Ukraine's Space Sector Lost 80% of Revenue
by Staff Writers
Washington DC (Sputnik) Feb 10, 2016
The Ukrainian Space Agency potentially lost about 80 percent of its revenue in 2014 after contracts cancellation by Russia, the International Monetary Fund (IMF) said in a report on Monday.
"Additional losses [of state companies] could stem from... contract cancellation by Russian clients in the space and military industry (potentially 80 percent of revenue for companies managed by the State Space Agency or UAH [Ukrainian Hryvnia] 2 billion per year)," the report stated.
In June 2015, Ukraine's President Petro Poroshenko halted all military sales to Russia. In February 2015, the Russian government announced the decision to cancel contracts for Ukraine's Zenit rockets used for satellite launches.
The relationship between Kiev and Moscow soured in 2014 following Crimea's reunification with Russia and beginning of a military conflict in Ukraine's eastern regions of Donetsk and Lugansk.
Deteriorating relations between Moscow and Kiev over the 2014 conflict in Ukraine's southeast have put a strain on their space cooperation. Russia has to rely on NASA mediation to procure rocket control systems from Ukraine.
"Our reliance on Ukrainian components is very limited, and I am positive that it will be phased out in the near future," the spokesperson told reporters.
Despite worsened relations, Russia and Ukraine launched a jointly-built Zenit carrier rocket in late 2015. It is produced by the Ukrainian Yuzhmash manufacturer with 70 percent of Russian-made components.
Source: Sputnik News
Ukrainian Space Agency
The latest information about the Commercial Satellite Industry
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.|