Dragon Capital’s CEO Tomas Fiala said he was sure Ukrainian business needs to find its own way, independent of the government, and that the key to this was smart investing.

While Russian gas may currently be cheaper than European rates, the decision on where to buy fuel from may be political amid ongoing international multibillion-dollar arbitration cases in Stockholm against Gazprom on pricing, according to Dennis Sakva, an analyst at Kiev-based investment company Dragon Capital.

“Investment started to increase earlier than we expected,” said Olena Bilan, chief economist at investment bank Dragon Capital in the Ukrainian capital of Kiev.

After waiting for nearly a year for Kiev to accelerate reforms, the IMF announced the release of more aid on Wednesday as part of a $17.5 billion bailout to shore up an economy brought low by a pro-Russian separatist war in the east. Spreads on sovereign bonds should narrow in the coming weeks, said Olena Bilan, the chief economist at Dragon Capital.