As Russia's ongoing invasion of Ukraine approaches the one-year mark, Ukrainian credit unions are struggling to maintain normal operations. Due to Ukrainian military personnel being exempt from paying interest on their loans under martial law, credit unions are feeling the pains of lost interest income. In addition, Russia's attacks have disrupted Ukraine's power grid, leaving many businesses, including credit unions, without electricity. And as a result of poor economic conditions in the country including rising inflation, Ukraine's credit unions are having trouble keeping up with basic operating costs.

The Worldwide Foundation for Credit Unions is helping to ease these burdens with new grant programs specifically designed to address these three areas of need: The Servicemen Interest Compensation Program, Covering Operational Expenses Program and Alternative Power Sources Program. WFCU distributed a total of $355,000 to Ukrainian credit unions in December 2022 through the new grant programs:

• Forty-two credit unions that applied for the Servicemen Interest Compensation Program have so far received a total of $170,000 to make up for lost interest income, which had been limiting their ability to initiate new loans.
• Under the Covering Operational Expenses Program, 75 credit unions received a total of $130,000 to help pay for operating expenses.
• Through the Alternative Power Sources Program, 91 credit unions received $600 each to help cover the cost of a power generator, power station or power bank that would provide them with the electricity needed to stay operational during a blackout.

WFCU said it worked with the All-Ukrainian Association of Credit Unions and Ukrainian National Association of Savings and Credit Unions, both of which are World Council of Credit Unions member organizations, to identify the three areas of need, and is channeling the grants through the two national associations and on to their member credit unions.