The hryvnia’s 42-percent devaluation against the U.S. dollar is adversely affecting the savings and loan business model of banks, said Dmytro Tarabakin, managing director at Dragon Capital, a Kyiv-based investment house.

According to Dragon Capital, the bill "maintains provisions aimed at reducing financing of and finally streamlining state controlling bodies, which we consider positive for the business environment."

Despite the State Property Fund’s expectation of making $1.25 billion on privatization, Dragon Capital senior analyst Desnnis Sakva thinks the government’s forecasts are too optimistic. "It is hardly realistic for the government to sell such a wide range of assets within a half year, not only due to the ongoing military operation in the East and its impact on the domestic investment climate but also due to the sheer volume of underlying paperwork," it said in a note to investors.

As a city, Kyiv generates around 20 percent of the country’s gross domestic product, according to Dragon Capital investment bank data, meaning that a substantial amount of taxes is paid here. However, the municipal budget only gets to keep half of what it collects in personal income taxes. Meanwhile, Kyiv-registered companies pay all of their corporate income and value-added taxes straight into the state budget.

“Investors are waiting for the geopolitical crisis to be resolved, but in the meantime they are looking at what is being done” by the new government of Prime Minister Arseniy Yatseniuk and acting President Oleksandr Turchynov, according to Andriy Bespyatov, head of research at Kyiv-based investment bank Dragon Capital.

If Russia ends contracts to supply Ukraine, it may have a knock-on impact on European supplies, said Dennis Sakva, an energy analyst at Dragon Capital in Kiev.

Specifically, according to Dragon Capital analyst Dennis Sakva, the government wrote off Hr 4.9 billion in debt of municipal heating companies, and Hr 7.4 billion that regional gas distributing companies had to Naftogaz as well as wrote off Naftogaz’s debts to the state budget.