Vasily Astrov, expert on the Russian economy at the Vienna Institute for International Economic Studies, told Newsweek that "inflation has really subsided markedly over the past few months. The outcome of this policy has been a marked cooling of domestic demand, with the welcome side effect of rapid disinflation.

Russian forces, meanwhile, pounded four Ukrainian cities in nighttime attacks that officials said killed a child.

Russian President Vladimir Putin is ready to move toward a peace settlement for Ukraine but Moscow's main objective is to achieve its goals, Kremlin spokesman Dmitry Peskov told state television in a clip published on Sunday.

Vladimir Putin is open to peace after Ukrainian president Volodymyr Zelensky suggested fresh ceasefire talks, Moscow said. Kremlin spokesperson Dmitry Peskov said the Russian president was ready to negotiate, but that Russia remained committed to “achieving its goals”.

During his visit to Kharkiv, French Foreign Minister Jean-Noël Barrot confirmed that Donald Trump had given Putin an ultimatum for a ceasefire in Ukraine. According to the minister, this shows that Trump has chosen to support Ukraine and is ready to provide military assistance.

Ukrainian President Volodymyr Zelenskyy has renewed his offer to meet Russia’s Vladimir Putin to negotiate an end to the war

Russia unleashes fresh drones and missiles onslaught on Ukraine's civilians in defiance of US demands for an end to the war, even as there is talk of a fresh summit to try and end the conflict

Russia’s president Vladimir Putin is open to peace with Ukraine but his priority remains achieving Moscow’s goals, Kremlin spokesperson Dmitry Peskov said after US president Donald Trump issued his 50-day ultimatum for a ceasefire.