Electricity workers fix a destroyed high voltage power line in December in Kherson, Ukraine. Getty
Electricity workers fix a destroyed high voltage power line in December in Kherson, Ukraine. Getty
Electricity workers fix a destroyed high voltage power line in December in Kherson, Ukraine. Getty
Electricity workers fix a destroyed high voltage power line in December in Kherson, Ukraine. Getty

Ukraine resumes electricity exports after six-month gap due to Russian strikes


Deepthi Nair
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Ukraine will resume exporting electricity after a six-month gap following repairs carried out after months of repeated Russian attacks, in a move set to support the EU.

Energy minister Herman Halushchenko signed an executive order allowing electricity exports to restart, given the surplus of domestic supply.

“The most difficult winter has passed,” he said in a statement on the energy ministry’s website on Friday.

“The Ukrainian energy system has been operating for almost two months without consumer restrictions, with a reserve of capacity. The next step is the opening of electricity exports, which will allow us to attract additional financial resources for the necessary reconstruction of the destroyed and damaged energy infrastructure.”

Last October, Ukraine halted exports of electricity to the EU — its main export market for energy since the war began — following Russia’s strikes on energy infrastructure.

Russia began its military offensive in Ukraine in February 2022. It began attacking Ukraine’s energy infrastructure last October, which led to widespread power cuts and scheduled blackouts, leaving towns and cities in darkness during winter.

Parts of Ukraine sent residents away in November to ensure that energy supplies did not collapse over the winter.

The Eastern European country’s economy shrank by 30 per cent last year and the fluidity of the conflict means an uncertain economic outlook, with a range of outcomes that range from a three per cent contraction to a one per cent expansion in real gross domestic product growth for 2023, according to the International Monetary Fund.

The IMF approved a $15.6 billion loan for Ukraine on April 1. The four-year Extended Fund Facility is part of an overall support package worth $115 billion and is aimed at helping Kyiv resolve its balance-of-payment problem and restore external viability in the medium term, the Washington-based fund said.

Ukraine is currently allowed to export a maximum of 400 megawatts to the EU, according to the energy ministry’s website.

However, actual export volumes may fluctuate depending on the time of day and market conditions, it said.

The provision of electricity needs for Ukrainian consumers will remain a priority.

“The export of electricity will work under the condition of providing Ukrainian consumers with electricity and may be stopped in the event of a change in the situation,” Mr Halushchenko said.

He also praised the “titanic work” of engineers and international partners to restore the system.

Ukraine exported electricity to Moldova and EU countries from June to October 11 last year. During this period, 2.6 billion kilowatt hours were realised, the energy ministry said.

In June 2022, Ukraine had said it was hoping to bring in 1.5 billion euros ($1.64 billion) from electricity exports to the EU by the end of the year.

The bio

His favourite book - 1984 by George Orwell

His favourite quote - 'If you think education is expensive, try ignorance' by Derek Bok, Former President of Harvard

Favourite place to travel to - Peloponnese, Southern Greece

Favourite movie - The Last Emperor

Favourite personality from history - Alexander the Great

Role Model - My father, Yiannis Davos

 

 

Citizenship-by-investment programmes

United Kingdom

The UK offers three programmes for residency. The UK Overseas Business Representative Visa lets you open an overseas branch office of your existing company in the country at no extra investment. For the UK Tier 1 Innovator Visa, you are required to invest £50,000 (Dh238,000) into a business. You can also get a UK Tier 1 Investor Visa if you invest £2 million, £5m or £10m (the higher the investment, the sooner you obtain your permanent residency).

All UK residency visas get approved in 90 to 120 days and are valid for 3 years. After 3 years, the applicant can apply for extension of another 2 years. Once they have lived in the UK for a minimum of 6 months every year, they are eligible to apply for permanent residency (called Indefinite Leave to Remain). After one year of ILR, the applicant can apply for UK passport.

The Caribbean

Depending on the country, the investment amount starts from $100,000 (Dh367,250) and can go up to $400,000 in real estate. From the date of purchase, it will take between four to five months to receive a passport. 

Portugal

The investment amount ranges from €350,000 to €500,000 (Dh1.5m to Dh2.16m) in real estate. From the date of purchase, it will take a maximum of six months to receive a Golden Visa. Applicants can apply for permanent residency after five years and Portuguese citizenship after six years.

“Among European countries with residency programmes, Portugal has been the most popular because it offers the most cost-effective programme to eventually acquire citizenship of the European Union without ever residing in Portugal,” states Veronica Cotdemiey of Citizenship Invest.

Greece

The real estate investment threshold to acquire residency for Greece is €250,000, making it the cheapest real estate residency visa scheme in Europe. You can apply for residency in four months and citizenship after seven years.

Spain

The real estate investment threshold to acquire residency for Spain is €500,000. You can apply for permanent residency after five years and citizenship after 10 years. It is not necessary to live in Spain to retain and renew the residency visa permit.

Cyprus

Cyprus offers the quickest route to citizenship of a European country in only six months. An investment of €2m in real estate is required, making it the highest priced programme in Europe.

Malta

The Malta citizenship by investment programme is lengthy and investors are required to contribute sums as donations to the Maltese government. The applicant must either contribute at least €650,000 to the National Development & Social Fund. Spouses and children are required to contribute €25,000; unmarried children between 18 and 25 and dependent parents must contribute €50,000 each.

The second step is to make an investment in property of at least €350,000 or enter a property rental contract for at least €16,000 per annum for five years. The third step is to invest at least €150,000 in bonds or shares approved by the Maltese government to be kept for at least five years.

Candidates must commit to a minimum physical presence in Malta before citizenship is granted. While you get residency in two months, you can apply for citizenship after a year.

Egypt 

A one-year residency permit can be bought if you purchase property in Egypt worth $100,000. A three-year residency is available for those who invest $200,000 in property, and five years for those who purchase property worth $400,000.

Source: Citizenship Invest and Aqua Properties

'Gold'

Director:Anthony Hayes

Stars:Zaf Efron, Anthony Hayes

Rating:3/5

Milestones on the road to union

1970

October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar. 

December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.

1971

March 1:  Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.

July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.

July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.

August 6:  The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.

August 15: Bahrain becomes independent.

September 3: Qatar becomes independent.

November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.

November 29:  At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.

November 30: Despite  a power sharing agreement, Tehran takes full control of Abu Musa. 

November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties

December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.

December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.

December 9: UAE joins the United Nations.

Updated: April 09, 2023, 5:44 AM