Scheduled NBU Board monetary policy meeting; decision and press briefing at 14:00 Kyiv time. A quarterly 'forecast' meeting accompanied by a new Inflation Report. Key rate currently 15%.
Ukraine’s street protests forced its military politics to catch up with its way of war.
Six days of protests pushed Zelensky to replace Oleksandr Syrskyi with 43-year-old reformer Mykhailo Drapatyi after dismissing defence minister Mykhailo Fedorov. Ukraine then struck targets up to 1,200km inside Russia as Moscow sought 30,000 more North Korean troops and a missile attack on a defence expo exposed Kyiv’s own discipline failures.
Upcoming
20 key official events aheadQuarterly macroeconomic forecast and Inflation Report accompanying the July key-rate decision, published per the official monetary-policy publications schedule.
Monthly Consumer Price Index release covering July 2026 (~9th-10th of the month). Provisional exact day.
Parliament's autumn session opens on the first Tuesday of September, as fixed by Article 83 of the Constitution. First plenary sittings set the autumn legislative agenda (budget 2027, mobilization, EU-accession laws).
Monthly Consumer Price Index release covering August 2026 (~9th-10th of the month). Provisional exact day.
Second review of the 48-month US$8.1bn EFF approved 26 Feb 2026, expected on or after 1 September 2026; completion would release a further 2026 tranche (the programme envisages about US$3.8bn across 2026). (Provisional — exact Board date depends on the staff mission and benchmarks.)
Scheduled NBU Board monetary policy meeting; decision and press briefing at 14:00 Kyiv time. An interim 'risk-assessment' meeting (no new full forecast).
Monthly Consumer Price Index release covering September 2026 (~9th-10th of the month). Provisional exact day.
Next 90-day extension of martial law and general mobilization, voted before the period that began 2 August 2026 lapses (~late October / early November). (Provisional date within the window.)
Scheduled NBU Board monetary policy meeting; decision and press briefing at 14:00 Kyiv time. A quarterly 'forecast' meeting accompanied by a new Inflation Report.
Quarterly macroeconomic forecast and Inflation Report accompanying the October key-rate decision, published per the official monetary-policy publications schedule.
Monthly Consumer Price Index release covering October 2026 (~9th-10th of the month). Provisional exact day.
Monthly Consumer Price Index release covering November 2026 (~9th-10th of the month). Provisional exact day.
Final scheduled NBU Board monetary policy meeting of 2026; decision and press briefing at 14:00 Kyiv time. An interim 'risk-assessment' meeting closing out the year.
Monthly Consumer Price Index release covering December 2026, giving full-year 2026 inflation (~9th-11th of January). Provisional exact day.
First NBU Board monetary policy meeting of 2027, a quarterly forecast meeting with a new Inflation Report. (Provisional — the NBU had not yet published its 2027 meeting calendar; date estimated from the usual late-January Thursday slot.)
Parliament's spring session opens on the first Tuesday of February per Article 83 of the Constitution. (Provisional — exact opening sitting depends on the published 2027 sessional calendar.)
Interim 'risk-assessment' NBU Board monetary policy meeting. (Provisional — 2027 calendar not yet published; date estimated from the typical mid-March Thursday slot.)
Quarterly forecast NBU Board meeting with a new Inflation Report; markets watch for the start of the easing cycle (the NBU signalled no cuts before Q2 2027). (Provisional — 2027 calendar not yet published; date estimated from the typical late-April Thursday slot.)
Interim 'risk-assessment' NBU Board monetary policy meeting. (Provisional — 2027 calendar not yet published; date estimated from the typical mid-June Thursday slot.)
Recent events
ua49Russian drone and missile strikes kill 10 across Ukraine, including child in Chernihiv supermarket
On July 26, 2026, Russian forces launched a large-scale attack across Ukraine using ballistic missiles, drones, and glide bombs, killing at least 10 civilians and wounding dozens. In Chernihiv, a jet-powered drone equipped with a video camera deliberately struck an ATB supermarket, killing a 9-year-old girl and a 23-year-old woman, and injuring 25 others. In Kharkiv, a drone strike on a residential area killed one and injured 14, including two children. In Zaporizhzhia, guided bombs killed one and wounded six. In Kryvyi Rih, a Shahed drone destroyed an Epicenter hypermarket, the third such store lost in the region. The attacks underscore Russia's intensified use of drones and glide bombs against civilian infrastructure, with UN data showing sharply rising civilian casualties in 2026.
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Russian drone and missile strikes kill 10 across Ukraine, including child in Chernihiv supermarket
On July 26, 2026, Russian forces launched a large-scale attack across Ukraine using ballistic missiles, drones, and glide bombs, killing at least 10 civilians and wounding dozens. In Chernihiv, a jet-powered drone equipped with a video camera deliberately struck an ATB supermarket, killing a 9-year-old girl and a 23-year-old woman, and injuring 25 others. In Kharkiv, a drone strike on a residential area killed one and injured 14, including two children. In Zaporizhzhia, guided bombs killed one and wounded six. In Kryvyi Rih, a Shahed drone destroyed an Epicenter hypermarket, the third such store lost in the region. The attacks underscore Russia's intensified use of drones and glide bombs against civilian infrastructure, with UN data showing sharply rising civilian casualties in 2026.
On July 26, 2026, Russian forces launched a large-scale attack across Ukraine using ballistic missiles, drones, and glide bombs, killing at least 10 civilians and wounding dozens. In Chernihiv, a jet-powered drone equipped with a video camera deliberately struck an ATB supermarket, killing a 9-year-old girl and a 23-year-old woman, and injuring 25 others. In Kharkiv, a drone strike on a residential area killed one and injured 14, including two children. In Zaporizhzhia, guided bombs killed one and wounded six. In Kryvyi Rih, a Shahed drone destroyed an Epicenter hypermarket, the third such store lost in the region. The attacks underscore Russia's intensified use of drones and glide bombs against civilian infrastructure, with UN data showing sharply rising civilian casualties in 2026.
ua48Zelensky: Russia Seeks 30,000 More North Korean Troops and Ballistic Missile Launchers for Autumn Operations
Ukrainian President Volodymyr Zelensky announced on July 25, 2026, that Russia is requesting an additional 30,000 troops from North Korea and new ballistic-missile launchers, with preparations underway in Russia's Voronezh region since June. Zelensky cited intelligence showing Russian personnel losses exceeded recruitment in the first half of 2026, with 225,500 casualties versus 221,000 recruits, and warned that Moscow is preparing for wider mobilization rather than peace. He framed the deepening military cooperation as a threat to Asia, noting North Korea gains combat experience. Ukraine's HUR reported that North Korea supplies 25-40% of Russia's artillery ammunition and has provided over 100 ballistic missiles and 7 million rounds of ammunition. This follows a mutual defense pact that previously sent 14,000-15,000 North Korean soldiers to Russia's Kursk region.
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Zelensky: Russia Seeks 30,000 More North Korean Troops and Ballistic Missile Launchers for Autumn Operations
Ukrainian President Volodymyr Zelensky announced on July 25, 2026, that Russia is requesting an additional 30,000 troops from North Korea and new ballistic-missile launchers, with preparations underway in Russia's Voronezh region since June. Zelensky cited intelligence showing Russian personnel losses exceeded recruitment in the first half of 2026, with 225,500 casualties versus 221,000 recruits, and warned that Moscow is preparing for wider mobilization rather than peace. He framed the deepening military cooperation as a threat to Asia, noting North Korea gains combat experience. Ukraine's HUR reported that North Korea supplies 25-40% of Russia's artillery ammunition and has provided over 100 ballistic missiles and 7 million rounds of ammunition. This follows a mutual defense pact that previously sent 14,000-15,000 North Korean soldiers to Russia's Kursk region.
Ukrainian President Volodymyr Zelensky announced on July 25, 2026, that Russia is requesting an additional 30,000 troops from North Korea and new ballistic-missile launchers, with preparations underway in Russia's Voronezh region since June. Zelensky cited intelligence showing Russian personnel losses exceeded recruitment in the first half of 2026, with 225,500 casualties versus 221,000 recruits, and warned that Moscow is preparing for wider mobilization rather than peace. He framed the deepening military cooperation as a threat to Asia, noting North Korea gains combat experience. Ukraine's HUR reported that North Korea supplies 25-40% of Russia's artillery ammunition and has provided over 100 ballistic missiles and 7 million rounds of ammunition. This follows a mutual defense pact that previously sent 14,000-15,000 North Korean soldiers to Russia's Kursk region.
ua45ISW: Putin justifies no frontline freeze; Zelensky warns of 30,000 North Korean troops; Romania intercepts drone again
Background: The Institute for the Study of War (ISW) previously assessed that Ukrainian forces have largely halted the Russian Spring-Summer 2026 offensive, with Putin resisting pressure to cut defense spending. Today, ISW reports that Putin used a meeting with Kazakh President Tokayev to justify refusing a frontline freeze. Zelensky warned Russia is preparing for involuntary reserve call-ups and to receive about 30,000 North Korean troops. Russia expanded its gasoline export ban until end of 2026. A Romanian F-16 intercepted an unidentified drone over Romanian airspace for the second time in two days. Ukrainian forces struck Russian energy, logistics, and military assets on July 24-25. Russia launched 157 drones and two Kh-59/69 cruise missiles overnight on July 24-25. No confirmed frontline changes.
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ISW: Putin justifies no frontline freeze; Zelensky warns of 30,000 North Korean troops; Romania intercepts drone again
Background: The Institute for the Study of War (ISW) previously assessed that Ukrainian forces have largely halted the Russian Spring-Summer 2026 offensive, with Putin resisting pressure to cut defense spending. Today, ISW reports that Putin used a meeting with Kazakh President Tokayev to justify refusing a frontline freeze. Zelensky warned Russia is preparing for involuntary reserve call-ups and to receive about 30,000 North Korean troops. Russia expanded its gasoline export ban until end of 2026. A Romanian F-16 intercepted an unidentified drone over Romanian airspace for the second time in two days. Ukrainian forces struck Russian energy, logistics, and military assets on July 24-25. Russia launched 157 drones and two Kh-59/69 cruise missiles overnight on July 24-25. No confirmed frontline changes.
Background: The Institute for the Study of War (ISW) previously assessed that Ukrainian forces have largely halted the Russian Spring-Summer 2026 offensive, with Putin resisting pressure to cut defense spending. Today, ISW reports that Putin used a meeting with Kazakh President Tokayev to justify refusing a frontline freeze. Zelensky warned Russia is preparing for involuntary reserve call-ups and to receive about 30,000 North Korean troops. Russia expanded its gasoline export ban until end of 2026. A Romanian F-16 intercepted an unidentified drone over Romanian airspace for the second time in two days. Ukrainian forces struck Russian energy, logistics, and military assets on July 24-25. Russia launched 157 drones and two Kh-59/69 cruise missiles overnight on July 24-25. No confirmed frontline changes.
ua44Ukraine and US draft new air ceasefire proposal for Russia amid renewed peace efforts
Ukraine and the United States are discussing a new proposal to end aerial attacks, which they plan to present to Russia as part of renewed peace talks. A Ukrainian source indicated that previous ceasefire proposals were rejected by Russian President Vladimir Putin, but some officials believe ongoing Ukrainian drone and missile strikes on the Russian economy could pressure him to soften his stance. Kremlin spokesman Dmitry Peskov declined to comment, calling the reports premature and stating that Russia would need to learn more about any new formulas before responding. The development follows recent diplomatic contacts between Ukrainian President Volodymyr Zelenskyy and US envoys Steve Witkoff and Jared Kushner.
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Ukraine and US draft new air ceasefire proposal for Russia amid renewed peace efforts
Ukraine and the United States are discussing a new proposal to end aerial attacks, which they plan to present to Russia as part of renewed peace talks. A Ukrainian source indicated that previous ceasefire proposals were rejected by Russian President Vladimir Putin, but some officials believe ongoing Ukrainian drone and missile strikes on the Russian economy could pressure him to soften his stance. Kremlin spokesman Dmitry Peskov declined to comment, calling the reports premature and stating that Russia would need to learn more about any new formulas before responding. The development follows recent diplomatic contacts between Ukrainian President Volodymyr Zelenskyy and US envoys Steve Witkoff and Jared Kushner.
Ukraine and the United States are discussing a new proposal to end aerial attacks, which they plan to present to Russia as part of renewed peace talks. A Ukrainian source indicated that previous ceasefire proposals were rejected by Russian President Vladimir Putin, but some officials believe ongoing Ukrainian drone and missile strikes on the Russian economy could pressure him to soften his stance. Kremlin spokesman Dmitry Peskov declined to comment, calling the reports premature and stating that Russia would need to learn more about any new formulas before responding. The development follows recent diplomatic contacts between Ukrainian President Volodymyr Zelenskyy and US envoys Steve Witkoff and Jared Kushner.
ua43Russian-struck cargo ship Golden Leo sinks near Odesa
Background: On 19-20 July, Russia struck the Guinea-Bissau-flagged bulk carrier Golden Leo with cruise missiles near Odesa, killing 10 crew members and a Ukrainian pilot. The vessel sustained severe damage to its hull and superstructure, losing seaworthiness. It subsequently sank near Odesa with no crew on board at the time. The Maritime Administration has informed the International Maritime Organization and the shipowner.
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Russian-struck cargo ship Golden Leo sinks near Odesa
Background: On 19-20 July, Russia struck the Guinea-Bissau-flagged bulk carrier Golden Leo with cruise missiles near Odesa, killing 10 crew members and a Ukrainian pilot. The vessel sustained severe damage to its hull and superstructure, losing seaworthiness. It subsequently sank near Odesa with no crew on board at the time. The Maritime Administration has informed the International Maritime Organization and the shipowner.
Background: On 19-20 July, Russia struck the Guinea-Bissau-flagged bulk carrier Golden Leo with cruise missiles near Odesa, killing 10 crew members and a Ukrainian pilot. The vessel sustained severe damage to its hull and superstructure, losing seaworthiness. It subsequently sank near Odesa with no crew on board at the time. The Maritime Administration has informed the International Maritime Organization and the shipowner.
ua41UN Security Council to Hold Emergency Meeting on Russian Black Sea Attacks
Ukraine has requested an emergency UN Security Council meeting on July 27, supported by France, the UK, Denmark, Greece, and Latvia, to address Russian attacks on civilian vessels and port infrastructure in the Black Sea. Recent strikes damaged foreign-flagged ships and killed ten sailors, highlighting escalating threats to maritime security and freedom of navigation. The UN Security Council will hold the emergency meeting on July 27 at Ukraine's request, with the same supporting countries, to discuss the attacks.
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UN Security Council to Hold Emergency Meeting on Russian Black Sea Attacks
Ukraine has requested an emergency UN Security Council meeting on July 27, supported by France, the UK, Denmark, Greece, and Latvia, to address Russian attacks on civilian vessels and port infrastructure in the Black Sea. Recent strikes damaged foreign-flagged ships and killed ten sailors, highlighting escalating threats to maritime security and freedom of navigation. The UN Security Council will hold the emergency meeting on July 27 at Ukraine's request, with the same supporting countries, to discuss the attacks.
Ukraine has requested an emergency UN Security Council meeting on July 27, supported by France, the UK, Denmark, Greece, and Latvia, to address Russian attacks on civilian vessels and port infrastructure in the Black Sea. Recent strikes damaged foreign-flagged ships and killed ten sailors, highlighting escalating threats to maritime security and freedom of navigation. The UN Security Council will hold the emergency meeting on July 27 at Ukraine's request, with the same supporting countries, to discuss the attacks.
ua40Kremlin rejects Tokayev's call to freeze Ukraine war; ISW says Putin used meeting to justify continued fighting
Background: During the 22nd Russia-Kazakhstan Interregional Cooperation Forum in Omsk, Kazakh President Kassym-Jomart Tokayev publicly urged Russian President Vladimir Putin to freeze the war in Ukraine and resume negotiations under the 'Istanbul 2.0' framework. The Kremlin rejected the proposal, with spokesman Dmitry Peskov stating that freezing is impossible and that Russia must achieve its maximalist war aims, including full control of Donetsk, Luhansk, Zaporizhzhia, and Kherson regions. The Institute for the Study of War (ISW) assessed that Putin used the meeting to justify the refusal to freeze the front line and to signal to Russians that they should bear the costs of a long war. Ukraine's Acting Foreign Minister Andrii Sybiha welcomed Tokayev's call as realistic and wise, noting that Ukraine has proposed stopping the war along the current front line and moving to diplomacy, but the Kremlin continues to reject this path.
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Kremlin rejects Tokayev's call to freeze Ukraine war; ISW says Putin used meeting to justify continued fighting
Background: During the 22nd Russia-Kazakhstan Interregional Cooperation Forum in Omsk, Kazakh President Kassym-Jomart Tokayev publicly urged Russian President Vladimir Putin to freeze the war in Ukraine and resume negotiations under the 'Istanbul 2.0' framework. The Kremlin rejected the proposal, with spokesman Dmitry Peskov stating that freezing is impossible and that Russia must achieve its maximalist war aims, including full control of Donetsk, Luhansk, Zaporizhzhia, and Kherson regions. The Institute for the Study of War (ISW) assessed that Putin used the meeting to justify the refusal to freeze the front line and to signal to Russians that they should bear the costs of a long war. Ukraine's Acting Foreign Minister Andrii Sybiha welcomed Tokayev's call as realistic and wise, noting that Ukraine has proposed stopping the war along the current front line and moving to diplomacy, but the Kremlin continues to reject this path.
Background: During the 22nd Russia-Kazakhstan Interregional Cooperation Forum in Omsk, Kazakh President Kassym-Jomart Tokayev publicly urged Russian President Vladimir Putin to freeze the war in Ukraine and resume negotiations under the 'Istanbul 2.0' framework. The Kremlin rejected the proposal, with spokesman Dmitry Peskov stating that freezing is impossible and that Russia must achieve its maximalist war aims, including full control of Donetsk, Luhansk, Zaporizhzhia, and Kherson regions. The Institute for the Study of War (ISW) assessed that Putin used the meeting to justify the refusal to freeze the front line and to signal to Russians that they should bear the costs of a long war. Ukraine's Acting Foreign Minister Andrii Sybiha welcomed Tokayev's call as realistic and wise, noting that Ukraine has proposed stopping the war along the current front line and moving to diplomacy, but the Kremlin continues to reject this path.
ua39Ukraine strikes Chornomornaftogaz facility, drone relay station, and multiple Russian targets in Crimea and eastern Ukraine
On July 26, 2026, Ukrainian forces conducted overnight strikes on a Chornomornaftogaz facility near Vnukove in Crimea, a ground relay station for Geran/Gerbera combat UAVs near Chornomorske, a road bridge near Vyselky in Donetsk Oblast, a UAV storage facility near Chervonopopivka, and a Russian troop concentration in Purdivka, Luhansk Oblast. A previous strike on the Tyumen Oil Refinery in Siberia was also confirmed. The attacks aim to degrade Russian military logistics, energy supplies, and drone warfare capabilities. The strikes caused blackouts in Feodosia and disrupted power across Crimea, with Russia claiming to have intercepted 133 drones.
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Ukraine strikes Chornomornaftogaz facility, drone relay station, and multiple Russian targets in Crimea and eastern Ukraine
On July 26, 2026, Ukrainian forces conducted overnight strikes on a Chornomornaftogaz facility near Vnukove in Crimea, a ground relay station for Geran/Gerbera combat UAVs near Chornomorske, a road bridge near Vyselky in Donetsk Oblast, a UAV storage facility near Chervonopopivka, and a Russian troop concentration in Purdivka, Luhansk Oblast. A previous strike on the Tyumen Oil Refinery in Siberia was also confirmed. The attacks aim to degrade Russian military logistics, energy supplies, and drone warfare capabilities. The strikes caused blackouts in Feodosia and disrupted power across Crimea, with Russia claiming to have intercepted 133 drones.
On July 26, 2026, Ukrainian forces conducted overnight strikes on a Chornomornaftogaz facility near Vnukove in Crimea, a ground relay station for Geran/Gerbera combat UAVs near Chornomorske, a road bridge near Vyselky in Donetsk Oblast, a UAV storage facility near Chervonopopivka, and a Russian troop concentration in Purdivka, Luhansk Oblast. A previous strike on the Tyumen Oil Refinery in Siberia was also confirmed. The attacks aim to degrade Russian military logistics, energy supplies, and drone warfare capabilities. The strikes caused blackouts in Feodosia and disrupted power across Crimea, with Russia claiming to have intercepted 133 drones.