Ukraine News Updates - October 23, 2025
Ukraine Hosts Investment Workshops for Foreign Business
Ukraine's Ministry of Economy is conducting workshop series for foreign businesses to increase awareness about Ukraine's market potential and reconstruction investment opportunities. Upcoming workshops for Dutch businesses will occur November 4 (online) and December 16 (offline in Netherlands), organized with Netherlands Enterprise Agency, Dutch Embassy in Ukraine, Kyiv School of Economics, and Tony Blair Institute. Topics include Ukraine's investment landscape, government programs, risk mitigation instruments, and business opportunities in energy, water management, agriculture, healthcare, and circular construction sectors. Previous workshops were held in Belgium, Czech Republic, Italy, Germany, and Japan. Future workshops planned for Sweden, Netherlands, and Germany.
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Ukraine-Slovakia Sign Cooperation Roadmap
Ukraine and Slovakia signed a detailed roadmap for intergovernmental cooperation in Košice on October 17, with Prime Ministers Yulia Svyrydenko and Robert Fico attending. The strategic document outlines joint actions in politics, economy, energy, defense, agriculture, education, regional development, and humanitarian spheres. Priority cooperation areas include developing joint investment projects within Ukraine Investment Framework (four energy projects worth nearly €100 million supported), building B2B connections, industrial recovery cooperation, deepening agricultural sector collaboration, and forestry cooperation. An agreement on labor migration cooperation and information exchange was also signed. A Ukrainian-Slovak economic forum is planned in Bratislava for November.
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Spain to Fund US Weapons for Ukraine
Spanish Prime Minister Pedro Sánchez announced Spain will join the purchase of American weapons for Ukraine within the PURL (Prioritized Ukraine Requirements List) initiative. The statement came hours after US President Donald Trump criticized Spain's low NATO defense spending commitments. Ukrainian Defense Minister Denys Shmyhal reported new PURL contributions reached at least $422 million following the Ramstein Contact Group meeting, with over half of NATO members participating or declaring financial involvement. PURL participants plan to contribute $1 billion monthly for US weapons procurement for Ukraine.
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Ukraine Parliament Approves Defense Budget Increase
Ukraine's parliament approved draft law №14103 on October 21, increasing state budget expenditures for national security and defense by 325 billion hryvnias. The decision received support from 297 lawmakers. Funding allocation includes: 210.9 billion hryvnias for Armed Forces, 99.1 billion for weapons and ammunition production and procurement, 8.1 billion for National Guard, 4.3 billion for drone procurement through State Special Communications Service, 1.3 billion for Security Service, 918 million for State Special Transport Service, 83 million for Border Guard Service, 28.8 million for Defense Intelligence, and 8 million for Foreign Intelligence Service. Parliament instructed immediate signing and presidential submission.
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EU Approves 19th Sanctions Package Against Russia
The European Union formally approved its 19th sanctions package against Russia through written procedure on October 23. Denmark's Foreign Minister Lars Løkke Rasmussen highlighted the ban on Russian liquefied natural gas (LNG) imports as a significant step, effective April 25, 2026. The package targets Russia's oil, gas, and financial sectors, including its shadow fleet, cryptocurrency services, and adds 117 vessels to sanctions lists. Five Russian banks, including Alfa-Bank and MTS Bank, face restrictions from November 12. Sanctions expanded to cover special economic zones, 45 companies supporting Russia's military-industrial complex, high-tech services, and tourism. The EU sanctions list now includes 1,980 individuals and 683 organizations.
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US Sanctions Russian Oil Giants Rosneft and Lukoil
The US Treasury's Office of Foreign Assets Control imposed sanctions on Russia's largest oil companies, Rosneft and Lukoil, on October 22 due to Russia's lack of commitment to peace. Treasury Secretary Scott Bessent stated the sanctions target companies financing the Kremlin's war machine. The restrictions apply to all entities where these companies hold over 50% ownership. Global oil prices rose 2.5-3% following the announcement, with Brent reaching approximately $75 per barrel and WTI $71. Together, Rosneft and Lukoil export 3.1 million barrels daily, nearly half of Russian production. President Trump canceled a planned meeting with Putin in Hungary following the sanctions announcement.
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Vodafone to Build Black Sea Cable Bypassing Russia
Vodafone Group and Vodafone Ukraine will construct the Kardesa underwater cable system connecting Ukraine, Bulgaria, Turkey, and Georgia through the Black Sea, bypassing Russia. The project aims to enhance communication reliability and security in the Black Sea region while creating an alternative route avoiding Russian territory. Vodafone Europe serves as main partner, while the Black Sea underwater section will be financed partly by Vodafone Ukraine and implemented with the Ministry of Digital Transformation. Kardesa will add 500 Tbps capacity for the region, critical for 5G, AI, and streaming services growth. Project cost exceeds €100 million, with Bulgarian construction beginning in 2027.
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15 Ukrainian Startups to Attend Web Summit
Fifteen Ukrainian startups will represent Ukraine at Web Summit Lisbon 2025, taking place November 10-13. The delegation includes companies spanning AI automation, agricultural marketplaces, insurance platforms, health technology, and cybersecurity. Notable participants include Allpass.ai for regulatory compliance automation, FortuneGuard for war risk insurance, Glendeal grain trading marketplace, Mindship stress-reduction app, SYLA autonomous knee prosthesis, and Vulnebify cybersecurity platform. Web Summit is one of the world's most influential technology conferences, gathering thousands of innovators, entrepreneurs, investors, and technology leaders. The Ukrainian startup delegation is organized by Ukrainian Startup Fund with Plug and Play within Seeds of Bravery consortium, supported by Ukraine's Ministry of Digital Transformation and GIZ DT4SME project.