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Ukraine's Space Sector Lost 80% of Revenue

© AP Photo / Sea Launch, FileThis photo March 19, 2008, provided by the Sea Launch Co. shows a Zenit-3SL rocket carrying a Boeing-built DirecTV 11 satellite launched into orbit from a platform located on the equator in the Pacific Ocean
This photo March 19, 2008, provided by the Sea Launch Co. shows a Zenit-3SL rocket carrying a Boeing-built DirecTV 11 satellite launched into orbit from a platform located on the equator in the Pacific Ocean - Sputnik International
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IMF said that the Ukrainian Space Agency potentially lost about 80 percent of its revenue in 2014 after contracts cancellation by Russia.

Assembly of Soyuz carrier rocket ahead of its first launch from Vostochny space center - Sputnik International
Russia
Russian State Space Agency to 'Phase Out' Imports of Ukrainian Rocket Parts
WASHINGTON (Sputnik) — 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.

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