Ukraine Defence & Security Q1 2018
BMI View: Ukrainian defence spending will see increases in the quarters ahead, driven by the ongoing instability to the east of the country and the persistent threat of Russian aggression. However, operational expenses are high and corruption widespread, restricting funding for modernisation. The local defence sector has lost much of its capacity as a result of the insurgency. In addition, the loss of Russian demand for its products has weighed heavily on revenue. Nevertheless, stronger domestic demand, improvements to sector structure and procurement processes, as well as growing international collaboration and trade ties will have positive effects for Ukrainian military manufacturers in the long term.
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