Live: Russia’s economy to shrink by 10% due to Ukraine war, says bank

A Ukrainian soldier stands a top a destroyed Russian APC after recent battle in Kharkiv, Ukraine. (AP Photo/Efrem Lukatsky)

Live news updates: Russia’s and Ukraine’s economies will shrink by 10 per cent and 20 per cent respectively, said the European development bank, EBRD on Thursday, reports news agency AFP. Before the Russia-Ukraine war, the EBRD had said Ukraine’s economy would grow by 3.5 per cent while Russia 3 per cent.

De-escalation does not mean a cease-fire or complete withdrawal of troops from around Kyiv, said a person close to the Kremlin. Moscow’s likely war goals now are to take two eastern provinces, together with a land corridor from the Russian border to the Crimean peninsula, which Russia annexed in 2014, the person said.

 

Russian Foreign Minister Sergei Lavrov will visit India, which has so far refused to condemn Moscow’s invasion of Ukraine, for a two-day visit beginning Thursday, New Delhi said.

 
India has abstained from UN resolutions censuring Russia and continues to buy Russian oil and other goods, despite pressure from Washington, with US President Joe Biden last week describing India as “somewhat shaky” on Russia.

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