Monthly Consumer Price Index release covering August 2026 (~9th-10th of the month). Provisional exact day.
Ukraine's air-defense gap is becoming an industrial contest
Russia's near-continuous drone campaign is exposing the price and supply limits of Ukraine's air defense just as faster jet-powered weapons enter service. Kyiv's answer is shifting from scarce imported missiles toward mass-produced interceptors, while deep strikes on Russian energy assets seek to impose costs of their own.
Upcoming
16 key official events aheadSecond 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
ua50Russia launches massive overnight drone and missile attack on Ukraine, killing civilians and damaging infrastructure
On September 3-4, Russia launched a massive overnight attack on Ukraine, firing a Kh-31P missile and 121 drones, including Shahed, Gerbera, and S8000 Banderol types, from Russian cities and occupied Crimea. Ukrainian air defenses shot down or suppressed 103 drones, but strikes hit 15 locations, causing fires and damage. In Kyiv, a drone strike on a nine-story residential building in the Holosiivskyi district injured 14 people, including a child, and damaged buildings across several districts. In Odesa, a drone attack killed one person and wounded at least five, including a child. In Zaporizhzhia, a drone strike set a high-rise apartment building ablaze, and a separate attack on a civilian vehicle in Bilenke killed one and injured another. In Kropyvnytskyi, a drone hit a residential building, injuring one. Russian forces also conducted 890 attacks in the Zaporizhzhia region over the past day, killing one and injuring four. The attacks are part of a new escalation in Russia's aerial campaign, with President Zelensky reporting damage in 13 regions and urging European partners to accelerate air defense production.
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Russia launches massive overnight drone and missile attack on Ukraine, killing civilians and damaging infrastructure
On September 3-4, Russia launched a massive overnight attack on Ukraine, firing a Kh-31P missile and 121 drones, including Shahed, Gerbera, and S8000 Banderol types, from Russian cities and occupied Crimea. Ukrainian air defenses shot down or suppressed 103 drones, but strikes hit 15 locations, causing fires and damage. In Kyiv, a drone strike on a nine-story residential building in the Holosiivskyi district injured 14 people, including a child, and damaged buildings across several districts. In Odesa, a drone attack killed one person and wounded at least five, including a child. In Zaporizhzhia, a drone strike set a high-rise apartment building ablaze, and a separate attack on a civilian vehicle in Bilenke killed one and injured another. In Kropyvnytskyi, a drone hit a residential building, injuring one. Russian forces also conducted 890 attacks in the Zaporizhzhia region over the past day, killing one and injuring four. The attacks are part of a new escalation in Russia's aerial campaign, with President Zelensky reporting damage in 13 regions and urging European partners to accelerate air defense production.
On September 3-4, Russia launched a massive overnight attack on Ukraine, firing a Kh-31P missile and 121 drones, including Shahed, Gerbera, and S8000 Banderol types, from Russian cities and occupied Crimea. Ukrainian air defenses shot down or suppressed 103 drones, but strikes hit 15 locations, causing fires and damage. In Kyiv, a drone strike on a nine-story residential building in the Holosiivskyi district injured 14 people, including a child, and damaged buildings across several districts. In Odesa, a drone attack killed one person and wounded at least five, including a child. In Zaporizhzhia, a drone strike set a high-rise apartment building ablaze, and a separate attack on a civilian vehicle in Bilenke killed one and injured another. In Kropyvnytskyi, a drone hit a residential building, injuring one. Russian forces also conducted 890 attacks in the Zaporizhzhia region over the past day, killing one and injuring four. The attacks are part of a new escalation in Russia's aerial campaign, with President Zelensky reporting damage in 13 regions and urging European partners to accelerate air defense production.
ua50Russia launches massive overnight drone and missile attack on Ukraine, injuring dozens and causing widespread power outages
On the night of September 2-3, Russia launched a massive attack on Ukraine involving 163 drones and missiles, striking 13 regions including Kyiv, Odesa, and Kharkiv. Ukrainian air defenses shot down or suppressed 135 drones. The attack injured at least 17 people in Odesa, including three children, when a 21-story residential building was hit, and killed one person in the Zaporizhzhia region. Strikes on energy infrastructure caused power outages in five oblasts, with grid restrictions in Odesa. Ukrainian President Volodymyr Zelenskyy called it a 'new escalation' and urged stronger air defense support from Europe.
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Russia launches massive overnight drone and missile attack on Ukraine, injuring dozens and causing widespread power outages
On the night of September 2-3, Russia launched a massive attack on Ukraine involving 163 drones and missiles, striking 13 regions including Kyiv, Odesa, and Kharkiv. Ukrainian air defenses shot down or suppressed 135 drones. The attack injured at least 17 people in Odesa, including three children, when a 21-story residential building was hit, and killed one person in the Zaporizhzhia region. Strikes on energy infrastructure caused power outages in five oblasts, with grid restrictions in Odesa. Ukrainian President Volodymyr Zelenskyy called it a 'new escalation' and urged stronger air defense support from Europe.
On the night of September 2-3, Russia launched a massive attack on Ukraine involving 163 drones and missiles, striking 13 regions including Kyiv, Odesa, and Kharkiv. Ukrainian air defenses shot down or suppressed 135 drones. The attack injured at least 17 people in Odesa, including three children, when a 21-story residential building was hit, and killed one person in the Zaporizhzhia region. Strikes on energy infrastructure caused power outages in five oblasts, with grid restrictions in Odesa. Ukrainian President Volodymyr Zelenskyy called it a 'new escalation' and urged stronger air defense support from Europe.
ua46Putin and Ukraine Signal Openness to Peace Talks Amid Escalating Hostilities
Russian President Vladimir Putin said a deal to end the war in Ukraine is possible, emphasizing that Russia and Ukraine must negotiate directly, with other countries supporting the process. Ukrainian Foreign Minister Andrii Sybiha expressed expectations of new momentum in peace efforts as a new political season begins globally, stressing that US participation is essential. Indian Foreign Minister S. Jaishankar offered India's help in peace efforts. The statements come amid escalated long-range air attacks and hostilities at sea, with Putin citing Ukrainian attacks on civilian ships and threats to aircraft as obstacles.
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Putin and Ukraine Signal Openness to Peace Talks Amid Escalating Hostilities
Russian President Vladimir Putin said a deal to end the war in Ukraine is possible, emphasizing that Russia and Ukraine must negotiate directly, with other countries supporting the process. Ukrainian Foreign Minister Andrii Sybiha expressed expectations of new momentum in peace efforts as a new political season begins globally, stressing that US participation is essential. Indian Foreign Minister S. Jaishankar offered India's help in peace efforts. The statements come amid escalated long-range air attacks and hostilities at sea, with Putin citing Ukrainian attacks on civilian ships and threats to aircraft as obstacles.
Russian President Vladimir Putin said a deal to end the war in Ukraine is possible, emphasizing that Russia and Ukraine must negotiate directly, with other countries supporting the process. Ukrainian Foreign Minister Andrii Sybiha expressed expectations of new momentum in peace efforts as a new political season begins globally, stressing that US participation is essential. Indian Foreign Minister S. Jaishankar offered India's help in peace efforts. The statements come amid escalated long-range air attacks and hostilities at sea, with Putin citing Ukrainian attacks on civilian ships and threats to aircraft as obstacles.
ua46Ukraine reports 215 frontline clashes, Pokrovsk and Kostiantynivka sectors hottest
On September 3, 2026, the Ukrainian General Staff reported 215 combat clashes over the past day, with the Pokrovsk and Kostiantynivka sectors seeing the most intense fighting. Russian forces launched 98 airstrikes with 353 guided bombs and used over 10,000 kamikaze drones, while conducting nearly 3,000 shelling attacks. Ukrainian forces struck Russian personnel clusters, artillery, UAV command posts, and a command post. Fighting also occurred across multiple sectors including Sumy, Chernihiv, Kupiansk, Lyman, Sloviansk, Kramatorsk, Huliaipole, and Orikhiv. Total Russian combat losses since the invasion began are estimated at approximately 1,492,350 personnel.
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Ukraine reports 215 frontline clashes, Pokrovsk and Kostiantynivka sectors hottest
On September 3, 2026, the Ukrainian General Staff reported 215 combat clashes over the past day, with the Pokrovsk and Kostiantynivka sectors seeing the most intense fighting. Russian forces launched 98 airstrikes with 353 guided bombs and used over 10,000 kamikaze drones, while conducting nearly 3,000 shelling attacks. Ukrainian forces struck Russian personnel clusters, artillery, UAV command posts, and a command post. Fighting also occurred across multiple sectors including Sumy, Chernihiv, Kupiansk, Lyman, Sloviansk, Kramatorsk, Huliaipole, and Orikhiv. Total Russian combat losses since the invasion began are estimated at approximately 1,492,350 personnel.
On September 3, 2026, the Ukrainian General Staff reported 215 combat clashes over the past day, with the Pokrovsk and Kostiantynivka sectors seeing the most intense fighting. Russian forces launched 98 airstrikes with 353 guided bombs and used over 10,000 kamikaze drones, while conducting nearly 3,000 shelling attacks. Ukrainian forces struck Russian personnel clusters, artillery, UAV command posts, and a command post. Fighting also occurred across multiple sectors including Sumy, Chernihiv, Kupiansk, Lyman, Sloviansk, Kramatorsk, Huliaipole, and Orikhiv. Total Russian combat losses since the invasion began are estimated at approximately 1,492,350 personnel.
ua45US Envoys to Visit Kyiv and Moscow in Coming Days, Zelensky Confirms
Background: US envoys Steve Witkoff and Jared Kushner had agreed to visit Kyiv for the first time to revive stalled Russia-Ukraine peace talks, with Russia signaling readiness to host them. Today: Ukrainian President Volodymyr Zelensky confirmed in a video address that preliminary dates have been set for the envoys' visit, with meetings expected in both Kyiv and Moscow in the coming days. He emphasized ongoing 24/7 coordination with the US negotiating team, including recent talks with Witkoff and Kushner. Earlier this week, Zelensky had a 'good' phone call with the envoys to lock in dates. The visit would mark the first time either envoy has traveled to Ukraine since becoming intermediaries, aiming to restart trilateral talks. The announcement follows a pause in peace negotiations, which Moscow and Kyiv attributed to the US war on Iran. Expectations for a breakthrough remain low as Russia intensifies strikes on Ukraine.
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US Envoys to Visit Kyiv and Moscow in Coming Days, Zelensky Confirms
Background: US envoys Steve Witkoff and Jared Kushner had agreed to visit Kyiv for the first time to revive stalled Russia-Ukraine peace talks, with Russia signaling readiness to host them. Today: Ukrainian President Volodymyr Zelensky confirmed in a video address that preliminary dates have been set for the envoys' visit, with meetings expected in both Kyiv and Moscow in the coming days. He emphasized ongoing 24/7 coordination with the US negotiating team, including recent talks with Witkoff and Kushner. Earlier this week, Zelensky had a 'good' phone call with the envoys to lock in dates. The visit would mark the first time either envoy has traveled to Ukraine since becoming intermediaries, aiming to restart trilateral talks. The announcement follows a pause in peace negotiations, which Moscow and Kyiv attributed to the US war on Iran. Expectations for a breakthrough remain low as Russia intensifies strikes on Ukraine.
Background: US envoys Steve Witkoff and Jared Kushner had agreed to visit Kyiv for the first time to revive stalled Russia-Ukraine peace talks, with Russia signaling readiness to host them. Today: Ukrainian President Volodymyr Zelensky confirmed in a video address that preliminary dates have been set for the envoys' visit, with meetings expected in both Kyiv and Moscow in the coming days. He emphasized ongoing 24/7 coordination with the US negotiating team, including recent talks with Witkoff and Kushner. Earlier this week, Zelensky had a 'good' phone call with the envoys to lock in dates. The visit would mark the first time either envoy has traveled to Ukraine since becoming intermediaries, aiming to restart trilateral talks. The announcement follows a pause in peace negotiations, which Moscow and Kyiv attributed to the US war on Iran. Expectations for a breakthrough remain low as Russia intensifies strikes on Ukraine.
ua44Putin admits miscalculation on refinery strikes as Russia faces fuel shortages
Background: Ukrainian drone strikes on Russian oil refineries have caused widespread fuel shortages and rationing across Russia since early 2026, forcing Moscow to import fuel and extend export bans. New development: At the Eastern Economic Forum in Vladivostok on September 5, Putin acknowledged that Russia underestimated the vulnerability of its refineries, which he had assumed were civilian facilities immune to attack. He warned Russians to 'be prepared for anything' regarding shortages, and deflected blame by claiming high global oil prices make crude exports more profitable than domestic refining. Ukrainian strikes have hit Russian refineries at least 70 times since early 2026, cutting refining output to a two-decade low; gasoline production covers only about 70% of demand, leaving a daily shortfall of ~30,000 tons. At least 17 regions have imposed fuel purchase limits, and seven refineries fully or partially halted in August, including the KINEF refinery in Leningrad Oblast on September 2. Russia has begun importing gasoline by sea from India, Morocco, and Turkey, and increased purchases from Belarus to record levels. Putin claimed only 10% of restoration work remains and stressed the need for stronger air defenses.
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Putin admits miscalculation on refinery strikes as Russia faces fuel shortages
Background: Ukrainian drone strikes on Russian oil refineries have caused widespread fuel shortages and rationing across Russia since early 2026, forcing Moscow to import fuel and extend export bans. New development: At the Eastern Economic Forum in Vladivostok on September 5, Putin acknowledged that Russia underestimated the vulnerability of its refineries, which he had assumed were civilian facilities immune to attack. He warned Russians to 'be prepared for anything' regarding shortages, and deflected blame by claiming high global oil prices make crude exports more profitable than domestic refining. Ukrainian strikes have hit Russian refineries at least 70 times since early 2026, cutting refining output to a two-decade low; gasoline production covers only about 70% of demand, leaving a daily shortfall of ~30,000 tons. At least 17 regions have imposed fuel purchase limits, and seven refineries fully or partially halted in August, including the KINEF refinery in Leningrad Oblast on September 2. Russia has begun importing gasoline by sea from India, Morocco, and Turkey, and increased purchases from Belarus to record levels. Putin claimed only 10% of restoration work remains and stressed the need for stronger air defenses.
Background: Ukrainian drone strikes on Russian oil refineries have caused widespread fuel shortages and rationing across Russia since early 2026, forcing Moscow to import fuel and extend export bans. New development: At the Eastern Economic Forum in Vladivostok on September 5, Putin acknowledged that Russia underestimated the vulnerability of its refineries, which he had assumed were civilian facilities immune to attack. He warned Russians to 'be prepared for anything' regarding shortages, and deflected blame by claiming high global oil prices make crude exports more profitable than domestic refining. Ukrainian strikes have hit Russian refineries at least 70 times since early 2026, cutting refining output to a two-decade low; gasoline production covers only about 70% of demand, leaving a daily shortfall of ~30,000 tons. At least 17 regions have imposed fuel purchase limits, and seven refineries fully or partially halted in August, including the KINEF refinery in Leningrad Oblast on September 2. Russia has begun importing gasoline by sea from India, Morocco, and Turkey, and increased purchases from Belarus to record levels. Putin claimed only 10% of restoration work remains and stressed the need for stronger air defenses.
ua43Russia deploys faster jet-powered Geran-4 drones, straining Ukrainian air defenses
Since late August, Russia has intensified its use of the Geran-4, a new jet-powered drone that flies at up to 600 km/h—more than three times faster than the propeller-driven Geran-2. This speed makes interception significantly harder for Ukraine's air defenses, which are already short on interceptors. The Institute for the Study of War notes that continuous strikes likely aim to increase civilian damage and force Ukrainians to shelter more frequently. Additionally, Russia has been attaching small FPV attack drones to the wings of long-range Geran drones, releasing them deep inside Ukraine as a terror tactic, though with a low success rate. Ukrainian air defenders have shot down at least one such carrier drone.
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Russia deploys faster jet-powered Geran-4 drones, straining Ukrainian air defenses
Since late August, Russia has intensified its use of the Geran-4, a new jet-powered drone that flies at up to 600 km/h—more than three times faster than the propeller-driven Geran-2. This speed makes interception significantly harder for Ukraine's air defenses, which are already short on interceptors. The Institute for the Study of War notes that continuous strikes likely aim to increase civilian damage and force Ukrainians to shelter more frequently. Additionally, Russia has been attaching small FPV attack drones to the wings of long-range Geran drones, releasing them deep inside Ukraine as a terror tactic, though with a low success rate. Ukrainian air defenders have shot down at least one such carrier drone.
Since late August, Russia has intensified its use of the Geran-4, a new jet-powered drone that flies at up to 600 km/h—more than three times faster than the propeller-driven Geran-2. This speed makes interception significantly harder for Ukraine's air defenses, which are already short on interceptors. The Institute for the Study of War notes that continuous strikes likely aim to increase civilian damage and force Ukrainians to shelter more frequently. Additionally, Russia has been attaching small FPV attack drones to the wings of long-range Geran drones, releasing them deep inside Ukraine as a terror tactic, though with a low success rate. Ukrainian air defenders have shot down at least one such carrier drone.
ua43Ukraine's Jet-Interceptor Race and New Strikes on Russian Fuel Infrastructure
On day 1652 of the Russo-Ukrainian war, Russia's jet-powered Shahed drones are challenging Ukraine's air defenses, prompting at least 20 Ukrainian firms to develop interceptor drones. Firebolt Engineering's interceptor is already flying combat missions. Ukraine confirmed a strike on the Novatek fuel plant at Ust-Luga, a Baltic-coast facility supporting Russia's military. Putin claimed Russian forces are 12 km from Sumy, 1.5 km farther than in June. Other developments include an FSB plot foiled in Kyiv, a Polish drone-parts plant fire suspected as sabotage, and Estonia quarantining emails from Russian domains. The war continues to drive military, technological, and diplomatic actions.
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Ukraine's Jet-Interceptor Race and New Strikes on Russian Fuel Infrastructure
On day 1652 of the Russo-Ukrainian war, Russia's jet-powered Shahed drones are challenging Ukraine's air defenses, prompting at least 20 Ukrainian firms to develop interceptor drones. Firebolt Engineering's interceptor is already flying combat missions. Ukraine confirmed a strike on the Novatek fuel plant at Ust-Luga, a Baltic-coast facility supporting Russia's military. Putin claimed Russian forces are 12 km from Sumy, 1.5 km farther than in June. Other developments include an FSB plot foiled in Kyiv, a Polish drone-parts plant fire suspected as sabotage, and Estonia quarantining emails from Russian domains. The war continues to drive military, technological, and diplomatic actions.
On day 1652 of the Russo-Ukrainian war, Russia's jet-powered Shahed drones are challenging Ukraine's air defenses, prompting at least 20 Ukrainian firms to develop interceptor drones. Firebolt Engineering's interceptor is already flying combat missions. Ukraine confirmed a strike on the Novatek fuel plant at Ust-Luga, a Baltic-coast facility supporting Russia's military. Putin claimed Russian forces are 12 km from Sumy, 1.5 km farther than in June. Other developments include an FSB plot foiled in Kyiv, a Polish drone-parts plant fire suspected as sabotage, and Estonia quarantining emails from Russian domains. The war continues to drive military, technological, and diplomatic actions.