The Kremlin said the leaders held a detailed discussion about the Russian initiative and Erdogan expressed full support, reiterating Turkey’s readiness to provide a venue and assist in organizing the negotiations.
Erdogan told Macron that international cooperation is critical for initiating peace negotiations and the "sensitive implementation" of Ukraine’s recovery and reconstruction processes, the Turkish Presidency reported.
The assault began around 2 a.m. on May 11, with Russian forces deploying 108 Shahed-type attack drones and decoy UAVs from multiple directions, Ukraine’s Air Force said.
"Think of the hundreds of thousands of lives that will be saved as this never ending 'bloodbath' hopefully comes to an end... I will continue to work with both sides to make sure that it happens."
U.S. State Department Spokesperson Tammy Bruce called for "concrete proposals from both sides" in order for Washington to "move forward" in peace negotiations.
"If they speak to each other in Russian, he doesn't know what they are saying," one Western official told NBC News. Michael McFaul, former U.S. ambassador to Russia, called Witkoff's approach "a very bad idea."
Tougher sanctions "should be applied to (Russia's) banking and energy sectors, targeting fossil fuels, oil, and the shadow fleet," the leaders of Ukraine, the U.K., France, Germany, and Poland said in a joint statement.
"Russia is ready for negotiations without any preconditions," Putin claimed in an address marking the end of the three-day Victory Day ceasefire. He invited Ukraine to begin talks in Istanbul on May 15.
International Monetary Fund (IMF) headquarters on Sept. 17, 2024, in Washington, D.C. (Valerie Plesch/picture alliance via Getty Images)
The Executive Board of the International Monetary Fund (IMF) approved the disbursement of $400 million in funds for Ukraine via the Extended Fund Facility (EFF), the IMF announced on March 28.
The funds represent the latest tranche of the EFF program, which will provide Kyiv with $15.6 billion in budget support over four years. With the additional $400 million in funding, the program has now distributed $10.1 billion in financing to Ukraine.
The IMF approved the $400 million tranche after completing its seventh review of the EFF agreement.
"Russia's war in Ukraine continues to take a devastating social and economic toll on Ukraine," IMF Managing Director Kristalina Georgieva said in a press statement.
"(Ukraine's) economy has remained resilient, but the recent growth slowdown is expected to persist in 2025 due to headwinds from energy needs and a tight labor market. Contingency planning is key to enable appropriate policy action should risks materialize," the statement reads.
Commenting on Ukraine's monetary policy, the managing director urged Ukraine's National Bank to "stand ready for further action" should inflation expectations deteriorate.
The central bank raised the key policy rate from 14.5% to 15.5% per annum in its most recent change to interest rates. In 2024, Inflation in Ukraine exceeded expectations accelerating to 12%.
Funds from the EFF are intended to help stabilize Ukraine, support the country's postwar recovery, and promote economic growth as Kyiv moves forward on its path to EU membership.
External financing is critical for Ukraine as it faces mounting economic pressurefrom Russia's full-scale invasion. Kyiv received $42.5 billion in foreign aid last year, and the Finance Ministry has said that the amount needs to increase by at least $12 billion for 2025.
Dmytro Basmat is a senior news editor for The Kyiv Independent. He previously worked in Canadian politics as a communications lead and spokesperson for a national political party, and as a communications assistant for a Canadian Member of Parliament. Basmat has a Master's degree in Political Management from Carleton University in Ottawa, Canada, and a Bachelor of Arts in Politics and Governance from Toronto Metropolitan University.
Dmytro Basmat
