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.

Russia said that it expected talks with Ukraine later on Wednesday in Istanbul to be "difficult", downplaying expectations of a breakthrough at a meeting between the two sides after nearly three and a half years of war.

Donald Trump has been growing increasingly frustrated with Vladimir Putin's refusal to agree to a peace deal in Ukraine

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.

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.

The U.K. chaired a Ukraine Defense Contact Group meeting to discuss rapid transfer of arms including Patriot missiles, as the Britain responds to President Donald Trump's 50-day ultimatum to Russian President Vladimir Putin.

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