Russian strikes over the winter triggered the first decline in Ukrainian businesses’ operating efficiency since the start of the full-scale invasion, even as banks recorded their longest period of credit growth in 15 years, according to the National Bank of Ukraine’s (NBU) semi-annual Financial Stability Report presented on Tuesday. The central bank said macroeconomic conditions for Ukraine’s financial sector and businesses worsened over the past six months, largely due to intensified Russian attacks on production facilities, transport infrastructure, and energy assets.JOIN US ON TELEGRAMFollow our coverage of the war on the @Kyivpost_official. “As a result, a number of industries saw a slowdown in production during the first quarter, with prices being the main driver of corporate revenue growth. … Furthermore, the consequences of these attacks, combined with the additional effects of the war in the Middle East, made the National Bank maintain relatively tight monetary conditions,” NBU First Deputy Governor Serhiy Nikolaichuk said during the briefing. Pervin Dadashova, director of the Financial Stability Department, said the conflict in the Middle East also drove up production costs, particularly for sectors that are heavily dependent on imports. These include the agricultural sector, which relies on imported fertilizers, and sectors that depend on the prices of imported energy resources. While the central bank’s assessment is currently based on first-quarter data, Dadashova said a clearer picture will emerge as companies file their second-quarter financial statements.