Kitova

I spent most of my professional life in finance, insurance risk management litigation.

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