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.

Russia launched yet another attack on Ukraine overnight, with more than 300 drones and seven missiles, according to Ukraine's air force. While most of the barrage was intercepted, the relentless attacks prompted President Trump to give his Russian counterpart an ultimatum.