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 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 Ukrainian oligarchic system, which developed into its ultimate shape during Leonid Kuchma’s second presidency, turned out to be very durable. The nature of close relations between the government and the oligarchs has not undergone any major changes either as a consequence of the Orange Revolution or following Victor Yanukovych’s victory in the presidential election of 2010.
The growth of metallurgic production, which has continued almost without interruption since the mid-1990s, has contributed considerably to the increase in GDP which Ukraine showed in 2000, for the first time in its independent history