Despite recovery in H2 2010, and strong performance in Q1 2011, the Ukrainian economy is at another crossroads. External demand is slipping, tension with Russia points to higher energy costs and the advertised reforms have finally sputtered out. Although these trends do not look critical yet, we have to recognize the growing risks, even for midterm performance. A great deal over the next three or four months will depend upon the performance of the harvest, on the IMF’s position and on the outcome of gas price negotiations. More about economic perspectives, please, read at our last quarterly report “Into the Turbulent Zone”. The full report could be obtained through subscription at Global Source (www.globalsourcepartners.com). Trial access is available.