Abstract
Ukraine after gaining independence in 1991 suffered the longest economic recession among the former Soviet Republics. Its long-waited economic boom in 2000’s was interrupted by the global economic crisis of 2008, followed by an only small recovery and ensuing stagnation. Its poor performance could be explained by, along with other causes, outdated and inefficient industries, notably ferrous metallurgy. This led to a worsening of its balance of payments in 2010’s, forcing the ruling Party of Regions headed by Viktor Yanukovich to postpone the signing of the Association Agreement with the European Union (EU) in November 2013. Most Ukrainian citizens, however, said ‘no’ not only to this decision but also to the corrupt Yanukovich administration itself, which ended up with a collapse of the regime in February 2014.
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