Ukraine calendar: What will happen this week
Editor's note: This article is a shortened on-site version of KI Insights' public newsletter, The Week Ahead, covering events from December 8-14. Sign up here to start your week with an agenda of Ukraine-related events delivered directly to your inbox every week.
The European Union is pressing ahead with efforts to secure a reparations loan backed by frozen Russian assets. Today, European Commission President Ursula von der Leyen and Germany’s Chancellor Friedrich Merz are holding an emergency meeting with Belgium’s Prime Minister Bart De Wever in a bid to persuade Belgium to endorse the plan.
With the deadline for reaching an agreement fast approaching, the financing package for Ukraine must be approved at the European Council meeting in two weeks’ time. Without EU funding, Ukraine is projected to run out of money by mid-year.
At the same time, the US lobbied several countries in the European Union to block the loan.
Diplomatic efforts to move Ukraine and Russia toward a peace agreement continue. This week, talks took place in Moscow between Steve Witkoff, Jared Kushner, and Vladimir Putin, followed by meetings between a Ukrainian delegation and US officials in Florida. The Moscow discussions were described as “productive,” though no compromise was reached.
The Kremlin is reportedly seeking control over the entire Donbas, and Putin stated that “either we liberate these territories by force, or Ukrainian troops leave these territories and stop fighting there.”
A new Head of the President’s Office is expected to be appointed, possibly as soon as next week. President Volodymyr Zelensky is reportedly holding meetings with potential candidates and is expected to announce his decision soon. The previous head of the Office, Andriy Yermak, was dismissed after searches were carried out in connection with corruption.
Learn which of his possible successor Yermak is lobbying for and how the balance of power could shift under a new head of the Office in the upcoming Weekly Report by KI Insights.
EU ministers for European affairs will convene in Lviv on 10–11 December to assess Ukraine’s progress on its path toward European Union membership. This will be the first meeting of its kind, intended to underscore strong support for Ukraine’s accession bid amid Hungary’s ongoing obstruction. The gathering was announced a month ago, though details regarding the participating officials had not been disclosed.
On 9 December, the EU Justice and Home Affairs Council will meet with a dedicated agenda item on ‘the fight against impunity for crimes committed in Ukraine.’ The discussion will focus on the planned Special Tribunal for the Crime of Aggression against Ukraine and on strengthening support for the efforts of the International Criminal Court.
The early deadline for Ukraine’s GDP-warrant swap offer is set for 12 December, by which time holders may vote and qualify for an early-participation fee. The proposal envisions exchanging $2.6 billion in GDP-linked warrants for new Eurobonds maturing from 2030 onward.
Under the offer, investors would receive $1,340 in new bonds for every $1,000 in warrants. The bonds would carry interest of 4% annually until February 2027, rising to 5.5% until August 2029 and 7.25% for the remaining term, all if Ukraine is able to secure the support of warrant holders representing 75% of the total volume of instruments.
The National Bank of Ukraine is scheduled to publish its decision on the key policy rate on 11 December. Since March this year, the rate has remained at 15.5 %. According to the NBU’s forecast, the rate is expected to remain unchanged through the end of the year, before gradually declining to about 12.7 % in 2026. Inflation had fallen to 11.9 % by the end of September, 1.2 percentage points below the bank’s July projection of 13.1 %. The rate decision will, among other factors, depend on what happens with the reparations loan backed by Russia’s frozen assets.
This week, the Verkhovna Rada of Ukraine approved the 2026 state budget with a deficit of UAH 1.9 billion ($45.3 million). Meanwhile, according to EU estimates, Ukraine will need around $160 billion in external financing over the next two years.
Next week, Ukraine will mark two commemorative dates. On 12 December, the country observes the Day of the Land Forces. On 14 December, Ukraine commemorates the Day of Remembrance for the Liquidators of the Chornobyl Disaster.
Events and Milestones:
Next week:
Upcoming Special Briefing: Ukraine Battlefield – 2025 in Review and Questions for 2026
We are pleased to announce a special, one-off KI Insights Strategic Briefing, co-organized with the Embassy of Romania in Kyiv.
Join us on Friday, 12 December at 16:00 for an in-depth analytical session titled “Ukraine Battlefield – 2025 in Review and Questions for 2026”, presented by KI Insights Research Analyst Mykolaj Suchy.
This is not part of our regular subscriber briefings. However, we are happy to make a limited number of seats available to KI Insights subscribers.
Due to very restricted capacity, spots will be allocated on a first-come, first-served basis. To reserve your place, please register here.
We look forward to seeing you there.
- 9 December, London. Offline event: 9th Annual Ukrainian Investment Roadshow. Hosted at Clifford Chance with the support of the Embassy of Ukraine in the UK, the Roadshow brings together Ukraine’s leading corporates, top economic policymakers, and international investors to discuss opportunities and showcase Ukraine’s economic potential. Register here.
- 9 December, Kyiv & online (Zoom). Hybrid event: Energy Security Dialogue 2025 – The New DNA of Energy Security. Bringing together Ukrainian, European, and American stakeholders, the Dialogue focuses on the real state of energy security amid ongoing aggression. Register here.
- 12 December, Kyiv. Offline event: UAFIN.TECH 2025: Future of Embedded Finance. Bringing together leading international financial players, bankers, entrepreneurs, investors, and tech innovators, the conference will explore how embedded finance is reshaping monetization models. More details & tickets here.
- 12 December, Kyiv. Offline event: The Big Meet: Last One This Year. Expats, locals, friends, and familiar faces are invited to gather one final time before the holidays to celebrate the Big Meet’s Kyiv community. More details here.
Further ahead:
- 17 December, Kyiv. Offline event: Ukraine’s Economy in 2026: Key Forecasts and Scenarios. Hosted by the Centre for Economic Strategy (CES) together with the German Economic Team (GET), the event will present expert and government forecasts for Ukraine’s economy, followed by a discussion on how internal and external factors may influence economic dynamics. Register here.
- 4 March 2026, Luxembourg. Offline event: LUCC 4th Ukraine Resilience Business Forum. Held at the Luxembourg Chamber of Commerce, the Forum brings together public and private sector leaders to discuss investment opportunities, reconstruction, and regulatory alignment on Ukraine’s European path. Register here.
If you have an upcoming event that you would like featured in our newsletter, please get in touch via insights@kyivindependent.com.
