• Russian forces intensified assaults in the northern Sumy and Kharkiv regions, capturing new positions in border areas. • Other front-line sectors remained relatively stable, including in the Donetsk region. • Russia’s latest mass aerial attack targeted large cities, causing numerous civilian casualties; Ukraine struck Russian oil refineries and sea port oil terminals over the weekend.

The Ukrainian Finance Ministry and the Group of Creditors of Ukraine (GCU) signed a memorandum extending the standstill on Ukraine’s debt owed to GCU until February 2030, or the end of the IMF’s current $8.1bn EFF program. The Ministry stated that repayments will be made in semi-annual installments over 2035-2039, with deferred interest capitalized. The GCU also confirmed that the cut-off date for eligible debt has been extended from end-July 2022 to Nov. 26, 2025, or the date of the IMF’s staff-level agreement with Ukraine on the current EFF. As a result, three more countries — Italy, the Netherlands, and South Korea — joined the Group’s original six members (Canada, France, Germany, Japan, the UK, and the US).

Ferrexpo reported that it continues to explore potential funding options, including an equity capital increase. Following discussions with existing and prospective investors, the Board considers an equity injection the most viable solution. The proposed transaction would likely take the form of a conditional placing of new shares to existing and new institutional investors, targeting at least $100m to support working capital and sustain reduced operations for the next 18 months. For this purpose, the company plans to convene a general shareholders’ meeting as soon as possible to approve relevant resolutions.

Ukraine exported 4.0 Mt of grains and oilseeds in March, the ninth month of the marketing year 2025/26 (July-June), up 7.5% m-o-m (vs. -0.3% m-o-m in February) but down 1.0% y-o-y. Grain exports totaled 3.7 Mt (+7.2% m-o-m, +1.5% y-o-y), while oilseed exports reached 0.3 Mt (+12% m-o-m, -22% y-o-y).

DTEK Oil & Gas (DOG) is in talks with the US-Ukraine Reconstruction Investment Fund (URIF) about potential financing for some of its most complex and expensive gas extraction projects, Bloomberg reported, citing anonymous sources.

The government agreed with the Export-Import Bank of the United States on a mechanism to finance $300m in US energy equipment purchases for Naftogaz, PM Yulia Svyrydenko said following a meeting with EXIM President and Chairman John Jovanovic. The sides also discussed a broader range of energy sector modernization projects with total financing exceeding $1bn, as well as financing for new locomotives for Ukrainian Railways.

Ferrexpo reported 1Q26 production of 0.6 Mt, down 45% q-o-q and 72% y-o-y. Pellet output totaled 0.5 Mt (+27% q-o-q, -59% y-o-y), while concentrate production fell tenfold q-o-q and y-o-y to 68 kt.

Crude steel production in Ukraine increased by 36% m-o-m and 28% y-o-y to 702 kt in March, bringing 1Q26 output to 1.7 Mt (-0.3% y-o-y). Metinvest’s Zaporizhstal JV produced 298 kt of crude steel in March (+10% m-o-m, +1.3% y-o-y) and 758 kt in 1Q26 (+1.3% y-o-y), accounting for 44% of total monthly output.

The Ukrainian and German defense ministers signed a package of agreements totaling EUR 4bn ($4.7bn) during President Volodymyr Zelensky’s visit to Germany yesterday. The major of these is a German-funded contract with the US company Raytheon to supply “several hundred” missiles for Patriot air defense systems operated by Ukraine. Raytheon confirmed the $3.7bn deal for GEM-T missiles, capable of intercepting ballistic targets, in a press release, saying its production facility in Germany will play a key role in replenishing Ukraine’s interceptor inventory. In another deal, Germany will finance production of an additional 36 launchers, worth EUR 180m ($215m), for IRIS-T air defense systems supplied to Ukraine, which have proved highly effective in intercepting Russian cruise missiles. Ukraine and Germany also agreed on joint production of mid-strike drones in Germany — 5,000 UAVs initially, all to be delivered to Ukraine. Lastly, Germany will provide EUR 300m ($350m) to produce long-range strike drones for Ukraine.

Vodafone Ukraine (VFU), Ukraine’s second-largest mobile operator, reported 2025 revenue of $667m (+9.6% y-o-y) and EBITDA of $336m (+10%), implying an EBITDA margin of 50.4% (+0.3pp y-o-y). ARPU reached UAH 136.1 ($3.26), up 16% y-o-y in UAH terms and 11% in USD. The subscriber base declined 2.5% y-o-y to 15.4m.

• The Easter ceasefire proved short-lived, with Russia’s ground and aerial attacks assuming their usual pattern after the weekend. • Ukraine has markedly expanded mid-range drone attacks on Russia’s rear areas, this new campaign seen as a major contributor to the YTD slowdown in the Russian offensive. • No visible progress on diplomacy despite upbeat statements from Zelensky’s chief of staff.

Hungary’s incoming prime minister Peter Magyar, who defeated Viktor Orban in Sunday’s parliamentary elections, indicated he will not block approval of the EU’s EUR 90bn Ukraine Support Loan (USL) or the 20th Russia sanctions package. At the same time, Magyar said Hungary will not participate financially in the USL, in line with earlier arrangements. Separately, Bloomberg reported that the EU is seeking to fast-track finalization of the USL. Cyprus, which holds the rotating EU presidency, plans to raise the issue at a meeting of EU ambassadors “as soon as possible.”

Metinvest reported 2025 financial results and announced it intends to repay its $428m Eurobond maturing on Apr. 23 using internal funds, while continuing to explore opportunities to access debt markets. The company reported 2025 revenue of $7.2bn, down 5.5% y-o-y. EBITDA fell 24% y-o-y to $765m, with metallurgical EBITDA rising 51% to $437m, while mining EBITDA halved to $424m. End-2025 cash stood at $376m (-43% y-o-y). Total debt declined 15% y-o-y to $1.4bn, implying net debt of $1.1bn and net debt/EBITDA of 1.4x (vs. 1.0x at end-2024).

NGD Holdings B.V., a subsidiary of DTEK Oil & Gas Production B.V. and issuer of the DTEKOG 6.75% 2026 Eurobonds, announced a consent solicitation to extend the bonds’ final maturity to Dec. 31, 2029 (from Dec. 31, 2026) and amend the amortization schedule. The proposal envisages amortizations of $27.5m starting Apr. 30, 2026, followed by the same amount on Dec. 31, 2026 and semi-annually thereafter, with a final payment (est. $85.2m) at maturity. The company also proposes a coupon step-up to 9.875% from 6.75%.

State rail monopoly Ukrainian Railways (RAILUA) released a cleansing statement, noting it held restricted discussions with an ad hoc group (AHG) of bondholders on Apr. 1-8 about restructuring its $703m notes due July 2026 and $352m notes due July 2028. The company proposed converting the two issues into a single Eurobond amortizing over 2030-2033, with a 20% nominal haircut (subject to variation via a “principal adjustment mechanism”) and a reduced coupon rate. The statement said the AHG was “supportive of a consensual reprofiling” but rejected the proposal without making a counterproposal. The company intends to continue engagement with the AHG to reach agreement on restructuring terms. In supplementary disclosure, RAILUA reported its 2025 revenue declined by 16% y-o-y to $2.2bn, on an 8% drop in cargo shipments to 161 Mt, while EBITDA fell 30% y-o-y to $293m, also reflecting substantial cost inflation. As a result, Net Debt/EBITDA rose to 5.2x at end-2025, up from 2.9x at end-2024.

Ukraine’s headline CPI rose by 1.7% m-o-m in March, accelerating from 1.0% in February and bringing the y-o-y rate to 7.9%, up from 7.6% in February. Core inflation, which excludes administratively regulated tariffs and prices of raw foods and energy, rose by 1.5% m-o-m, up from 0.7% in February, and inched up on a y-o-y basis, to 7.1% from 7.0% in February.