"I have great hope that an agreement for a ceasefire in Ukraine will be reached this weekend," German Chancellor Friedrich Merz said on May 9, shortly before traveling to Kyiv alongside the leaders of France, Poland, and the U.K.
U.K. Prime Minister Keir Starmer, French President Emmanuel Macron, German Chancellor Friedrich Merz, and Polish Prime Minister Donald Tusk will arrive in Kyiv early on May 10.
The United States embassy in Kyiv on May 9 issued a warning that Russia could launch "a potentially significant" attack in the coming days, despite Putin's self-declared Victory Day "truce."
The sanctioned oil tankers have transported over $24 billion in cargo since 2024, according to Downing Street. The U.K. has now sanctioned more shadow fleet vessels than any other country.
Washington and its partners are considering additional sanctions if the parties do not observe a ceasefire, with political and technical negotiations between Europe and the U.S. intensifying since last week, Reuters' source said.
The Kyiv Independent’s contributor Ignatius Ivlev-Yorke spent a day with a mobile team from the State Emergency Service in Nikopol in the south of Ukraine as they responded to relentless drone, artillery, and mortar strikes from Russian forces just across the Dnipro River. Nikopol is located across from the Russian-occupied Zaporizhzhia Nuclear Power Plant in the city of Enerhodar.
Russian President Vladimir Putin meets with workers at a plant, which is part of Russian missile manufacturer Almaz-Antey, in Saint Petersburg on January 18, 2023 (Ilya Pitalev / Sputnik / AFP)
International sanctions are affecting growing prices in Russia, but there are also shortcomings by Russian authorities, Russian President Vladimir Putin said during his annual press conference and a call-in program on Dec. 19, state news agency TASS reported.
Russian officials have largely dismissed the importance of Western sanctions imposed over the full-scale invasion of Ukraine, boasting about a strong and resilient economy.
While independent observers mostly agreed that the sanctions fell short of the desired effect, there are mounting warning signs regarding Russia's economy ahead of 2025.
"The sanctions are having an effect, but they are not of key importance," Putin said when talking about the surging inflation and prices in Russia. The country's annual inflation rate rose 9.2-9.3% while the ruble oscillates around 100 to the U.S. dollar.
Russia's central bank sought to curb inflation by instituting the highest interest rates – 21% – since the early 2000s.
According to Putin, inflation is driven by the supply not keeping up with the demand and the rising prices of some products globally. Many experts also connected the development to increased defense spending as Russia invests record sums in its full-scale war against Ukraine.
"Some experts believe that the central bank could have used tools unrelated to raising the key interest rate more effectively and earlier," Putin said.
"The central bank began doing this in the summer, but these experts believe this could and should have been done earlier."
The combined effect of sanctions and inflation is beginning to threaten the Russian economy in various sectors, including automotive, aviation, and retail. This development comes amid a growing push by U.S. President-elect Donald Trump to launch negotiations in Ukraine as soon as possible, though Moscow has shown little interest in peace talks.
Martin Fornusek is a news editor at the Kyiv Independent. He has previously worked as a news content editor at the media company Newsmatics and is a contributor to Euromaidan Press. He was also volunteering as an editor and translator at the Czech-language version of Ukraïner. Martin studied at Masaryk University in Brno, Czechia, holding a bachelor's degree in security studies and history and a master's degree in conflict and democracy studies.
Oleg Sukhov
