The recent tobacco excise tax increase and economic crisis reduced cigarette affordability in Ukraine dramatically. Using survey data from Stakhanov (n = 1691), eastern Ukraine, we employed logistic regression analysis to examine whether socio-economic status was associated with the continuation of smoking in this environment in 2009. Low education (in women) and ownership of household assets (in men) were negatively associated with smoking continuation, whereas a positive association was found for personal monthly income. Our findings suggest that in a low-income setting where efficient cessation services are absent, reduced cigarette affordability may have only a limited effect in cutting down smoking.