Help me Understand Cancellation Rule
 

I'm looking at flight in business on Ukraine International because of a very attractive fair. I'm aware that it is not a great business class and they use old planes with old style business class seating.
I want to purchase the ticket to lock in the price. But I want to keep looking for a good price or late award availability on a more preferable airline.

The fare rules seem to indicate that it is refundable, but the screen where all the available fares are listed shows an X for all fare types under the refund column, but show a check for all of them in the change column. I am doing a one way ticket.

Here are the fare rules regarding cancellation/change. Can I cancel a one-way fare?

CANCELLATIONS
BEFORE DEPARTURE
CANCELLATIONS PERMITTED FOR CANCEL/NO-SHOW/REFUND.
NOTE -
IN CASE OF NO-SHOW CHARGE 50USD MUST BE APPLIED
--
IN CASE OF PARTIAL USE OF OUTBOUND OR INBOUND
FARE COMPONENT THE AMOUNT OF THIS FARE COMPONENT
IS FULLY NONREFUNDABLE
--

AFTER DEPARTURE- REFUND THE DIFFERENCE BETWEEN
THE FARE PAID AND -OW- FARE AT THE SAME
BOOKING CLASS OR HIGHER FOR JOURNEY TRAVELED.
--
IN CASE OF NO-SHOW CHARGE 50USD MUST BE APPLIED
--
ONE WAY FARES - NOT PERMITTED
CHANGES
ANY TIME
CHANGES PERMITTED FOR REISSUE/REVALIDATION.
NOTE -
IN CASE OF NO-SHOW CHARGE 50USD MUST BE APPLIED
--
UPGRADE TO HIGHER FARE/VOLUNTARY REROUTING-
PERMITTED UPON PAYMENT OF THE DIFFERENCE BETWEEN
FARE PAID AND HIGHER FARE PROVIDED FARE MUST BE
RECALCULATED FROM THE POINT OF ORIGIN.
--

IN CASE OF NO-SHOW CHARGE 50USD MUST BE APPLIED
---
IN CASE OF VOLUNTARY SERVICE UPGRADE TO PREMIUM
ECONOMY/BUSINESS CLASSES WITHOUT DATE CHANGE OR
REROUTING FEE FOR UPGRADE DO NOT APPLY. OTHERWISE
FARE RULE CONDITIONS MUST BE APPLY.
----
IN SUBSEQUENTLY CHANGES AND REFUND RULES OF NEW
FARE WILL BE APPLIED BUT NON-REFUNDABLE AMOUNT
REMAINS NON-REFUNDABLE
---
REROUTING PERMITTED ON PS FARES ONLY
--
FOR ONE WAY FARES AFTER DEPARTURE - NOT PERMITTED

It would help if you provide the full fare rules, or the route and fare basis.

In the list of fares, is there an X or R next to the fare class? X indicates a one way fare, R is a round trip.

If the fare basis allows you to purchase as a one way, then it should be refundable based on the posted rules. Round trip/partially used tickets are more complex when refunds are involved.

From what you posted, it appears that the fare basis you are looking at does not allow a 1-way ticket --

"ONE WAY FARES - NOT PERMITTED"

Therefore, the question you raise, namely, whether your ticket would be refundable, is not relevant, since you cannot get a one way ticket using this fare basis.

Regardless of the fare rules, I would expect that it could be difficult and frustrating to obtain a refund from Ukraine Airlines. This might be a case where it could be useful to pay to use an excellent real live human travel agent (NOT an on line travel agent) rather than purchasing directly from the carrier.

If the price is right, perhaps the OP can purchase a RT ticket (for some cheap return date) and throw away the return portion, assuming that Ukraine wouldn't go after him for the difference to the correct one way fare.

Following up on this.

I decided to buy the ticket. $658 ai for IST-KBP-PEK business class. I'm doing a 2 night stopover in Kiev as I've heard it's an interesting city.
Although the fare rules aren't very clear, the e-ticket receipt states very clearly at the bottom refund: free of charge , change of reservation: free of charge.
MSPeconomist is probably right about the difficulties of getting a refund. But the eticket receipt is quite clear so in worst case scenario, I could probably prevail in a credit card dispute.
The layout of the rules is confusing. But, I'm pretty sure the one way fares not permitted language refers to the after departure refund section. I purchased a one-way. I didn't see any X or R next to the fares listed.

I'll find out if it is a bargain or not. At any rate, it should be an adventure.