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Prime Minister Sergei Arbuzov

On 05 February 2014 Ukraine's President Viktor Yanukovych signed a decree granting First Deputy Prime Minister Sergei Arbuzov, a key Yanukovych financial operative, the powers of the prime minister of Ukraine. The presidential decree regulates Arbuzov's powers as PM. 'The First Deputy Prime Minister of Ukraine Sergei Arbuzov must perform his duties of prime minister in compliance with Part 4 of Article No. 42 of Ukraine's law 'On the Cabinet of Ministers of Ukraine,' the document notes.

In mid-December 2013 there were rumors that Yanukovych may appoint Serhiy Arbuzov as the Prime Minister of Ukraine. According to one source, the Cabinet was to be significantly re-formatted. In this case, the source noted that changes in the Cabinet will depend on the outcome of Yanukovych's visit to Moscow on 17 December 2013. "Everything will depend on what kind of warranty that Yanukovych will get". The Cabinet meeting began in Kiev 29 January 2014, chaired by the Deputy Prime Minister, Acting Prime Minister Sergei Arbuzov. Before the meeting, Mykola Azarov who on the eve has resigned from the post of Prime Minister said goodbye to the members of the government, which, according to the decree of the President will remain in office till the formation of a new government. At the same time Azarov delegated authority to Acting Prime Minister S. Arbuzov.

Early parliamentary and presidential elections would aggravate the economic situation in the country and put it on the brink of collapse, Ukrainian First Deputy Prime Minister Sergei Arbuzov warned 05 December 2013. Im against the governments resignation, he said in an interview to the 1+1 TV channel. What will we gain from that? First, there is no money for re-election. The state will have to live without a budget for 2014. Who needs this? Now, the first deputy prime minister said, every Ukrainian citizen should mind his work and then everything would be all right. Let the opposition do its job and we will do ours, he stated.

A roadmap of preparations for the signing an agreement on Ukraines association with the European Union will be made public in a month, Ukrainian First Deputy Prime Minister Sergei Arbuzov told journalists on 21 December 2013 after a roundtable meeting on the settlement of the political crisis in the country. According to Arbuzov, the key problem was that before the Eastern Partnership summit that was held in Vilnius on November 28-29, when Ukraine was supposed to sign the association agreement with the European Union, Ukraine had worked out no roadmap of the agreements implementation. "We missed this aspect at the very beginning," he admitted. "We are taking effort to remedy the situation. We will work out a roadmap, which will help us sign the association agreement with the European Union."

"Ukraine is sincere in its movement towards European integration," he went on to say. "No one can reproach us that the president or the authorities have done nothing to implement the European integration program, especially in the recent days and months. We are not bargaining but we must understand what we will have tomorrow." The European Union, in his words, continues its open-door policy towards Ukraine and "is taking effort to get there." "The question is not whether it will happen or not, the question is when and how we do it," Arbuzov stressed.

The Ukrainian government will do everything possible to make sure that the Association Agreement with the EU is signed in 2014, according to Deputy Prime Minister Sergei Arbuzov on 14 January 2014. However, Maja Kocijancic, Spokesperson for the High Representative of the Union for Foreign Affairs and Security Policy Catherine Ashton, said that no steps were being taken to draft new documents on the deal with Ukraine, according to reports of ITAR TASS.

In the end of 2012, President Yanukovytch appointed a new government, whose makeup was a consequence of a compromise between two Donetsk based groups of oligarchs: the Family, connected with the presidents son Oleksandr Janukovytch, and circles connected with the richest Ukrainian Rinat Achmetov. The strongest position in the new government was The Family, the group of politicians and businessmen connected with Oleksandr Janukovytch, whose interests in the cabinet of Azarov were represented by Arbuzov. According to reports of Ukrainska Pravda, Arbuzov was considered for the position of prime minister, but his candidacy was rejected by Rianat Achmetov. Nevertheless, the deputy prime minister would have a considerable influence because he is responsible for entire financial block in the government.

The career of Arbuzov has developed rapidly since Viktor Yanukovytch came to power beginning from a manager in a mid-sized bank in 2010 to president of the National Bank of Ukraine in 2012. Arbuzov had been first deputy prime minister and the head of the National Bank of Ukraine e [NBU] council at Ukraine government since December 24, 2012. Arbuzov served as the Chief and Chairman of the Board of Governors at National Bank of Ukraine from December 23, 2010 to December 24, 2012. Sergei Arbuzov was appointed governor of the NBU by the Verkhovna Rada (the Ukrainian parliament) in December 2010, having worked previously as deputy governor of the National Bank of Ukraine from 01 September 2010, after a spell as chairman of the supervisory board of Ukreximbank.

From 2004, he worked as chairman, president and latterly as adviser at the Ukrainian Business Bank. This followed a spell from 2003 when he was chairman of Ukrainian bank Donechchyna. Arbuzov graduated from Donetsk National University with a PhD in economics, focusing on finance and credit. He started his career working as an economist, head of division and head of office, in the Donetsk branch of commercial bank Privatbank before moving to become a director of Privatbanks Konstantyniv branch.




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Page last modified: 05-02-2014 18:51:05 ZULU