Bombing damage in Ukraine. (Source: Shutterstock)
Between Dec. 31, 2021 and June 30, 2022, the number of active credit unions in Ukraine have dropped considerably, according to new reports from WOCCU, the All-Ukrainian Credit Union Association (AUCUA) and the Ukrainian National Association of Savings and Credit Unions (UNASCU).
What's more, in a statement released Thursday from WOCCU, the houses of more than 10 credit union employees in the Zaporizhzhia Region of Ukraine "have been damaged or destroyed this month due to a substantial increase in shelling by the Russian military."
At the beginning of the year, AUCUA had 63 active member credit unions. That number has now dropped to 53, according to WOCCU. In the same time frame, UNASCU's active credit unions dropped from 53 to 40. According to WOCCU, "Those numbers are expected to decline even more due to this latest wave of attacks."
In recent days, the Russian military has targeted Ukraine's energy infrastructure and has destroyed 40% of the power grid. As a result, many Ukraine credit unions can only operate a few hours each day in the areas where the energy infrastructure was targeted.
Another result of the ongoing Russian attacks since the invasion of Ukraine in February, "Membership dropped 16% nationwide through June 30. Assets have taken an even greater hit, declining 28%," according to WOCCU.
After the power grid attacks on Oct. 10 and Oct. 22, there have been rolling blackouts to try to help preserve the energy infrastructure that still exists. According to a statement from WOCCU, that has taken an additional toll on the operational expenses of credit unions because many have had to purchase generators to at least provide a minimal level of service for members.
"Both AUCUA and UNASCU continue to work with the National Bank of Ukraine, the country's credit union regulator, to mitigate the burden on credit unions that are still operating, so they can survive the continued onslaught of Russian attacks," according to WOCCU.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
