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Reports UKRAINE - MARKET REPORT


New kid on the block


UKRAINE


After more than a decade of prohibition and black market


operations, all eyes are currently focused on Ukraine, which is


cantering into the worldwide gambling arena, all gung-ho and cape flying, with its brand new gaming law.


Despite the fact the


2020 will be remembered for the Coronavirus, which dominated and haunted the world for pretty much the entire year... and beyond.


In Ukraine, 2020 brought not only another year of political intrigue, but also a new gambling law, driven by a need to replenish state funds depleted both by the country’s ongoing conflict with Russia and response to the economic pressures of the pandemic,


Te law ‘On State Regulation of Activities Related to the Organisation and Conduct of Gambling’ was signed, sealed and delivered in August last year by President Volodymyr Zelensky, bringing an end to a decade long gambling ban and a much needed boost for a country which can only be described as struggling.


P44 WIRE / PULSE / INSIGHT / REPORTS


Ukraine harbours debts, mostly to cover defence spending, things were looking positive with a


predicted GDP growth of five per cent for the year 2020. Ten of course


Covid-19 arrived and put the kibosh on that,


shrinking the economy by five per cent.


Since independence from the Soviet Union in 1991, Ukraine has been pulled apart by two opposing forces; attracted to closer ties with Western Europe while Russia’s orbit, which is keen to keep its former dependent state close, draws it further away.


Te two share much common ground. A significant number of the population have Russian as their first language and the country was, for most of the 20th century, an important contributor to the Soviet Union’s economy, providing much of the Soviet’s agricultural output and supplying heavy industrial equipment.


However, Russia viewed Ukraine’s desire to open its markets to the EU and make a deal with US companies over its natural gas reserves, as a


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