Topic: Banking and finance
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Babiš blasts Trump's diesel deal with Putin as 'slap' to Europe at EU summit in Brussels
Ukrainian President Volodymyr Zelensky arrived at an EU leaders' summit in Brussels on 16 October 2026, where Czech Prime Minister Andrej Babiš publicly criticised Donald Trump's diesel agreement with Vladimir Putin, calling it a 'slap' to Europe. Zelensky told journalists in Brussels that Putin does not want real peace talks and warned that concessions on Russian diesel could be followed by gas deals and sanctions relief. The summit comes amid reports that Trump has shifted from mediator to a party doing deals with Moscow, and that Washington has pressured Kyiv over strikes on Russian oil refineries.
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US proposed handing frozen Russian assets to Washington-controlled vehicle; Europeans reject plan
The United States proposed to European allies that part of roughly €260 billion in frozen Russian sovereign assets be unfrozen and transferred to a financial structure under US control, to revive peace talks on Ukraine, the Financial Times reported on 15 October. European delegates rejected the idea, and German Chancellor Friedrich Merz publicly insisted the assets remain frozen in Europe with Europeans deciding their fate. Kremlin spokesman Dmitry Peskov said Moscow had no information about the proposal.
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Ukraine's finance minister tells Rada country is in liquidity crisis, blames $29.5bn shortfall in partner aid
Finance Minister Serhiy Marchenko told the Verkhovna Rada on 12 October that Ukraine's state budget has fallen roughly 50 billion hryvnia short of planned revenues over nine months of 2026, with 39 billion hryvnia in payments deferred to year's end and capital expenditures blocked. He attributed the squeeze to a $29.5 billion shortfall in expected partner support tied to delayed reforms under IMF, EU and World Bank programs. Marchenko said military pay and social programs remain fully funded, but the Rada must now pass dozens of reform-related bills to unlock the rest.
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Full 20 million hryvnias bail posted for ex-presidential aide Iryna Mudra in "Forest Gump" case
The full court-set bail of 20 million hryvnias has been posted for Iryna Mudra, a former deputy head of the Office of the President of Ukraine and a suspect in the "Forest Gump" money-laundering investigation led by NABU and SAP. The Higher Anti-Corruption Court (ВАКС) confirmed the payment on 8 October, allowing her release from pretrial detention. Mudra's defense had previously failed in an attempt to reduce the bail to 12.5 million hryvnias.
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Ukraine and Germany advance war risk insurance and 'Industrial Ramstein' cooperation in Kyiv talks
Ukrainian Economy Minister Oleksandr Kravchenko met German Economy Minister Katherina Reiche in Kyiv on 4 October 2026. The two ministers focused on an updated war risk insurance mechanism with payouts of up to $10 million and the joint 'Industrial Ramstein' industrial initiative, for which Germany is providing €30 million in start-up financing. Separately, Reiche said she pressed President Volodymyr Zelensky on anti-corruption reforms and the need for measurable results.
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U.S. Treasury sanctions Russia's A7 network, designates it a transnational criminal organization
The U.S. Treasury imposed new sanctions on the A7 financial network on October 1, 2026, designating it a transnational criminal organization used by Russia and Iran to evade sanctions. The measures, announced under Operation Economic Outcast, freeze A7 assets under U.S. jurisdiction and target the companies-посередники that move funds on its behalf.
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Ukraine's PM ties 2027 VAT hike to war-risk insurance fund for businesses hit by Russian strikes
Prime Minister Serhiy Koretsky said a planned 1-percentage-point increase in Ukraine's standard VAT rate, from 20% to 21% under the draft 2027 state budget, is needed to finance a new fund that would promptly compensate businesses for damage caused by Russian missile and drone strikes. Speaking to TSN.Tyzhden, he said Ukraine plans an initial state contribution of about $1 billion, with the government expecting international partners to add roughly four times that amount for a total fund of about $5 billion.
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Trump signs 'hellish sanctions' law against Russia; Ukraine pushes for full implementation
President Donald Trump signed a U.S. sanctions law — dubbed the "hellish sanctions" — about a week before publication, codifying existing measures against Russia across energy, the shadow fleet, finance, the defense-industrial complex and sanctions circumvention. The law imposes tariffs of up to 500% on Russian goods and up to 100% on goods from third countries that buy significant volumes of Russian oil or gas, and sets an 18 October deadline for the administration to act. Ukraine, which has already submitted detailed proposals including lists of traders, tankers, captains and intermediaries, is engaging Congress to press the White House toward full implementation.
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Ukraine's central bank raises key rate to 16% as inflation overshoots forecast
The National Bank of Ukraine lifted its key policy rate by 0.5 percentage points to 16%, the second consecutive hike, citing sustained inflationary pressure and war-related supply shocks. Consumer inflation accelerated to 8.1% year-on-year in August, slightly above the NBU's July forecast, driven by fuel prices linked to Middle East escalation and higher administrative tariffs after Russian strikes on infrastructure.
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Ukraine's government submits 2027 draft budget to parliament: defense at 44% of GDP, $52.6 billion external financing required
Ukraine's Cabinet of Ministers approved and submitted the draft State Budget for 2027 to the Verkhovna Rada on September 15, 2026. The bill, registered as No. 16000, allocates 4 trillion 885 billion hryvnias (about 43.8–44% of GDP) to defense and security, projects total expenditures of 7 trillion 272 billion hryvnias, and identifies an external financing requirement of $52.6 billion, of which only $20 billion has been confirmed by partners.
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US imposes new sanctions on Russia's VTB Bank over Iran sanctions evasion
The US Treasury announced new sanctions on Russia's second-largest bank, VTB, accusing it of helping Iran circumvent existing restrictions. The measures are framed as part of a US pressure campaign on Tehran and supplement sanctions imposed on VTB in 2022 after Russia's full-scale invasion of Ukraine.
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Ukraine plans $2–3 billion war-risk insurance fund for businesses, partly funded by VAT hike
Ukraine's Minister of Economy Oleksandr Kravchenko announced plans for a $2–3 billion insurance fund to compensate businesses for losses from Russian attacks, with payouts targeted to begin on January 1, 2027. The government proposes funding part of the fund by raising VAT from 20% to 21%, a politically sensitive move that has not yet been finalized.
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Ukraine's government submits three more draft laws to parliament tied to international financing
Ukraine's Cabinet of Ministers approved and sent to the Verkhovna Rada three draft laws needed to attract international financing and cover the state budget deficit. Prime Minister Serhiy Koretsky described the deficit situation as serious and called on lawmakers, regardless of political affiliation, to vote on the package as quickly as possible.
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Head of Ukraine's anti-corruption prosecutor's office reveals 'Femida' operation was first code-named 'Disneiland'
SAPO head Oleksandr Klymenko said the operation later known as 'Femida' was initially code-named 'Disneiland' because the main suspect was nicknamed 'Miky Maus,' and was split into the 'Forest Gamp' and 'Femida' cases as the scheme developed. The cases target an alleged criminal organization that investigators say included a deputy head of the Office of the President, a former MP, state bank officials and a former head of financial monitoring at Sense Bank, with the High Anti-Corruption Court (HACC) setting preventive measures for several suspects in August and early September.