Latest news with #Moscow
News.com.au
2 hours ago
- Business
- News.com.au
Russian economy on verge of recession, minister warns
Russia's economy minister warned that the country was 'on the verge' of recession, issuing the downbeat message on the second day of a forum designed to bolster economic confidence. The Russian economy has been marked by volatility since it launched its full-scale military offensive on Ukraine in 2022, with growth now slowing after a period of what officials called 'overheating'. Moscow reported strong economic expansion in 2023 and 2024, largely due to massive state defence spending on the conflict. But economists have cautioned that growth driven by the defence industry is unsustainable and does not reflect a real increase in productivity. 'Overall, I think we are on the verge of a recession,' Economy Minister Maxim Reshetnikov told journalists at a panel on the second day of the Saint Petersburg Economic Forum. He said this view was based on 'current business sentiment and indicators' that were pointing to a slowdown. 'Everything else depends on our decisions,' Reshetnikov said, calling for the central bank to show a 'little love for the economy'. Russia's central bank jacked interest rates to an eye-watering high of 21 per cent last October to combat inflation and kept them at that level until earlier this month, when it eased them to 20 per cent. Economists had warned for months that the high interest rate and a downturn in manufacturing were weighing on the economy. Russia's economic growth slowed to 1.4 per cent year-on-year in the first quarter of 2025, the lowest quarterly figure in two years. Prices have also been rising across the Russian economy, driven up by the massive government spending on the Ukraine assault and widespread labour shortages. Annual inflation ebbed below 10 per cent in May but has been more than double the central bank's four per cent target for over a year.
Free Malaysia Today
3 hours ago
- Politics
- Free Malaysia Today
Putin, Xi ‘strongly condemn' Israeli strikes on Iran
Chinese President Xi Jinping joined Russian President Vladimir Putin during the 80th Victory Day parade anniversary in Moscow. (EPA Images pic) MOSCOW : Russian President Vladimir Putin and his Chinese counterpart Xi Jinping on Thursday strongly condemned Israeli attacks on Iran in a phone call and stressed the need for a diplomatic solution, Moscow and Beijing said. Israel has launched an unprecedented wave of strikes at Iran that prompted Tehran to respond with its own attacks with missiles and drones. Putin and Xi 'strongly condemn Israel's actions', Kremlin aide Yuri Ushakov told reporters after the call. He added that Moscow and Beijing believed the end to the hostilities 'should be achieved exclusively by political and diplomatic means'. Xi told Putin that a ceasefire was the 'top priority' and urged Israel to halt its attacks, Chinese state media reported. 'Promoting a ceasefire and cessation of hostilities is the top priority. Armed force is not the correct way to resolve international disputes,' Xi said, according to China's state news agency Xinhua. 'Parties to the conflict, especially Israel, should cease hostilities as soon as possible to prevent a cyclical escalation and resolutely avoid the spillover of the war,' he added. Putin is pitching himself as a mediator between the warring sides. Russia is close to Iran, having boosted military ties amid its offensive on Ukraine, but also strives for good relations with Israel. Last week, Putin held phone calls with Israeli Prime Minister Benjamin Netanyahu and Iranian President Masoud Pezeshkian, offering himself as a peacemaker. The Kremlin said that Xi had spoken 'in favour of such mediation, since he believes that it could serve to de-escalate the current situation', Ushakov said. But Western leaders, including US President Donald Trump and France's Emmanuel Macron have pushed back against the idea of Putin trying to mediate the conflict amid his own Ukraine offensive. 'He actually offered to help mediate, I said: 'do me a favour, mediate your own',' Trump told reporters on Wednesday about Putin's efforts. 'Let's mediate Russia first, okay? I said, Vladimir, let's mediate Russia first, you can worry about this later.'
Arab News
7 hours ago
- Politics
- Arab News
Zelensky appoints new ground forces chief
KYIV, Ukraine: Ukrainian President Voloydmyr Zelensky on Thursday appointed Gennadiy Shapovalov as commander of the country's ground forces, replacing a previous commander who resigned following a deadly Russian strike on an army training ground. Shapovalov worked as a military aid liaison in Germany and previously commanded Ukraine's southern military district. In his evening address, Zelensky said he hoped Shapovalov would bring 'real combat experience' to the role and called for changes in the Ukrainian army, which is struggling to hold off Moscow's forces more than three years into Russia's invasion. 'Changes are needed, this is a mandatory issue,' Zelensky said in his evening address. Moscow's forces have been advancing across the front line for over a year and have been making inroads in Ukraine's Sumy region, which the Kremlin had not occupied since the start of the war. Peace talks on ending the conflict have stalled in recent weeks and Kyiv's biggest ally, Washington, is now focusing its attention on the Middle East. Russia says it is open to a peace settlement but Kyiv has accused Moscow of deliberately sabotaging talks to prolong the fighting.
Yahoo
7 hours ago
- Politics
- Yahoo
Ukraine's Zelenskiy: Russia's defence of Iran shows need to tighten sanctions
(Reuters) -Ukrainian President Volodymyr Zelenskiy said on Thursday that Russia's defence of Iran's authorities underscored the need for intensified sanctions against Moscow. Zelenskiy said Russia's deployment of Iranian-designed Shahed drones and North Korean munitions was proof that Kyiv's allies were applying insufficient pressure against Moscow. "Now Russia is trying to save the Iranian nuclear programme. There cannot be any other possible explanation for their public signals and their non-public activity on this," Zelenskiy said in his nightly video address. "When one of their accomplices loses their capability to export war, Russia is weakened and tries to interfere. This is so cynical and proves time and again that aggressive regimes cannot be allowed to unite and become partners." When Russia deploys weaponry from Tehran and Pyongyang, he said, "it is a clear sign that global solidarity and global pressure are not strong enough." Russia signed a strategic partnership with Iran this year. Moscow has denounced Israeli strikes against Iran and offered to mediate. A Russian deputy foreign minister said Moscow was urging Washington to refrain from direct involvement. Ukrainian Foreign Minister Andrii Sybiha said the conflict between Israel and Iran had exposed Russian hypocrisy, with Moscow defending Iran's nuclear programme and condemning strikes against Tehran while "ruthlessly" attacking Ukraine. "The only rational conclusion is that Russia cannot be trusted in any situation, and it is always part of the problem rather than the solution," Sybiha wrote in English on X. Zelenskiy has accused Russia of refusing diplomatic approaches and rejecting an unconditional ceasefire in the war, which has lasted more than three years. In his address, he said he was "very much counting on" U.S. President Donald Trump to consider tougher sanctions and boost diplomatic efforts to end the war. Trump has so far ruled out calls to intensify sanctions against Moscow. Zelenskiy also expressed willingness to meet Russian President Vladimir Putin, though he said the Kremlin leader had stayed on beyond the constitutional limit of his office. That comment was a reference to Russian accusations that Zelenskiy had remained in office without agreeing, under provisions of martial law in Ukraine, to hold an election.
Reuters
8 hours ago
- Politics
- Reuters
Ukraine's Zelenskiy: Russia's defence of Iran shows need to tighten sanctions
June 19 (Reuters) - Ukrainian President Volodymyr Zelenskiy said on Thursday that Russia's defence of Iran's authorities underscored the need for intensified sanctions against Moscow. Zelenskiy said Russia's deployment of Iranian-designed Shahed drones and North Korean munitions was proof that Kyiv's allies were applying insufficient pressure against Moscow. "Now Russia is trying to save the Iranian nuclear programme. There cannot be any other possible explanation for their public signals and their non-public activity on this," Zelenskiy said in his nightly video address. "When one of their accomplices loses their capability to export war, Russia is weakened and tries to interfere. This is so cynical and proves time and again that aggressive regimes cannot be allowed to unite and become partners." When Russia deploys weaponry from Tehran and Pyongyang, he said, "it is a clear sign that global solidarity and global pressure are not strong enough." Russia signed a strategic partnership with Iran this year. Moscow has denounced Israeli strikes against Iran and offered to mediate. A Russian deputy foreign minister said Moscow was urging Washington to refrain from direct involvement. Ukrainian Foreign Minister Andrii Sybiha said the conflict between Israel and Iran had exposed Russian hypocrisy, with Moscow defending Iran's nuclear programme and condemning strikes against Tehran while "ruthlessly" attacking Ukraine. "The only rational conclusion is that Russia cannot be trusted in any situation, and it is always part of the problem rather than the solution," Sybiha wrote in English on X. Zelenskiy has accused Russia of refusing diplomatic approaches and rejecting an unconditional ceasefire in the war, which has lasted more than three years. In his address, he said he was "very much counting on" U.S. President Donald Trump to consider tougher sanctions and boost diplomatic efforts to end the war. Trump has so far ruled out calls to intensify sanctions against Moscow. Zelenskiy also expressed willingness to meet Russian President Vladimir Putin, though he said the Kremlin leader had stayed on beyond the constitutional limit of his office. That comment was a reference to Russian accusations that Zelenskiy had remained in office without agreeing, under provisions of martial law in Ukraine, to hold an election.
