Acting Defense Minister Yevheniy Khmara met yesterday with newly appointed Commander-in-Chief of the Armed Forces Mykhailo Drapaty, emphasizing their shared vision for the war, particularly the need to achieve a "technological advantage" over Russia. The Defense Ministry said Ukraine would continue scaling up effective capabilities, including mid- and long-range strike weapons, unmanned ground vehicles (UGVs), and other technologies that "save soldiers' lives and help destroy the enemy more effectively."

No ships passed through Ukraine’s Black Sea maritime corridor yesterday, according to acting Foreign Minister Andrii Sybiha, marking the first pause in navigation since Russia escalated its attacks on Jul. 10. This compares with an average of five arrivals per day on Jul. 10–21 and eight before the recent escalation.

According to a survey conducted by private pollster Rating Group on Jul. 20-21, former Defense Minister Mykhailo Fedorov has risen to third place among potential presidential contenders, trailing only incumbent President Volodymyr Zelensky and former Commander-in-Chief and current ambassador to the UK Valeriy Zaluzhny. If presidential elections were held in the near future, Fedorov would receive 13.4% of the vote, compared with 22.3% for Zelensky and 14.9% for Zaluzhny.

President Volodymyr Zelensky announced yesterday the appointment of Mykhailo Drapaty as Commander-in-Chief of the Armed Forces, replacing Oleksandr Syrskyi, who had held the post since February 2024. In his evening address, Zelensky said he had tasked Drapaty and acting Defense Minister Yevheniy Khmara with preparing an updated defense strategy focused on expanding Ukraine's ongoing mid- and long-range strike campaign against Russia, strengthening air defenses and overhauling the mobilization system.

Inbound traffic to Ukraine’s Black Sea ports declined to 3 commercial vessels on Jul. 21, according to MarineTraffic, down from the daily average of 5 arrivals on Jul. 10-20 and the average of 8 recorded before the recent escalation.

The IMF Executive Board approved the first review of Ukraine's $8.1bn four-year Extended Fund Facility (EFF) program, following a staff-level agreement reached a month earlier. The decision paves the way for the disbursement of a $0.7bn tranche, bringing total IMF financing received under the program to $2.2bn.

WSE-listed Kernel Holding, Ukraine’s largest sunflower oil producer and grain exporter, published its 4Q26FY (calendar 2Q26) operating results, reporting vegetable oil sales of 338 kt (-9.4% q-o-q, -12% y-o-y) and oilseed crushing volumes of 645 kt (-35% q-o-q, -32% y-o-y). Grain exports totaled 2.0 Mt over the period, up 33% q-o-q and double y-o-y.

Net hryvnia loans of Ukrainian banks, adjusted for NPLs, rose 33% y-o-y in June to UAH 954bn, accelerating slightly from 32% in May. Growth in net corporate loans picked up to 32% y-o-y from 30% in May, bringing the stock to UAH 608bn, while retail loan growth remained strong at 36% y-o-y, with the stock reaching UAH 347bn. Hryvnia deposits increased 18% y-o-y to UAH 2,292bn, in line with May's pace, while growth in FX deposits slowed to 2.0% y-o-y from 4.7% in May, with the stock reaching $20.8bn.

Key developments: - Speculation growing that President Zelensky may dismiss Commander-in-Chief Syrsky in response to public outcry sparked by removal of Defense Minister Fedorov. - On the battlefield, Russian forces continue grinding advances in Donetsk region, still sustaining a high intensity of ground assaults despite heavy losses. - Intense aerial warfare is ongoing, with Russia escalating attacks on Odesa sea ports as Ukraine expanded its campaign against Russia’s tanker fleet in the Black Sea.

In a new escalation, Russia struck a Guinea-Bissau-flagged Turkish grain vessel on Jul. 19 with three cruise missiles shortly after the ship left the port of Odesa, damaging the ship and killing 10 of 18 crew members.

Ukrainian parliament yesterday approved Serhiy Koretsky as the new prime minister, with 289 lawmakers — almost a two-thirds majority in the 450-seat Verkhovna Rada — supporting his nomination. Before entering government, Koretsky, 48, served as CEO of state-owned oil and gas company Naftogaz since May 2025 and previously headed Naftogaz's oil-producing subsidiary Ukrnafta from 2022 to 2025.

The Ministry of Economy estimated that real GDP grew by 0.8% y-o-y in May, following a 0.9% increase in April and 0.1-0.2% growth in March, bringing cumulative growth in 5M26 to broadly flat from -0.2% in 4M26.

Inbound vessel traffic to Ukraine’s Black Sea ports increased to 10 commercial vessels (96 kt deadweight) on Jul. 16, according to MarineTraffic, up from 4 average daily arrivals on Jul. 10-16, and 8 on average before the recent escalation.

According to the Ukrainian Agrarian Council, the combined grain-handling capacity of Ukraine's deep-sea ports has fallen by around a third, to 4 Mt from 6 Mt per month, after Russian missile and drone attacks caused extensive damage to port infrastructure in the Odesa region. Against this backdrop, some Ukrainian grain traders have suspended grain purchases for export, effectively putting new export contracts on hold.

Ferrexpo reported 2Q26 pellet production of 0.9 Mt, up 64% q-o-q and 4.7% y-o-y, bringing 1H26 output to 1.4 Mt, still down 36% y-o-y. Quarterly concentrate production increased 52% q-o-q to 103kt, but remained down 83% y-o-y, leaving 1H26 concentrate output 86% lower y-o-y at 0.2 Mt. Total production reached 1.0 Mt in 2Q26, up 63% q-o-q but down 33% y-o-y, with 1H26 output of 1.6 Mt (-43% y-o-y).