Directors welcomed the creation of new anticorruption institutions, but strongly urged the authorities to strengthen these institutions further and to establish an independent anticorruption court to achieve concrete results, in order to support the reform program, attract investment, and achieve faster growth.

Decisive steps particularly need to be taken to fight corruption, which remains the most frequently mentioned obstacle to doing business in Ukraine.

The international oil company said on Wednesday it was co-operating with officials from both the Netherlands and Italy as they investigate the $1.1bn deal, which Shell signed five years ago alongside Eni, the Italian oil company.