On 24 August 1991, the Supreme Council of the Ukrainian SSR proclaimed independence, and on 1 December the same year, the Ukrainian people ratified that proclamation in a referendum. The new Ukrainian state had some very important assets, such as the peaceful path that led to its independence, the fact that its territory was uncontested and its civilian administration was established.
In September, three out of five members of the supervisory board of Naftogaz, Ukraine’s largest gas company, announced their resignation.
In 2014–2016, Ukraine’s banking sector was affected by what has proven to be the most serious crisis in its modern history. Almost half of the banks went bankrupt and the losses incurred by the state and banking sector clients was in excess of US$ 20 billion.
The oil industry does not play a major role in the Ukrainian energy sector and has smaller economic and political significance than the gas, coal and nuclear sectors. The issues linked to the Ukrainian fuel sector are rarely given publicity in the mass media. Meanwhile, a comprehensive analysis reveals that there has been a painful and durable collapse in this strategic branch of the economy.
Illegal amber mining in Ukraine has intensified since the Revolution of dignity.
The political situation in Ukraine is determined primarily by the ongoing war, and the situation of stalemate at the front is raising the level of public impatience.
The economic statistics for 2016 indicate that Ukraine has managed to overcome the toughest phase of the economic crisis.
On 18 December, the government in Ukraine decided to nationalise the country’s largest bank, PrivatBank. It has been owned by the oligarchs Ihor Kolomoyskyi and Henadiy Boholyubov.
The consequences of the Chornobyl nuclear power plant disaster are still a permanent element of the economic, environmental and social situation of Ukraine.
In the evening of 16 February, the Ukrainian parliament failed to pass a vote of no confidence in the government of PM Arseniy Yatseniuk.