Vladimir Putin has signed off increasing Russia's military spending by 25% - to 32.5% of the total budget - the equivalent of £99.5bn. Meanwhile the new EU Council president Antonio Costa and high representative for foreign affairs Kaja Kallas are visiting Ukraine on their first day.

Russia has presented the draft budget as "balanced", with the deficit falling to 0.5 per cent against this year's projected deficit of 1.7 per cent.