On the night of November 18-19, Russia launched another massive drone and missile attack on Ukraine, targeting energy infrastructure in western and eastern regions. According to the Ukrainian Air Force Command, the assault involved 476 drones and 48 cruise and ballistic missiles, of which 442 drones and 41 missiles were intercepted.

Daily crude steel production in Ukraine averaged 20.9 kt in October (+2.8% m-o-m), with monthly output increasing 6.2% m-o-m to 649 kt (+7.5% y-o-y) and bringing 10M25 production to 6.2 Mt (-4.9% y-o-y). Finished and semi-finished steel output totaled 534 kt in October, down 9.1% m-o-m and up 20.8% y-o-y, with 10M25 production at 5.4 Mt (+2.1% y-o-y). Hot metal production stood at 692 kt last month, up 1.3% m-o-m and 11% y-o-y, and 6.5 Mt in 10M25 (+8.4% y-o-y).

The stock of gross hryvnia-denominated loans issued by Ukrainian banks rose 1.6% m-o-m to UAH 1,014 bn in October, after a 0.8% increase in September, bringing YTD growth to 22% vs. 15% in 10M24. FX-denominated loans increased 4.0% m-o-m to $6.9bn, after a 3.2% rise in September, pushing YTD growth to 10.1% after a 6.5% drop in 10M24.

President Volodymyr Zelensky, on a visit to France yesterday, signed a declaration of intent with his French counterpart Emmanuel Macron on acquiring French defense equipment. According to the Ukrainian presidency, the deal will enable Ukraine to acquire 100 Rafale F4 aircraft by 2035 along with eight SAMP/T air‑defense systems, air‑defense radars, air-to-air missiles, and aerial bombs. Ukraine and France also agreed to co-produce interceptor drones and jointly develop technologies and components for Ukrainian unmanned systems, with relevant projects to begin this year.

Ukrainian Railways (RAILUA) has signed a contract to procure 55 dual-voltage electric locomotives from French rail transport manufacturer Alstom for around EUR 473m (c. $549m). The project will be financed with a World Bank grant (EUR 173m) and concessional loan financing from the EBRD (EUR 300m). According to RAILUA CEO Oleksandr Pertsovsky, the EBRD loan will amortize over 18 year, starting four years post-disbursement. The company will employ new locomotives for cargo transportation and thus plans to repay the loan using cargo segment profits. Alstom will start deliveries in 1Q27, with shipments to continue through 2029.

Ukraine exported 3.1 Mt of grains and oilseeds in October, the fourth month of the marketing year (MY) 2025/26 (July-June), up 12% m-o-m but down 40% y‑o‑y. Grain exports totaled 2.7 Mt, (+8.8% m-o-m, -33% y-o-y), while oilseed exports jumped by 39% m-o-m to 0.5 Mt (-62% y-o-y).

Key highlights: ·    Russian forces made new sizable tactical gains in Dnipropetrovsk and neighboring Zaporizhya region. ·    Containing the rapidly expanding Russian salient in eastern Zaporizhya region around Huliaipole has arguably become the most urgent challenge for the Ukrainian defense, overshadowing the continuing Russian offensive at Pokrovsk in Donetsk region. ·    Ukraine intensified attacks on Russian oil refineries and other energy infrastructure; Russia conducted another mass attack on Kyiv, continuing to target energy assets.

WSE-listed Ukrainian agricultural producer IMC reported 9M25 sales of $119m (-16% y-o-y), a gain from change in fair value of biological assets (IAS 41) of $76m (+22%), EBITDA of $88m (+24%), and net income of $68m (+43%). End-9M25 financial debt stood at $21m (-50% y-o-y). With cash of $28m (+1.1% y-o-y), the company was net cash positive at $7m as of end-9M25 (before $122m of lease liabilities under IFRS 16).

An IMF mission arrived in Ukraine to discuss the authorities’ request for a new EFF program. The IMF said the talks will cover the government’s economic policy objectives, with a focus on fiscal and monetary policies, governance, anti-corruption measures, and steps to enhance economic growth.

Vodafone Ukraine (VFU), the country’s second-largest mobile operator, reported the results of its recent tender offer to repurchase a portion of its 2027 Eurobonds at a price of 98pt for up to $10.8m. As the tender was significantly oversubscribed, the company will repurchase tendered notes at a scaling factor of 0.1150681. The tender will be settled on Nov. 20, 2025.

Eight Nordic and Baltic countries including Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden have announced a joint $500m contribution to the Prioritized Ukraine Requirements List (PURL) program, a NATO-led initiative that finances purchases of US weapons for Ukraine. In a statement, the countries confirmed their commitment to “sustaining long-term, predictable, and coordinated military support to Ukraine.”

Local subsidiaries of DTEK Energy published their 9M25 financial results under Ukrainian Accounting Standards (UAS), posting combined EBITDA of $562m. The figures imply 3Q25 EBITDA of $166m, down from $195m in 2Q25 but up from $101m in 3Q24.

Prime Minister Yulia Svyrydenko initiated the dismissal of Energy Minister Svitlana Hrynchuk and Justice Minister Herman Haluschenko, sending formal requests to parliament yesterday. The move was in reaction to a major energy-sector corruption probe disclosed by the National Anticorruption Bureau (NABU) earlier this week, in which the two ministers and a former business ally of President Volodymyr Zelensky were implicated, among others. Earlier on Wednesday, Svyrydenko met with Zelensky, who called on parliament to dismiss the justice and energy ministers. Haluschenko, who moved to the Justice Ministry following a government shakeup in July, had served as energy minister in the previous government from 2021-2025.

Ukraine’s natural gas stocks totaled 13.2 bcm as of end-October (+4.1% y-o-y), up from 11.8 bcm at end-September and a low of 5.3 bcm in April. Gross cross-border inflows reached 0.7 bcm in October (-4.0% m-o-m), bringing 10M25 inflows to 5.4 bcm, up from 1.9 bcm in 10M24. Re-exports of previously stored gas remained minimal in October and stood at 0.3 bcm in 9M25 (-88% y-o-y).

According to provisional Finance Ministry data, the central budget posted a cash deficit of UAH 168bn ($4.0bn) in October, up from UAH 99bn ($2.4bn) in September, bringing the 10M25 shortfall to UAH 1,089bn ($26bn) vs. UAH 995bn ($25bn) in 10M24.

The government, at an extraordinary meeting this morning, suspended Justice Minister Herman Haluschenko, ordering one of his deputies to temporarily perform his duties. The decision came a day after Haluschenko, who served as energy minister from 2021-25, was implicated in a major energy-sector corruption probe conducted by the National Anticorruption Bureau (NABU). The government also announced a relaunch of the Supervisory Board at state nuclear power operator Energoatom, Ukraine’s largest power producer, which is at the center of the NABU investigation into an alleged scheme in which Energoatom’s contractors were pressured into paying kickbacks. The Cabinet dismissed the current Energoatom Board and ordered the Economy Ministry to submit new candidates for government approval within a week, with next steps including appointing a new management team and conducting a full audit of Energoatom.