The Finance Ministry is implementing tax increases and expanding the tax base to finance defense and security, including lowering the revenue threshold for reporting for small and medium-sized businesses and introducing taxes on gambling. These measures come as the economy cools and revenue from oil and gas sales decline. Facing economic challenges and previously aiming to replenish the National Welfare Fund, the Ministry now plans to adjust oil-related tax flows. The Ministry’s proposals were made shortly before the formal 2026 budget proposal is to be presented.
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Ukraine’s Air Force announced the downing of a Russian Su-34 fighter jet in the Zaporizhzhia Oblast during the early morning of September 25th. The warplane was reportedly launching guided aerial bombs at the city of Zaporizhzhia when it was shot down. This marks another instance of Ukrainian forces targeting the Soviet-era fighter-bomber. As Russian aerial attacks have increased, further intensification is anticipated as winter approaches.
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During the 80th session of the United Nations General Assembly, Ukrainian President Volodymyr Zelenskyy and Panamanian President José Raúl Mulino discussed the importance of sanctions against Russia, specifically addressing the nation’s shadow fleet. Zelenskyy commended Panama’s revocation of registration for over 200 Russian tankers. Additionally, they discussed collaborative efforts to return Ukrainian children abducted by Russia and the need for Panama’s support of a resolution condemning these actions. Zelenskyy also thanked Panama for their overall support.
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The Kremlin has affirmed its commitment to continuing its offensive in Ukraine, despite President Trump’s recent shift in perspective branding Russia a “paper tiger.” Moscow dismissed Trump’s suggestion that Ukraine could win and stated the necessity of continuing the war to secure Russian interests, while also downplaying the effectiveness of prior attempts at rapprochement with the U.S. Meanwhile, concerns are escalating in Europe as a result of increased Russian military activity, including airspace violations by Russian aircraft, and reports of GPS disturbances affecting European leaders’ flights near the Russian exclave of Kaliningrad. Concurrent with these developments, Ukraine has intensified its drone attacks on Russian oil and gas infrastructure, with strikes reported on a petrochemical plant and the deaths of civilians in southern Russia.
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During the U.N. General Assembly, former U.S. President Donald Trump suggested NATO countries should consider shooting down Russian aircraft in their airspace, prompting a “Roger that” response from Polish Foreign Affairs Minister Radosław Sikorski. Sikorski later stated Poland would protect its territory, including its airspace, but he preferred intercepting Russian threats over Ukrainian territory before they reached NATO airspace. Echoing this concern, European Commission President Ursula von der Leyen highlighted Russia’s history of hybrid warfare against European democracies and emphasized the necessity of defending NATO territory.
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Speaking before the UN General Assembly, Ukrainian President Volodymyr Zelenskyy warned of the “most destructive arms race in human history,” highlighting the rapid evolution of weaponry, particularly drones, and the potential for autonomous AI systems. He asserted that Russia’s aggression in Ukraine is not isolated, and that Putin intends to expand the war, citing concerns about Moldova and the spread of Russian operations. Zelenskyy called for international action to halt Russia now, as the cost of inaction will be far greater, and underscored the need for global rules on AI in weapons. He also announced Ukraine’s efforts to build a new security architecture, including arms exports.
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On Wednesday, Ukraine launched a significant attack on the Russian port city of Novorossiysk, utilizing unmanned surface vessels (USVs) and drones. The strikes resulted in casualties, with reports of at least two deaths and several injuries, including a child. Damage was reported to the Caspian Pipeline Consortium’s local office and various residential buildings and vehicles. The attacks reportedly began with USVs targeting the port, followed by drone strikes on the city center.
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Following recent conflict, Iran has received Russian MiG-29 fighter jets as an interim solution to strengthen its aging air force, with more advanced Sukhoi Su-35 jets anticipated. These acquisitions signal a broader effort to rapidly modernize aerial capabilities and address vulnerabilities exposed during conflict. The arrival of these jets, along with additional air defense systems, are seen as a strategic move to improve Iran’s military strength. This is intended to increase their leverage in diplomatic negotiations and potentially reshape the regional balance of power.
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Fuel shortages of AI-92 and AI-95 gasoline are emerging in several Russian regions, stemming from Ukrainian drone attacks on oil refineries. These attacks have disrupted supply chains, particularly affecting independent filling stations that lack the resources to stockpile fuel. Regional authorities claim disruptions are due to supply chain issues and anticipate a return to normal. To mitigate rising prices, the St. Petersburg International Mercantile Exchange has tightened trading rules for diesel and gasoline, reflecting rising prices despite earlier restrictions.
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During a recent interview, Ukrainian President Volodymyr Zelensky reported a positive conversation with former US President Donald Trump. Zelensky indicated Trump now understands Ukraine cannot concede territory to Russia, a shift in perspective. Zelensky emphasized the importance of stopping the war and changing Putin’s stance on the conflict. He expressed hope that this perspective on Ukrainian sovereignty will continue.
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John Q. Hosedrinker