The ongoing Ukraine crisis has jolted the country's trade and energy markets. Ukrainian businessmen are going through hard times. Analysts say the economy needs bailout funds immediately.
The Seventh-Kilometer Market is the biggest outdoor market in Odessa, Ukraine. There are many independent traders at the market selling everything from pricey luxury goods to all sorts of cheap consumer products. But now, the market sits nearly empty because of the Ukraine crisis that started at the end of last year.
"It's a tough time to do business as the hryvnia has lost its value. That means that commodities prices keep rising these days. My business is down almost by half," a dealer said.
Apart from the vulnerable foreign exchange, oil prices are also a main issue facing businesses. Oil and gasoline prices have spiked on the unfolding Ukraine crisis, which has also driven up commodity prices. Importers worry that the tensions in Ukraine may affect domestic supplies.
"There are some problems with contract payments due to the existing Ukrainian foreign exchange crisis. The country's central bank has carried out the policy to restrict buying foreign exchange," said Professor Sergey Yakubovskiy at Odessa Mechnikov National University.
The European Commission has agreed to give nearly 500 million euros worth of trade benefits to Ukraine. Analysts say that's the only way to prop up the troubled country's economy.
