News about Ukraine

Overnight on October 17, Ukraine launched one of the largest drone attacks on Russia this year, targeting an oil facility despite a request from US President Donald Trump to stop hitting Russian energy infrastructure. Russia's Defense Ministry said it shot down 1,015 Ukrainian drones overnight into October 18, and that the St. Petersburg oil port, an Ozon logistics center and a VKontakte data center were among the targets. Trump criticized Zelensky for not wanting to end the war, while Zelensky said US siding with Russia would be a 'historic mistake' and noted that US intelligence sharing had been paused for three days. Trump also lifted sanctions on Russian diesel imports, and Zelensky said Russia had attacked Ukrainian energy sites 76 times since the energy ceasefire was announced.

US President Donald Trump defended his decision to waive some sanctions on Russia and said Ukrainian President Volodymyr Zelensky is not sincere about ending the war. Trump suspended a new Russia sanctions law by executive order and temporarily waived sanctions on Russian diesel, allowing large volumes of Russian oil into global markets before the November 3 election. He accused Zelensky of targeting Russian diesel refineries, which hurts the global diesel market including the US, while polls suggest Trump's Republican Party risks heavy losses over soaring fuel prices. Zelensky said he felt betrayed by Trump after Ukraine launched a drone attack on an oil depot in St. Petersburg in the early hours of October 18, despite Trump's request to stop hitting Russian energy facilities. Russian Foreign Minister Sergey Lavrov said Zelensky has no desire for a peace deal.

This Dow Jones market headlines digest covers Ukraine's drone strike on a major Russian oil terminal and China's third-quarter economic growth of 4.5%, driven by exports. Putin has floated a summit with Trump and Xi on Ukraine that would exclude Zelensky, while Houthi attacks are making some Wall Street executives nervous about attending a Saudi investment conference. Other stories cover AI stock volatility, rising grocery and fuel prices, and silver's drop of more than 50% from its record high, which may signal an economic slowdown. China's $37 billion consumer subsidy program is boosting demand for smart gadgets, and markets expect the Fed to raise rates further even if it pauses, with a December hike in focus.

The euro fell against most G10 currencies as the conflict in Ukraine escalated and protests spread across France, weakening confidence in the single currency. In early Asian trading, the euro dropped as much as 0.5% against the US dollar, touching 1.1183 USD/euro before trading around 1.1212 USD/euro at 7:02 a.m. Singapore time on October 19. Carol Kong, a strategist at Commonwealth Bank of Australia, said the euro could fall to support at 1.1130 USD/euro this week, especially if the dollar strengthens on geopolitical tensions. High energy costs threaten European economic growth and keep inflation risks elevated. The euro was the weakest G10 currency over the past month and last week fell to its lowest level since May 2025.

According to the Wall Street Journal, citing a former Russian intelligence officer, Vladimir Putin reportedly proposed a summit with Donald Trump and Xi Jinping to end the Ukraine war, without Zelenskyy and unconfirmed. The report comes as European allies and some Republicans voice alarm over the U.S. temporarily lifting sanctions on Russian diesel exports, which Zelenskyy said seems wrong. Trump's “energy ceasefire” announced on October 11 did not stop Moscow's strikes on Ukraine's infrastructure, and Ukraine paused its strikes for three days before resuming them. Kyiv also accused Washington of restricting Starshield, the military-grade version of Starlink, cutting connectivity for fast platforms such as interceptor drones; Trump denied the White House ordered this, while Elon Musk said Starshield is controlled by the U.S. government.

Ukrainian President Volodymyr Zelensky said the United States has resumed sharing key intelligence after a pause, which helps Ukraine defend against Russian ballistic missile attacks. On October 14, he said the Trump administration had warned that sharing could be suspended unless Ukraine stopped attacking Russian oil refineries. In an interview with NBC's Meet the Press on October 18, Zelensky said everything was now working normally and he hoped talks with the US could take place this week. President Trump said Washington would keep sharing intelligence, even though Ukrainian officials said some Russian strikes came without warning. Kremlin spokesman Dmitry Peskov called Ukraine's long-range strikes, including the night-of-October-17 attack on St. Petersburg, desperate efforts that would not change the outcome.

According to The New York Times, the US plan for Ukraine peace calls on Europe to buy more Russian gas, while Ukraine may consider reopening pipelines that once carried gas to the EU. The proposal is tied to broader issues, including Russia–NATO relations, security guarantees for Ukraine and territorial questions. Russian gas transit through Ukraine was halted in January 2025, leaving TurkStream as the only remaining pipeline route to the EU. Russia's share of EU gas imports fell from about 45% before 2022 to around 12% in 2025, yet the EU bought 36 billion m3 of Russian gas last year, including LNG estimated at €7.2 billion. The EU has begun phasing out some Russian pipeline contracts and plans to ban Russian LNG from January 2027 and pipeline gas from September, aiming for full elimination by the end of 2027.

On October 9, Trump reached a diesel deal with Russian President Putin, aimed at easing fuel prices for American consumers and possibly softening Russia's stance in peace talks. The deal followed weeks of Trump pressing Ukraine to stop attacking Russian refineries, which strained his relationship with President Zelensky. The US warned that continued strikes could lead to suspension of intelligence sharing and the NATO-managed PURL weapons mechanism, while Ukrainian drones in many cases could not operate above 160 km/h because of Starshield disruptions. US envoys also proposed releasing part of the 300 billion euros of Russian sovereign assets held at Euroclear, a plan European backers of Ukraine flatly rejected. Zelensky then travelled to Brussels seeking EU support, but Ukraine's request for a bigger budget met opposition from the EU.

From the night of October 13 to 14, SpaceX unexpectedly restricted the speed of Starlink terminals moving in Ukraine, disrupting many missions. President Zelensky said the current maximum speed is 161 km/h and that Starlink would cut out and drones would lose signal above it, while a commander of Ukraine's mid-range UAV unit put the limit at 100 km/h. Reuters, citing sources, reported the restriction came from within the White House, but Trump denied personally ordering it and said he did not believe Elon Musk had either. Musk stated that Starshield is owned and controlled by the US government, and no one in Washington or at SpaceX has accepted responsibility. Even so, Ukraine launched one of the largest drone attacks of the year, targeting an important Russian oil storage facility.

Crude oil prices hovered near recent highs on Sunday as traders weighed Ukraine's strikes on Russian oil facilities and more tanker attacks in the Persian Gulf. Brent fell $1.04 to $108.82 a barrel, while U.S. West Texas Intermediate lost 26 cents to $101.15. Fires broke out at an oil terminal and depot in St. Petersburg after a massive Ukrainian drone attack; the terminal exports about 120,000 barrels per day of refined products, but the extent of the damage is unclear. Ukraine had briefly paused energy strikes after Trump announced a truce on Oct. 11, but Russia kept hitting Ukrainian energy infrastructure, so Zelenskyy said Kyiv would resume strikes on Russian facilities. Two tankers were also attacked off Saudi Arabia on Friday, according to UKMTO, amid Iran's escalating attacks on tankers aimed at choking off regional crude exports.

Former national security adviser John Bolton told Times Radio that Trump does not understand what is at stake in Ukraine and is focused on domestic American politics rather than geopolitics. He said Republicans face a referendum on the administration amid inflation and high diesel and gasoline prices, and that Trump's Russia deal is mainly about announcement, giving Putin leverage to call in later. Bolton also argued Trump is easily manipulated, saying Putin sees him as an easy mark. The article notes that Bolton, who was investigated and indicted on 18 counts by the Trump administration's Justice Department, pleaded guilty to one count of inappropriately sharing classified information.

Billionaire Sir Richard Branson, founder of Virgin Group, used a LinkedIn post on Oct. 18 to criticize Trump's Russia policy, arguing that easing energy sanctions on Moscow and restricting technical support to Kyiv compromise Western security. He objected to a commercial diesel deal with Russia, which he said injects revenue into Moscow's budget during active fighting, and to limits on Ukrainian forces, including delayed missile warnings and throttling of Starshield. Branson urged European leaders to provide decisive military and financial support to Ukraine, including using frozen Russian assets and delivering Germany's Taurus missiles. The appeal comes as EU leaders asked the European Commission to draft proposals to cover Ukraine's projected €70 billion ($79 billion) shortfall for 2027, potentially using proceeds from roughly €210 billion in immobilized Russian sovereign assets.

Federal authorities raided the Washington-area home of Rep. Ilhan Omar as part of an ongoing investigation that the Justice Department said concerns alleged immigration fraud, and Democrats condemned the move as an abuse of power. Ukraine said it was done supporting an energy-target ceasefire that Trump announced and Russia ignored, struck a Russian oil refinery, and saw SpaceX limit Starlink services in the country. White House press secretary Katie Zacharia was let go after five days on the job, after drawing scrutiny for misrepresenting herself as a lawyer, and Ambassador to Greece Kimberly Guilfoyle was asked to resign over reports she sold access to officials. Consumer prices rose 0.6% in September from August and 3.7% from a year earlier, as paychecks failed to keep pace with prices for a third straight month. Other stories included a 16-year-old shooter who killed four people, including three children, at an elementary school in Bend, Oregon, and Pope Leo XIV's diagnosis of lung cancer after surgery.

Ukrainian President Volodymyr Zelensky has asked European partners for at least 70 billion euros more for 2027 to fund defense, equipment and resilience, on top of a 90 billion euro loan already agreed for 2026-2027, and estimated the 2027 war will cost 155 billion euros. The EU has planned about 45 billion euros for 2027, and the European Commission acknowledged a funding gap but has not decided how to raise the extra money. Options including new loans, market borrowing backed by the common budget, frozen Russian assets or third-country contributions all face legal, political or burden-sharing obstacles. Czech Prime Minister Andrej Babiš said Czechia will not guarantee the funds, while Swedish Prime Minister Ulf Kristersson called a nearly 60% rise in Sweden's net EU budget contribution “completely unacceptable” and said a small group of countries cannot keep carrying a growing burden.

U.S. Treasury Secretary Scott Bessent warned Ukrainian President Volodymyr Zelenskyy to be very careful in public statements about U.S. support. Zelenskyy had earlier told NBC's “Meet the Press” that the U.S. government was responsible for a recent slowdown of Starlink, the U.S.-provided satellite internet that is critical to Ukraine's defense, and that Ukraine was “blocked” from U.S. intelligence for a period. Bessent replied that President Donald Trump and Secretary Marco Rubio had categorically said no one in the administration did this, calling the charge “very reckless.” Elon Musk, whose SpaceX provides Starlink, also posted on X that the U.S. government and Trump are “ultimately” responsible for speed limits on Starshield, the military version of Starlink, a claim Trump has denied.

On October 15 in Brussels, ahead of an EU summit, Latvian Prime Minister Andris Kulbergs urged Europeans to help Ukraine by giving up a small expense, comparing the cost of aid to drinking one less beer per year. He said Ukraine needs the money now, as this winter is decisive, and framed aid as a shared European interest rather than a personal financial inconvenience. He also called for tougher sanctions against Russia. Earlier in October, Latvia approved humanitarian aid including medical equipment and ambulances, and its Economy Ministry plans to use remaining funds to buy 12 more diesel generators for Ukraine. Meanwhile, EU leaders are discussing Ukraine’s financial needs for 2027 amid disagreements over the joint budget, high energy prices and resource allocation, and the article notes that such contributions alone will not resolve Ukraine’s financial gap.

Trump has blocked numerous Russia sanctions two days before they were due to take effect, deepening his row with Ukrainian President Volodymyr Zelensky. The sanctions were passed by Congress and signed into law by Trump in September, but his executive order on Friday night said suspending some was in the US 'national interest', drawing backlash from US lawmakers. Ties with Kyiv have frayed after the US struck a controversial deal to import Russian diesel, and Ukraine accused the administration of withdrawing key military support. The law gave Trump power to levy tariffs of up to 100% on the top five buyers of Russian oil and gas, mainly China and India, and targeted Putin, Russian banks and the 'shadow fleet', but many of these provisions are now waived. Democrats including Virginia Congressman Don Beyer accused Trump of capitulating to Moscow and betraying Ukraine.

Ukrainian Foreign Minister Andrii Sybiha says Russia has systematically stepped up targeted strikes on Ukraine's power grid, citing 76 attacks on energy infrastructure since US President Donald Trump announced an “energy ceasefire” a week ago. In the past seven days alone, Russia reportedly launched nearly 2,700 strike drones, 1,700 guided aerial bombs and 66 missiles, most of them high-speed ballistic missiles aimed at municipal utilities. Sybiha argues that easing sanctions or offering economic concessions would only give Moscow more revenue to fund its military operations ahead of winter, and he urges partners to increase pressure. His remarks came amid disputes over Trump's October 16 executive order waiving mandatory Russia sanctions and the October 9 arrangement allowing Russian refined diesel exports under a US Treasury general license.

Zelensky said Russia has carried out 76 targeted strikes on Ukraine's power grid and oil-and-gas infrastructure since Trump announced an “energy ceasefire” one week ago. Overnight strikes hit substations in Odesa, Khmelnytskyi, Vinnytsia and Zhytomyr, leaving tens of thousands of households without power, while two people were killed and 12 injured, including two children. Over the past week, Russia launched nearly 2,700 strike drones, 1,700 guided aerial bombs and 66 missiles, mostly ballistic, with energy as the main target. Zelensky argued that Moscow sees sanctions relief and US waivers as proof its war strategy is paying off, and called for more pressure on Russia so that peace has a chance.

According to The New York Times, US envoys Steve Witkoff and Jared Kushner urged Ukraine and European allies to consider resuming Russian gas transit through Ukrainian pipelines as an economic element of a peace settlement. The idea faces firm opposition in Europe, especially Germany, where officials argue that reliance on Russian hydrocarbons undermines energy security. Washington argues that restored flows would give the Kremlin a commercial incentive to halt military operations and bring transit revenue for Ukraine's reconstruction, and some officials suggest the US could seek a share of the proceeds. The White House confirmed its proposals include economic incentives for both sides and denied actively discussing a revival of Nord Stream 2, though one source called restarting intact segments the “simplest step”. In Germany, the AfD, polling near 30 percent, has campaigned for cheap Russian gas imports, while European officials warn restored flows would undermine sanctions and generate billions for Moscow's defense industry.