Topic: Economy
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Two Russian oil refineries halt processing after Ukrainian drone strikes
The Syzran and Saratov oil refineries in Russia stopped crude processing following Ukrainian drone attacks, Reuters reported on Tuesday, citing three industry sources. The Syzran plant halted operations on 15 September after its main primary distillation unit was damaged, while the Saratov plant stopped on 11 September. The stoppages add to a string of Ukrainian strikes on Russian refining capacity and come as Russia has already restricted fuel exports.
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Ukrainian parliament approves in first reading VAT on foreign marketplace purchases
On 16 September, the Verkhovna Rada voted in first reading for a package of bills introducing VAT on goods bought through foreign marketplaces, regardless of value. 273 MPs backed the Tax Code amendment and 267 supported a separate customs bill. Finance Minister Serhiy Marchenko said the legislation is part of Ukraine's obligations to the IMF and the EU and warned that the country has already missed a €4 billion tranche, with an October tranche still contingent on passage.
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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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Half of Russia's largest diesel refineries cut or halt output after Ukrainian drone strikes
Three of Russia's six largest diesel-producing refineries have been forced to significantly cut or halt production in September following Ukrainian drone attacks, disrupting output from facilities that together account for roughly half of Russian diesel. The Kirishi (Kinef) refinery fully halted operations, while Volgograd and NORSI are running at about a quarter of normal capacity. U.S. President Donald Trump on 13 September urged Ukrainian President Volodymyr Zelensky to stop the strikes, attributing global diesel shortages and price increases to the Russia–Ukraine war rather than the U.S.–Iran conflict; Ukraine responded that it is ready for a ceasefire only if Russia also stops strikes on Ukrainian energy infrastructure.
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NABU exposes group suspected of stealing 100,000 tonnes of Ukrnafta fuel worth over 2.88 billion hryvnias
Ukraine's anti-corruption bodies NABU and SAPO announced they had exposed an organized group suspected of misappropriating 100,000 tonnes of oil products belonging to Ukrnafta, Ukraine's largest oil producer. The estimated value exceeds 2.88 billion hryvnias. Four suspects have been formally notified in the first episode of the case, with several others identified. The investigation covers a 2017–2020 scheme in which fuel was routed through affiliated companies and proceeds were diverted via offshore entities.
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Ukraine tests new interceptor against Russian jet-powered Shahed drones, Zelensky says
President Volodymyr Zelensky announced on September 15 that Ukraine had successfully tested a new interceptor drone designed to shoot down Russian jet-powered Shahed-type drones, following a briefing from Commander-in-Chief of the Armed Forces Mykhailo Drapatyi. During the test the interceptor hit a Russian Shahed, though Zelensky said some aspects of the interceptor's control still need refinement. The announcement came alongside discussions of long-range strikes on Russia's oil infrastructure and Ukrainian de-escalation conditions.
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Ukraine risks losing part of $29.5 billion in foreign financing without parliamentary votes, PM Koretsky warns
Prime Minister Serhiy Koretsky warned that Ukraine risks losing a significant portion of an anticipated $29.5 billion in international financing if the Verkhovna Rada delays the required legislation, and said the government will send parliament a schedule with clear deadlines for each vote. He described the country's state finances as close to critical and said the government plans to complete its own share of 42 commitments by October 15, having accelerated the timeline from the previously announced November 1 deadline.
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Ukraine's daily war cost rises to $190 million, budget chief says
Roksolana Pidlasa, head of the Verkhovna Rada budget committee, said at the Yalta European Strategy conference in Kyiv that one day of war now costs Ukraine $190 million — $50 million more than in 2024. She warned that domestic resources are running short of defense needs and that Russian strikes have driven a VAT revenue shortfall.
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Russia launches nearly 500 strike drones at Ukraine on September 12, Zelensky says campaign targets the economy
On September 12, Russia conducted a sustained day-and-night drone barrage of nearly 500 strike drones against Ukraine, hitting railway infrastructure, food warehouses and other civilian economic targets. Ukrainian air defence downed or suppressed 336 of the 410 drones launched during the daytime period. President Zelensky framed the strikes as a deliberate effort to destroy Ukraine's economy and break Ukrainian resistance.
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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 Defence Ministry confirms payment delays to manufacturers under 'eBally' program
Ukraine's Ministry of Defence acknowledged delays in paying defence manufacturers for equipment supplied under the 'eBally' (єБали) digital bonus program, calling them technical and blaming planned refinancing through EU credit funds and upcoming changes to the points system. The head of the Ukrainian Council of Arms Makers said debt to individual manufacturers ranges from 24 million to hundreds of millions of hryvnias, hitting small companies hardest.
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Russian ballistic missiles hit Kryvyi Rih metallurgical plant in overnight attack
In the night of September 11–12, 2026, Russian forces struck Kryvyi Rih with ballistic missiles from several directions, hitting the ArcelorMittal Kryvyi Rih metallurgical combine. Local officials reported multiple casualties and damage to nearby apartment buildings, a healthcare centre, and schools. The strike was part of a broader overnight Russian assault on Dnipropetrovsk Oblast and other Ukrainian regions.
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Ukraine's unmanned forces claim 285 Russian shadow-fleet vessels struck in ten-week Black Sea operation
Commander of Ukraine's Unmanned Systems Forces Robert 'Madyar' Brovdi says his unit has struck 285 ships of Russia's 'shadow fleet' in the Black and Azov Seas over the ten weeks of operation 'МоЛоЧКа'. He reports that movement through the Sea of Azov and the Kerch Strait is effectively halted for shadow-fleet vessels, while the northern and northeastern Black Sea is significantly complicated for them.
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U.S. House to vote next week on Graham-Blumenthal Russia sanctions bill
The U.S. House of Representatives is scheduled to vote next week on the Graham-Blumenthal Russia sanctions bill (H.R. 5334), which would authorize sweeping new sanctions and tariffs targeting Russia's energy sector, defense industry and shadow fleet. The vote follows the recent death of the bill's chief Senate sponsor, Senator Lindsey Graham, and faces bipartisan resistance over its tariff provisions.
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Canada and Ukraine launch migration partnership, begin process to add Ukraine to eTA list
Canada and Ukraine announced a joint statement by Prime Minister Mark Carney and President Volodymyr Zelensky, unveiling a migration and mobility partnership to support Ukraine's recovery and starting the process of adding Ukraine to Canada's electronic travel authorization (eTA) list. The two countries also signed agreements totaling over 2 billion US dollars, including a Declaration on a 100-year partnership covering economic, security and political cooperation.
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Ukrainian drones hit Saratov oil refinery and Ozon logistics hub overnight
In the night of 10–11 September, Ukrainian drones struck the Russian city of Saratov, hitting the Rosneft-owned Saratov oil refinery and an Ozon logistics and delivery centre. Fires broke out at both sites. Saratov Oblast governor Roman Busargin reported damage to "civilian infrastructure" and the activation of emergency services; Ozon confirmed the strike, said staff were evacuated and suspended orders in the region.
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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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Ukraine tells EU it needs additional $27 billion by year-end, prompting surprise in Europe
President Volodymyr Zelenskyy told European partners that Ukraine needs an additional $27 billion by the end of 2026 to cover a defence budget gap. The request, which came during a European visit for Ukraine's Independence Day, surprised officials who had agreed to a $100 billion-plus EU loan earlier in the year. European officials are now examining the size, causes, and justification of the deficit, while Ukraine is also seeking help from the United Kingdom, Canada, and Japan and pressing for the use of frozen Russian sovereign assets held at Euroclear in Brussels.
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Russian drones strike four Ukrnafta fuel facilities in three oblasts
Russian forces struck four Ukrnafta fueling complexes in Kyiv, Zaporizhzhia and Dnipropetrovsk oblasts over the evenings of September 5 and 6, causing fires and equipment damage but no injuries. Ukrnafta chairman Bohdan Kukura characterized the attacks as systematic strikes on civilian infrastructure with no military purpose.
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Ukrainian drones strike Ryazan oil refinery and Rostov airfield overnight
On the night of September 6, 2026, Ukrainian drones attacked targets in Russia's Ryazan and Rostov oblasts. Ukraine's General Staff said the Defense Forces struck the Ryazan Oil Refinery, the Rostov-on-Don airfield, a Podlyot radar station, and two Pantsir-S1 air-defense systems, with the refinery hit using an FP-1 drone produced by Fire Point. Russian officials acknowledged a drone attack and a fire at an unnamed enterprise in Ryazan, but did not officially confirm damage to the refinery.