Business Week: Ukraine is looking for gas, the West hits with sanctions, tariffs are frozen

Ukraine continues to look for money to buy gas after losing some of its own production to Russian strikes, and the US and EU are stepping up sanctions pressure on Russia's energy sector. At the same time, the Ukrainian parliament approved the 2026 budget in the first reading with a record number of amendments, and the government decided not to raise electricity tariffs until May, despite the return of rolling blackouts.

Read more about this, as well as about the expansion of the DOT-Chain Defense military procurement marketplace to the National Guard, Ford's recall of almost one and a half million vehicles, and the closure of one of Kyiv's oldest retail chains in the digest LIGA.net.

Ukraine is looking for money for gas

The Cabinet of Ministers on Thursday highlighted uAH 8.4 billion ($200 million equivalent) from the state budget reserve fund for gas purchases. This was announced by Prime Minister Yulia Svyrydenko after a government meeting.

"This decision is part of our winterization plan. Ukraine needs more gas to get through the winter period in a stable manner. After all, due to massive Russian attacks on the gas infrastructure, we temporarily lost our own production," Svyrydenko said.

She added that together with Naftogaz, the government is doing everything necessary to ensure a stable heating season in Ukraine.

A day earlier, on Wednesday, October 22, Ukraine stopped pumping natural gas into underground storage facilities and started withdrawing it. This is evidenced by the data of the European platform Aggregated Gas Storage Inventory. As of October 22, gas reserves in Ukrainian storage facilities exceeded 8.5 billion cubic meters, excluding process gas.

Ukraine is two weeks ahead of schedule achieved the government's planned level of natural gas reserves for the heating season was 13.2 billion cubic meters. However, massive Russian missile and drone strikes on gas production made this amount insufficient.

Bloomberg sources estimated an additional need for 4.4 billion cubic meters of gas by the end of March, almost equal to the volumes Ukraine purchased during the off-season.

President Volodymyr Zelenskyy said in a conversation with journalists that Ukraine is ready to secure gas purchases worth about $2 billion if necessary.

"Norway has provided a grant of $100 million, and will also provide another tranche in January. Several other countries are providing matching grants. We have an agreement with our banks. That is, there is an understanding of where to get money. And there is an understanding of where to get gas," Zelenskyy said.

According to him, Prime Minister Yulia Svyrydenko has reached positive agreements with Slovakia, and Energy Minister Svitlana Hrynchuk has reached positive agreements with American energy companies. As for liquefied natural gas from the United States, it will be delivered through a Polish terminal.

DOT-Chain Defense marketplace is expanded to the National Guard

Digital platform for the procurement of military equipment, which is already in place in the Armed Forces, is now being introduced for the National Guard. This decision was made by the government on October 22 at the initiative of the Ministry of Defense and the Ministry of Internal Affairs.

"We are updating the procurement system to ensure that units receive what they need without delays and unnecessary chains," commented Interior Minister Ihor Klymenko.

Through the marketplace, National Guard units will be able to order drones, ground robotics, electronic warfare equipment and components. Defense Minister Denys Shmyhal emphasized that the system has proven itself well, as the time required to supply units has been reduced from months to weeks.

This month, the platform was scaled up from 12 to 130 crews, with an additional one and a half billion hryvnias allocated for this purpose. He said that the Prime Minister had reached agreements with Slovakia, and Energy Minister Svitlana Hrynchuk had reached agreements with American companies. Liquefied natural gas from the United States will be supplied via Poland, and agreements have been reached with Greece and Azerbaijan.

"We can also take additional gas from Greece, we have agreed with Prime Minister Kyriakos Mitsotakis. There is also an understanding with other countries, there are agreements. We also have agreements with Azerbaijan. Everyone is working on this. From what I've seen, the gas issue will be resolved," Zelensky emphasized.

The President also spoke about the project to build an LNG terminal in Odesa with the participation of American business, which has already been presented at the White House.

Ford recalls almost one and a half million cars due to faulty cameras

American automaker withdraws 1.45 million cars in the United States due to defects in rearview cameras. This was reported by Reuters with reference to the company's statement. A month earlier, Ford had already recalled 1.9 million vehicles worldwide for the same reason.

The recall was prompted by an investigation by the Federal Highway Traffic Safety Administration that began last October. The problem is that the cameras can show a distorted, intermittent image or even a blank screen when driving in reverse, which increases the risk of accidents.

The recall includes Explorer, Escape, Mustang, Flex, Fiesta, C-Max, Taurus, Fusion and Lincoln MKT and MKZ models produced in 2015-2020. Dealers will check the cameras and replace them if necessary.

Last year in November, Ford paid a $165 million fine for failing to recall cars with problematic cameras in time. Earlier this month, the company recalled another 625,000 cars due to other malfunctions.

Ukraine will set limits on gambling for the first time

The Ministry of Digital Transformation together with the PlayCity agency prepared a document on restrictions for gamblers. This is the first attempt in the country to prevent gambling addiction by law.

According to the draft order, players will determine their own financial and time frames – for a day, week, or month. The system will accurately track the time from the first bet. There will be restrictions on the amount of expenses from monthly income, the duration of continuous play, and mandatory breaks.

This practice has been successful in the European Union, the United States, and Canada. In Ukraine, the indicators are being defined for the first time and are planned to be adjusted based on real data in the future.

"After the public discussion, we will process citizens' proposals and coordinate the document with government agencies. The next step is to adopt the order," the agency said.

The United States hits Russia's oil giants with sanctions

United States imposed restrictions against the largest Russian oil companies and called on Moscow to immediately cease fire. This was announced on October 22 by the US Treasury Department.

Treasury Secretary Scott Bessent explained the reason for the sanctions as the Kremlin's unwillingness to engage in peace talks and stop the war. The restrictions should increase pressure on the Russian energy sector and make it harder to finance the war.

The two largest Russian oil companies, Rosneft and Lukoil, as well as dozens of their subsidiaries, were sanctioned. President Donald Trump released the full list of 36 organizations.

Rosneft is the largest state-owned oil company in Russia, founded in 1993. It is controlled by the Russian government and has numerous fields in Siberia and the Arctic. Lukoil is one of the country's largest private oil companies, established in 1991, and operates refineries and gas stations in Russia and abroad.

EU adopts 19th package of sanctions against Russia

European Union officially approved another set of restrictions against Russia aimed at making it harder to finance the war. This was announced by EU High Representative for Foreign Affairs and Security Policy Kaja Kallas.

The sanctions have affected Russian banks, crypto exchanges, and companies in India and China that are likely helping Moscow circumvent the restrictions. In addition to economic measures, the EU has restricted the movement of Russian diplomats in Europe to counter destabilization attempts.

The package envisages a gradual ban on imports of Russian liquefied natural gas – in six months for short-term contracts and from the beginning of 2027 for long-term contracts. The restrictions include 117 ships of the "shadow fleet," bringing the total number of sanctioned vessels to 558.

Five Russian banks received a complete ban on transactions, and restrictions were extended to the Mir and Sistema Bystrykh Pryklyatiy payment systems, as well as four banks in Belarus and Kazakhstan. Transactions with eight organizations in Tajikistan, Kyrgyzstan, Paraguay, the UAE, and Hong Kong were banned.

European operators will no longer be able to provide cryptocurrency services to Russian citizens and companies. Forty-five new entities were added to the sanctions list, 17 of them outside Russia, including three in India and twelve in China.

The ban on exports of dual-use technologies, industrial goods, and high-tech products was also extended. Europeans were banned from providing tourism services in Russia. New criteria for sanctions against those involved in the abduction of Ukrainian children have been introduced.

Electricity tariffs will remain unchanged until May

Government he continued special regime in the electricity market until the end of April next year. This means that the cost of electricity for citizens will remain at UAH 4.32 per kilowatt-hour, Prime Minister Yulia Svyrydenko said.

"Electricity prices for households remain unchanged this winter," she said.

The preferential tariff for owners of electric heating is also maintained – UAH 2.64 for consumption up to 2000 kilowatt-hours per month, and UAH 4.32 above this limit. The last time the tariff was raised was in June last year by 60%, while the market price was about UAH 7.5.

The decision to maintain the tariffs came amid the return of blackouts after a massive Russian strike on October 22. On Thursday, the restrictions were in effect in most regions from 7:00 to 23:00.

Parliament approves budget 2026 in the first reading

Verkhovna Rada approved the draft state budget for the next year in the first reading. 256 deputies voted in favor of the document, three voted against, and 51 abstained. This was announced by the Chairman of the Financial Committee Danylo Hetmantsev.

The second reading is scheduled for November 5. The budget is based on the assumption that the war will last the whole year.

The head of the Budget Committee, Roksolana Pidlasa, said that the MPs had submitted a record number of amendments in 19 years – 3339, of which the committee proposed to take into account 63.

Total expenditures are planned at 4.8 trillion hryvnias, while revenues are 2.826 trillion. The deficit of more than two trillion will be covered by international assistance. All tax revenues will be used for defense.

According to Hetmantsev, there is a 50% increase in salaries for university professors starting in January. The government has to decide on a new model of remuneration for school teachers.

It also includes a program of assistants for families with disabled children, two billion for demining, funds for a children's hospital in Kharkiv, and the relocation of universities from the war zone.

Continent chain closes in the capital

One of the oldest supermarket chains in Kyiv stops working. Continent announced this on social media on October 7.

The first store opened in 1993, and a full-fledged supermarket was launched in 1996. The rebranding in 2016 did not help the company to stay in the market.

Of the last five outlets, four have already closed – on Yakub Kolas Street in Sviatoshynskyi district, on Svobody Avenue in Podilskyi district, on Akademika Kudryashova Street in Solomianskyi district, and on Dmytrivska Street in Shevchenkivskyi district. They are marked as "Closed Forever" on Google maps. The last store on Mokra Street will remain open until November 3.

According to the Ukrainian Council of Shopping Centers, Silpo stores will soon open on the site of the former Continents.

The Rada allocated 325 billion hryvnias for the army

Parliament on October 21 voted for increasing current budget expenditures by UAH 324.7 billion for defense and security needs. The bill was supported by 297 MPs.

More than 65% of the additional funds are earmarked for military salaries and payments to the families of the victims, said Roksolana Pidlasa, chairwoman of the budget committee. Of the total amount, 210.9 billion will be allocated to the Armed Forces, 99.1 billion will be spent on the production and purchase of weapons.

Funding for the National Guard, the SBU, the State Service of Special Transport, border guards, the GUR and the Foreign Intelligence Service will also be increased.

The main source of funding will be the EU's €6 billion in non-repayable assistance under the ERA mechanism from the proceeds of frozen Russian assets. There is no need to repay these funds.

In addition, non-military spending is to be cut by UAH 10.4 billion. Another UAH 20 billion will come from additional income tax and military fee revenues from payments to the military in November and December.