Last year, the country drafted a plan to increase oil production to 104.2 million tonnes by 2030 through a number of projects.

The country's partners pledged over $4 billion in financial aid in a move to support Ukraine's economy.

Moscow has repeatedly denied it has any intention of invading Ukraine but has held several rounds of talks with Western countries and NATO on its demand for “security guarantees“ that the Atlantic alliance will expand no further and Ukraine will never become a member.

The rise in the oil sector was 0.6 percent, up from a 6.2 percent contraction in January 2021, while the non-oil sector grew by 8.2 percent compared to 0.1 percent growth a year earlier.