The Ukrainian economy

The Ukrainian economy stabilized by the end of the 1990s. A new currency, the hryvnia, was introduced in 1996. Since 2000, the country has enjoyed steady real economic growth averaging about seven percent annually.[8][76] A new Constitution of Ukraine was adopted under second President Leonid Kuchma in 1996, which turned Ukraine into a semi-presidential republic and established a stable political system. Kuchma was, however, criticized by opponents for corruption, electoral fraud, discouraging free speech and concentrating too much of power in his office.[77] He also repeatedly transferred public property into the hands of loyal oligarchs.

In 2004, Viktor Yanukovych, then Prime Minister, was declared the winner of the presidential elections, which had been largely rigged, as the Supreme Court of Ukraine later ruled.[78] The results caused a public outcry in support of the opposition candidate, Viktor Yushchenko, who challenged the outcome of the elections. This resulted in the peaceful Orange Revolution, bringing Viktor Yushchenko and Yulia Tymoshenko to power, while casting Viktor Yanukovych in opposition.[79] Yanukovych returned to a position of power in 2006, when he became Prime Minister in the Alliance of National Unity,[80] until snap elections in September 2007 made Tymoshenko Prime Minister again.[81] Yanukovych was elected President in 2010.[82]

Conflicts with Russia over the price of natural gas briefly stopped all gas supplies to Ukraine in 2006 and again in 2009, leading to gas shortages in several other European countries

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