Naftogaz has sent out a request for proposals to advisers to help address its EUR 695m Eurobond maturing on Jul. 19, 2026, Bloomberg reported, citing unnamed sources.

The volume of natural gas in Ukraine’s underground storage reservoirs (UGS) stood at 10.6 bcm as of end-January, down 13% m-o-m (from 12.2 bcm at end-2025) but up 32% y-o-y (from 8.1 bcm in January 2025).

Ukraine has begun preparations to hold presidential elections and a concurrent referendum on a possible peace agreement with Russia after the US administration reportedly conditioned its security guarantees for Ukraine on finalizing peace talks in the spring and holding both votes by May 15, the Financial Times reported. Zelensky may announce the plan for presidential elections and a referendum on the fourth anniversary of the Russian invasion on Feb. 24, according to the report.

Ukraine’s headline CPI rose by 0.7% m-o-m in January, accelerating from 0.2% in December and bringing y-o-y inflation to 7.4%, down from 8.0% in December. Core inflation, which excludes administratively regulated tariffs and prices of raw food and energy, increased by 0.4% m-o-m (vs. 0.1% in December), slowing to 7.0% y-o-y from 8.0% a month earlier.

Nasdaq-listed Kyivstar, Ukraine’s largest mobile network operator and leading digital player, acquired local health products marketplace Tabletki.ua for $160m. Over 4Q24-3Q25, Tabletki.ua facilitated $1.2bn in online bookings, generating LTM EBITDA of $24m and net income of $20m, implying the deal valued it at an EV/EBITDA of 6.7x and P/E of 8.0x.

Metinvest is considering issuing a five-year bond to refinance its $428m maturity due on Apr. 23, Bloomberg reported, citing unnamed sources.

According to the minutes of the latest meeting of the NBU’s 11-member Monetary Policy Committee (MPC), which preceded the central bank’s Jan. 29 rate decision, eight members supported a 50bp cut in the key policy rate to 15.0% p.a., two members favored a deeper 100bp cut, and one member voted to keep the rate unchanged. The majority cited steady disinflation, reduced risks to external financing following approval of the EU’s EUR 90bn Ukraine Support Loan for 2026-27, and strong demand for UAH-denominated assets as reasons to resume monetary easing. At the same time, the majority emphasized the need for caution in light of pro-inflationary risks stemming from damage to the energy sector and the fading disinflationary impact of last year’s bumper harvest. Most MPC members see limited scope for further rate cuts in 2026, pointing to inflationary risks from ongoing energy infrastructure damage and a likely increase in budget spending on defense and reconstruction. If the risk balance remains unchanged, a few small cuts to 14.5% would be sufficient. Several members, however, assess inflation risks as broadly balanced, citing spillover effects from last year’s strong harvest, weakening consumer demand, and the NBU’s strengthened capacity to maintain FX market stability. These members see more room for easing this year, potentially to 12.5-13.5%. All MPC members agreed that the NBU should respond flexibly to changes in the risk balance and stand ready to pause further easing if pro-inflationary pressures intensify. At the same time, a moderation of inflation risks would open the door to faster policy easing to support economic activity.

Ukraine exported 3.7 Mt of grains and oilseeds in January, the seventh month of the marketing year (MY) 2025/26 (July-June), up 14% m-o-m but down 2.2% y‑o‑y. Grain exports totaled 3.4 Mt, up 14% m-o-m but -2.5% y-o-y, while oilseed exports stood at 0.4 Mt, up 7.8% m-o-m and flat y-o-y.

The US administration seeks to achieve a peace agreement between Ukraine and Russia by June in view of the approaching midterm congressional elections in November, President Volodymyr Zelensky said on Saturday in remarks following the second round of US-Ukrainian-Russian talks in Abu Dhabi on Feb. 4-5. Zelensky also said the US proposed at last week’s meeting to restore the energy ceasefire, which Ukraine immediately accepted but Russia is yet to respond to. In other remarks, Zelensky confirmed earlier rumors that discussions on territory had made no progress, with Russia demanding that Ukraine withdraw from the Donetsk region but Ukraine insisting that “we stand where we stand is the fairest model for a ceasefire.” But, according to the Ukrainian leader, Russia for the first time agreed to discuss the US proposal to establish a free economic zone in the Donbas region. Zelensky said the US offered to hold the next trilateral meeting with Ukrainian and Russian delegations in Miami in about a week.

• Russian gains remain marginal despite a high intensity of assaults, but the Russian offensive is not slowing. • The prevailing projection is that Russia will try to intensify assaults in the Donetsk and Zaporizhya region to maximize its leverage in US-brokered peace talks ahead of a rumored June deadline. • Russia’s force size in Ukraine has been flat for a half-year, as per the Ukrainian military command, reflecting heavy losses and limited capacity for a major breakthrough. • Elon Musk’s SpaceX, reacting to Ukraine’s appeal, reportedly disconnected Starlink internet terminals widely used by Russian forces.

Russia conducted another massive drone and missile attack on Ukraine’s power infrastructure on Feb. 7, involving 408 drones, 37 cruise missiles, and 2 ballistic missiles. Ukraine’s air forces reportedly intercepted 382 drones and 24 missiles. The attack targeted western and central regions, including Lviv, Ivano-Frankivsk, Rivne, and Vinnytsia. According to Energy Minister Denys Shmyhal, the strikes damaged DTEK Energy’s Burshtyn and Dobrotvir power plants, as well as high-voltage substations used to transmit electricity from nuclear power plants. On Feb. 8, Russia also struck Naftogaz infrastructure in the Poltava region.

NBU gross foreign reserves edged up by 0.6% ($0.4bn) m-o-m in January, to $57.7bn — a new all-time high, up 32% y-o-y, and equivalent to 6.0 months of prospective goods and services imports. The hryvnia dropped by 1.1% m-o-m against the US dollar in January, to UAH 42.8 (official rate; -2.4% y-o-y), and depreciated by 2.7% m-o-m vs. the euro, to UAH 51.2 (-15% y-o-y).

Ukraine’s direct and guaranteed public debt totaled $213bn as of end-2025, up 29% y-o-y following increases of 14% in 2024 and 30% in 2023. The end-2025 debt stock was equivalent to an estimated 103% of GDP, up from 91% in 2024.

US, Ukrainian and Russian delegations held their second meeting in Abu Dhabi on Feb. 4-5, following the first round of US-brokered peace talks on Jan. 23-24. US President Donald Trump’s envoy Steve Witkoff said two days of “constructive” discussions focused on “the remaining open issues including methods to implement a ceasefire and monitor the cessation of military activities.” He added that trilateral talks would continue in the coming weeks. President Volodymyr Zelensky confirmed that the sides decided to meet again in the near future, “likely in the United States.” Ukraine and Russia also agreed another prisoner exchange, 157 people from each side, which was conducted yesterday. Meanwhile, a Kremlin spokesman said that while “Russia maintains its openness” to a peaceful settlement, Moscow’s “special military operation will continue as long as the relevant decisions have not been taken by the Kyiv regime.”

Metinvest representatives are meeting with fund managers at a roadshow organized by Deutsche Bank AG to assess demand for a new bond, Bloomberg reported, citing unnamed sources.

On Jan. 9, state-owned rail operator Ukrainian Railways suspended coupon payments on its $703m 2026 and $352m 2028 Eurobonds following a material deterioration in financial performance, with underlying EBITDA (before state support) shrinking to zero in 2025 from $420m in 2024. RAILUA has reiterated its intention to initiate a comprehensive Eurobond restructuring “aimed at alleviating the financial burden” and may start the process soon.