Russia

Russia announced it is intensifying attacks on Kyiv and other key Ukrainian cities, after a drone operation damaged the Northern Bridge, a key crossing over the Dnipro River, last Saturday, damaging the road surface, forcing traffic to be suspended and injuring two people, according to Kyiv Mayor Vitali Klitschko. Meanwhile, Russia's Defense Ministry confirmed the bridge was used to move troops and transport military equipment, and said the escalation was a response to President Volodymyr Zelensky's stance after he announced he would step up attacks on Russian oil refineries without targeting civilians. The strike on the Northern Bridge came shortly after German Chancellor Friedrich Merz made an unannounced visit to Kyiv, pledging 1 billion euros, or about 1.1 billion dollars, in military aid to Ukraine. On the diplomatic front, Zelensky said on Sunday that the administration of US President Donald Trump has proposed holding technical-level trilateral talks between the United States, Russia and Ukraine by the end of October, with Ukraine open to holding the talks in the United Arab Emirates or another country proposed by the US side as host, and responding positively to the proposal. The Russia-Ukraine war has now lasted more than four and a half years since Russia launched its full-scale military operation in February 2022.

The North Atlantic Treaty Organization, or NATO, is drawing up a new military strategy called Theory of Victory to prepare for a possible Russian attack on the alliance's eastern front, combining low-cost drones, artificial intelligence and systems that rely on small numbers of personnel with traditional weapons and combat forces. General Alexus Grynkewich, NATO's supreme commander in Europe, is due to present the plan in Poland on October 12, amid still-high tensions between NATO and Russia. Under the plan, if NATO is attacked, the alliance would first blunt any incursion using ground forces and resources from the Eastern Flank Deterrence Initiative before moving to destroy the adversary's command and control systems, in order to defeat Russian forces swiftly and decisively. Colonel Martin O'Donnell, a spokesman for Grynkewich, declined to disclose details of the plan but stressed that NATO is an alliance whose purpose is defensive. NATO Secretary General Mark Rutte said there is still no indication that Russia is preparing to attack NATO with conventional military forces, but that Europe needs to be ready for hybrid threats that could persist over the long term. Over the past summer, the United States sent questionnaires to NATO member countries to assess their levels of defense spending and support for the policies of President Donald Trump, and also asked whether allies could allocate additional forces to NATO in support of Grynkewich's defense plan.

The Japanese government on October 2 added the Russian-linked cryptocurrency exchange Garantex to its list of entities subject to asset-freezing and other measures over the situation in Ukraine, the Foreign Ministry announced the same day. In the list of designated parties published by the Foreign Ministry, the operating company Garantex Europe OU appears as one of 33 Russia-related entities. Under the new designation, payments in Japan to Garantex and other sanctioned parties will in principle require prior authorization. Cryptocurrency transfers are also covered by the Foreign Exchange and Foreign Trade Act, and domestic crypto asset exchange operators are required to confirm in advance that a transfer is not related to a sanctioned party. Garantex is a cryptocurrency exchange founded in 2019 that has mainly operated in Moscow and St. Petersburg. In April 2022, the U.S. Treasury Department's Office of Foreign Assets Control designated the exchange for sanctions, saying that more than 100 million dollars of transactions identified on Garantex were linked to parties involved in illicit activity and darknet markets. Japan said the latest measure is intended to keep pace with the response of major countries in light of the situation in Ukraine and to contribute to international efforts.

Russia's Finance Ministry has begun paying staff salaries using the central bank digital currency known as the digital ruble. According to the ministry, some employees received their salaries in digital rubles for the first time on October 1, after opening digital ruble accounts on the Bank of Russia's platform. Whether to receive salaries in digital rubles is a voluntary choice made by each individual, and the ministry has not disclosed the number of employees involved or the total amount paid. In 2025, the Finance Ministry and the Federal Treasury piloted the use of the digital ruble for federal budget expenditures in Russia, making payments for salaries and scholarships and settling some government contracts, with total transactions amounting to just under 16 million rubles. From January 2026, digital ruble spending in the federal budget will no longer be limited to specific purposes, and the Bank of Russia and the Finance Ministry are jointly advancing its introduction into the budget process. The Bank of Russia positions the digital ruble as a "third form" of the national currency alongside cash and non-cash rubles. It began development in 2021, launched a pilot with real transactions in August 2023, and from September 1, 2026, broad use through major banks and retail companies got under way. Meanwhile, in April the European Union introduced measures as part of sanctions against Russia that prohibit involvement in transactions involving CBDCs such as the digital ruble and support for the development of related projects.

Ukrainian President Volodymyr Zelensky has revealed that Ukraine will step up its strikes on Russian oil refineries in response to Russia's preparations to intensify air attacks during the winter, aiming to pressure civilians to leave Kyiv and other cities, while stressing that Ukraine will not attack civilians. Zelensky said Ukrainian intelligence had obtained documents indicating that Russian President Vladimir Putin has issued a new doctrine for military strikes, which paves the way for Russian forces to attack civilian targets on a wider scale before winter sets in. The documents state that the military is permitted to strike infrastructure, logistics systems, roads, schools and hospitals. The Ukrainian leader said the policy shift stems from Putin's desire to maintain Russia's image of strength at a time when its forces are losing ground on key front lines and casualties are mounting. Earlier, Russia's foreign ministry issued a statement urging foreigners and diplomatic officials to leave Kyiv, saying Russia would continue to strike various targets systematically in retaliation for Ukraine's attacks on Russia over the past several months.

Travel within Kyiv, the capital of Ukraine, was disrupted after a bridge in the northern part of the city spanning the Dnipro River was struck during a Russian air attack today, October 3, damaging the bridge and halting movement between the eastern and western banks of the city. Kyiv Mayor Vitali Klitschko said emergency crews responded after the incident, with traffic from the eastern side to the western side suspended after the road surface and overhead wires for electric buses were damaged. There were no immediate reports of deaths or injuries. The strike on the northern bridge came after a southern bridge in Kyiv was hit repeatedly by Russian drones over the past two days, temporarily halting traffic on the southern bridge and two other crossings over the Dnipro River. The incidents could worsen travel within Kyiv, since before Russia launched its full-scale invasion of Ukraine in 2022, more than one third of the city's population, roughly 3 million people, lived on the eastern, or left, bank of the river, while government agencies and most companies are located on the western, or right, bank, forcing many people to cross the river to get to work. The latest attack comes as Russia steps up strikes on infrastructure in and around Kyiv ahead of winter, with Russian forces increasing their use of drones against the capital, and recent attacks damaging several infrastructure sites, including the southern bridge. Last week, Russia launched what Ukrainian officials see as the first phase of a renewed winter campaign against the country's energy infrastructure, alarming Kyiv residents after last winter's attacks caused widespread power and heating outages. Russia has previously denied systematically targeting civilians in its air strikes. Russia launched its full-scale invasion of Ukraine in February 2022.

Russia announced it is extending its ban on diesel exports by producers until the end of October, effective from September 30. The measure deepens the crisis in global energy markets, which are already strained by fighting in Iran and Ukraine that has curbed energy shipments, and has driven diesel prices in the United States and Britain to record highs. Earlier, in late August, Russia extended its ban on diesel exports through the end of September, while still allowing deliveries to countries such as the former Soviet republics and Mongolia under intergovernmental agreements. Russia is the world's second-largest diesel exporter after the United States, but had already reduced export volumes since the summer before imposing the ban. Meanwhile, diesel prices in the United States surged to a record high above 6.50 dollars per gallon, becoming a political risk for President Donald Trump ahead of the midterm elections. Britain's RAC motoring association said pump prices for diesel in the UK climbed to a record high amid the fighting between the United States and Israel and Iran.

Russia has invited North Korean leader Kim Jong Un to make an official visit to Russia, according to a Russian deputy foreign minister. Russia's TASS news agency reported the development on Thursday, September 24, adding that the schedule for the visit will be coordinated through diplomatic channels. Previously, President Vladimir Putin had extended an invitation to Kim to visit Russia during their joint summit in Pyongyang in June 2024, and issued another invitation when the two met during a large-scale military parade in China in September 2025. Speculation that Kim may visit Moscow within this year has grown after North Korean Foreign Minister Choe Son Hui traveled to Russia in July at the invitation of the Russian Foreign Ministry. Kim has visited Russia twice before, in 2019 and 2023, but both trips involved meetings with Putin in Russia's Far East, and Kim has never visited Moscow. Meanwhile, relations between North Korea and Russia have grown steadily closer since North Korea sent troops to support Russia in its war with Ukraine.

Raiffeisen Bank International won a Vienna court ruling awarding it about €3.15b in damages tied to funds frozen in Russia, while the bank also publicly rejected short-seller allegations from Grizzly Research and said it is considering legal action. The twin developments sharpened attention on both the bank's legal risk and its potential balance sheet implications. The shares closed at €64.25, after a 16.5% 90 day share price return, a 70.6% year to date share price gain and a 1 year total shareholder return of 127.7%. The most followed analyst narrative places fair value nearer €55.59 using a 7.26% discount rate, calling the stock overvalued, while a discounted cash flow model estimates a future cash flow value of €144.83, implying a 55.6% discount at the current price. Raiffeisen Bank International still carries heavy geopolitical and litigation exposure, and setbacks in Russia or Polish mortgage cases could quickly test the upbeat narrative.

Russia's Ministry of Finance has warned domestic crypto investors that the government will not compensate them for losses if foreign stablecoin issuers such as USDT or USDC order their assets frozen. The warning also covers cases where investors hold the tokens in personal wallets, according to Deputy Finance Minister Ivan Chebeskov. Nearly 20 million Russians hold digital assets worth roughly 3.7 trillion rubles, or about 44 billion dollars, with daily crypto transaction volume of around 50 billion rubles, or nearly 600 million dollars. The risk has already materialized: in March 2025, Tether froze more than 28 million dollars in USDT linked to Garantex after sanctions were imposed on the exchange. The warning comes as Russia introduces a new legal framework under Federal Law No. 282-FZ, signed on August 4 and taking effect on September 1, 2026. Ordinary investors will be limited to purchases of 300,000 rubles per year through a single intermediary and must pass a test before buying permitted cryptocurrencies. Some requirements for licensed intermediaries will take effect later, including in July 2027.

US President Donald Trump signed into law a sanctions bill on Russia that authorizes expanded sanctions, tariffs and various prohibitions against Russia, while renewing existing sanctions on Iran. The law, named the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, imposes sanctions on Russian officials, Russian banks and vessels used to transport Russian energy, and gives Trump the power to impose tariffs of up to 100% on goods from the five countries that import the most oil or natural gas from Russia. Meanwhile, the US Congress disclosed that the State Department has approved a proposed military arms sale to Ukraine worth up to 2.7 billion dollars, covering upgrades to air defense systems, weapons and equipment, as well as related equipment and services. The weapons package includes S-300 replica missiles, GAM-67 missiles, longer-range laser-guided rockets, launcher modification kits and mobile firing systems, as well as counter-drone radars. However, the proposal still needs congressional review and no final agreement has been reached. If the sale is completed, Ukraine will use funding from European countries together with the US foreign military financing budget allocated during the administration of former President Joe Biden.

Nestlé said a presidential decree signed by Vladimir Putin placed Nestlé Russia under temporary external administration, and the company is now assessing its options while promising to protect its rights and maintain business continuity. Nestlé shares fell roughly 2% after the announcement as investors weighed the possibility that temporary administration could lead to a forced sale or outright loss of control. Nestlé operates six factories in Russia producing coffee, pet food and infant formula, and employs around 7,000 people there; the Russian business generated roughly CHF2 billion, about $2.5 billion, of sales in 2021, equivalent to about 2% of group revenue at the time, though analysts now estimate Russia contributes closer to 1% of group sales after Nestlé scaled back operations following Russia's invasion of Ukraine. French retailer Auchan was also caught in the latest decree, while previous interventions have involved Danone and Carlsberg, whose Russian operations were eventually transferred or sold after state intervention. The immediate financial hit is likely manageable given Russia's diminished share of group sales, but the central question is no longer profit but whether Nestlé still controls the assets at all, with the accounting treatment potentially requiring an impairment or other charge.

US President Trump signed the Russia sanctions bill into law on the 18th. The law grants the president the authority to impose tariffs on countries that purchase Russian oil products. It allows the president to impose a 500% tariff on Russian goods imported into the United States, and to impose an additional 100% tariff on the top five energy-importing countries, countries importing Russian crude oil and natural gas, and countries that help evade sanctions. This tariff authority expires after five years. The top five buyers of Russian oil products include China, India, and US ally Turkey, and they could be subject to a broad range of new tariffs. The law also extends the application deadline of the 1996 Iran Sanctions Act to 2031, imposing secondary economic sanctions on non-US companies that trade with Iran; it had been due to expire this year. The Russian presidential administration said on the 17th that the US Congress's passage of the bill was an "unfriendly" move and warned it could affect negotiations aimed at ending the war.

US President Donald Trump signed into law a Russia sanctions bill on Friday, September 18. The law grants authority to expand sanctions, impose customs duties and various prohibitions against Russia, while renewing existing sanctions on Iran. The law, named the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, imposes sanctions on Russian officials, Russian banks and vessels used to transport energy from Russia, and gives Trump the authority to levy tariffs of up to 100% on goods from the five countries that import the most oil or natural gas from Russia. It also extends the Iran Sanctions Act for another five years to maintain sanctions targeting Iran's energy and weapons sectors. The US House of Representatives passed the bill on Wednesday, September 16, after the Senate approved it on August 7. The law is a major achievement carrying on the legacy of Lindsey Graham, the former senator who championed the bill and died in July after a sudden illness. However, the bill faced more division in the House than in the Senate, with three Democratic members of the House saying in a joint statement recently that the law may do more harm than good because it greatly increases Trump's power to set tariffs but does not compel him to impose sanctions on Russia.

The Kremlin has ordered the Russian businesses of Swiss food and beverage company Nestle and French retailer Auchan placed under temporary administration, a procedure that has previously led to the forced sale of Western businesses to Russian owners at knockdown prices. The local assets of the two multinationals were placed under what the Kremlin calls temporary control by another company under an order issued late Thursday by Russian President Vladimir Putin. A 2023 law allows the Kremlin to place businesses from "unfriendly countries" under temporary administration; in the cases of French dairy concern Danone and Danish brewer Carlsberg, the businesses placed under administration were later sold to new Russian owners. Kremlin spokesman Dmitry Peskov said Friday the companies are "European companies, companies from unfriendly countries" that are "most actively involved in hostilities against our country," adding that "at the moment, we're talking about the introduction of external management" and that no other decisions have been made so far. Nestle, based in Vevey, Switzerland, said it "takes note" of the decree and is assessing the situation, while Auchan representatives had no immediate comment. The decree also affects affiliates of international logistics firm BATI Group, Le Monlid, which operates the Russian D.I.Y. chain Lemana Pro, formerly Leroy Merlin, and French logistics group FM Logistic, with all the local entities placed under the management of a company called L.E.V. Management.

Swiss food giant Nestlé said on the 18th that after its Russian business was seized, it is considering all options to protect its rights. Nestlé stated it "will take all necessary measures to protect its rights and ensure the continuation of its business operations, in the interests of all stakeholders, especially its employees," but did not touch on what specific measures it is considering. The company has six factories in Russia, producing coffee, pet care products, and infant formula, and according to its most recently published 2021 financial results, it recorded sales of about 2 billion Swiss francs in Russia and employs about 7,000 people in the country. Nestlé justifies continuing its business in Russia on the grounds that, as a food manufacturer, it supplies daily necessities. Kepler Cheuvreux analyst Jon Cox said, "Nestlé could lose these assets, and no amount of compensation would make up for it."

The Kremlin has welcomed President Donald Trump's call for Ukraine to stop attacking Russian oil refineries and energy infrastructure. Kremlin spokesman Dmitry Peskov said any call for Ukraine to halt strikes on civilian economic infrastructure should be welcomed, and that every country can use its influence over Ukraine to encourage greater flexibility, which is an important part of helping advance the peace process. Trump posted on Truth Social that Ukraine had agreed not to strike Russian energy targets and that Russia had agreed to do the same. On Sunday, Trump urged Ukrainian leader Volodymyr Zelensky to stop attacks on Russian oil refineries, saying the strikes were causing diesel shortages. Earlier, the Russian government announced a temporary ban on exports of gasoline, diesel, marine fuel and gasoil to stabilise the domestic fuel market.

US President Donald Trump has called on Ukrainian President Volodymyr Zelensky to halt attacks on Russian oil refineries, saying the strikes are worsening a global diesel shortage. Speaking during an official visit to Ireland on Sunday, Trump said Ukraine could strike other targets but should not hit diesel fuel production facilities because it is tightening supply, and noted that the diesel crunch is not solely a Middle East problem but also tied to the situation between Russia and Ukraine. Trump's warning came after US diesel prices topped $6 a gallon for the first time in history on Friday, with AAA data showing the national average diesel price at $6.06 a gallon, forcing truckers and farmers to pay roughly 63% more for fuel than a year earlier. Ukraine's foreign ministry has not yet commented on Trump's remarks, and Ukraine has previously insisted that Russian oil refineries are legitimate military targets. The attacks have severely hit Russia's refining capacity, prompting Moscow to extend its diesel export ban through the end of September. Meanwhile, Brent crude for November delivery rose 2.1% to $106.69 a barrel in Monday morning trading, and West Texas Intermediate for October delivery rose 2.1% to $102.15 a barrel, amid supply concerns after Houthi forces launched fresh attacks on Saudi Arabia and Saudi Arabia's East-West Pipeline was temporarily shut down on Friday following a drone strike.

US President Donald Trump has called on Ukrainian President Volodymyr Zelensky to stop attacks on Russia's diesel infrastructure, saying the strikes are worsening fuel shortages and affecting markets worldwide. Speaking to reporters during a visit to Ireland on Sunday, September 13, Trump said the United States had already discussed the issue with Zelensky and urged Ukraine to choose other targets, because the global fuel shortages are not caused solely by the situation in the Middle East but also by the war between Russia and Ukraine. Trump's remarks came as Ukraine has continued to use long-range drones to strike Russian oil refineries and energy infrastructure over the past few months, reducing Russia's fuel output and causing gasoline shortages in many parts of the country. Data from GasBuddy showed that the average price of diesel in the United States, used in the transport and agricultural sectors, topped 6 dollars per gallon for the first time on Thursday, September 10, while Russia has cut its oil production forecast for this year to a 17-year low and revised its fuel export outlook for 2026 and 2027 because of the war.

Lieutenant General Oleh Ivashchenko, head of the intelligence directorate at Ukraine's Ministry of Defence, assesses that the Russian military's manpower and military resources could face complete exhaustion by 2028, as troop morale has fallen sharply and battlefield casualties outpace new recruitment. Ivashchenko told The Times that Russia still has military and economic resources for next year, but that Russia's resources are expected to stretch only another 16 months. Russia recruits roughly 1,000 new personnel per day, sometimes as many as 1,200, but yesterday casualties reached 1,410, and the day before stood at 1,511, of which about 60 percent were killed in action. Meanwhile, a Russian drone struck a shopping mall in the city of Pavlohrad in southeastern Ukraine, killing at least 5 people and injuring 67 others. Officials said shops and vehicles were damaged in the attack, which took place in broad daylight at a time when many people were on the streets, and among the injured were children aged 13, 14 and 15.

Russian President Vladimir Putin has arrived in India to attend the BRICS summit alongside Indian Prime Minister Narendra Modi and other leaders. The trip marks the first time Putin has attended a BRICS summit in person outside Russia since the invasion of Ukraine began in February 2022. The two-day BRICS summit opens Saturday, September 12, in New Delhi amid simmering geopolitical tensions that have created urgent pressure to deepen economic cooperation within the group, with the aim of strengthening economic ties, promoting the use of local currencies, and bolstering food and energy security amid tensions over war and global tariff measures. Many expect Putin and Modi to hold bilateral talks, as Russia seeks to expand economic ties driven primarily by energy. Today's agenda, September 11, includes the BRICS Business Council meeting and a Russia-India trade fair. BRICS, comprising Brazil, Russia, India, China, and South Africa, accounts for roughly one quarter of global gross domestic product and nearly half the world's population, and now has 10 members in total, including some of the world's largest energy producers and consumers.

Russia's central bank will decide at Friday's meeting whether to pause its rate-cutting cycle, with the choice likely coming down to holding the policy rate at 14% or trimming it by a modest 0.25% to 13.75%, amid rising inflation risks from fuel supply problems and accelerating government spending. Russia's annual inflation has picked up again to 6.3% after increased attacks on oil refineries, which have worsened fuel shortages and pushed up gasoline prices. Alexei Zabotkin, deputy governor of the Russian central bank, said fuel-related effects have added roughly 1.5 percentage points to price growth, and the central bank will not have new forecasts until October. President Vladimir Putin, meanwhile, said the high policy rate is a deliberate and necessary decision to preserve macroeconomic stability, in contrast to July, when he twice signalled that rates should be lower. Most economists surveyed by Bloomberg expect the Russian central bank to hold rates at this meeting, with only 3 of 11 expecting a 0.25% cut to 13.75%. Herman Gref, chief executive of Sberbank, said the central bank may take a tactical pause while it assesses the situation, but could still cut rates to 13-13.5% by the end of the year, and that the economy will only begin to see meaningful easing once rates fall to 10-12%.

US President Donald Trump has revealed that Russian President Vladimir Putin wants to reach a deal to end the war in Ukraine, and that it would be a good thing if Ukrainian President Volodymyr Zelenskyy is also ready to negotiate. Speaking to reporters on Wednesday, September 9, before boarding Air Force One for Dallas, Trump said he had spoken by phone with Putin the previous Tuesday and that it was an excellent conversation. He noted that the main obstacle to a deal is the animosity between Putin and Zelenskyy, calling them two people who hate each other and describing that as the biggest problem in the matter. The call came shortly after Steve Witkoff, Trump's special envoy, and Jared Kushner, Trump's son-in-law and a key figure in US peace efforts, returned from visits to Moscow and Kyiv. Last month, John Ratcliffe, director of the US Central Intelligence Agency, met with Russian intelligence officials in Moscow, in part to persuade Russia to halt its invasion of Ukraine. Yuri Ushakov, an aide to the Russian president, said the phone call between Putin and Trump on Tuesday, September 8, lasted one hour, was constructive and sincere, and that Putin stressed Russia has no hostile intentions toward countries in Europe. However, even as the United States pushes forward with negotiations, US, Ukrainian and many European intelligence officials remain doubtful about how serious Putin is about ending a war that has now dragged into its fourth year.

Kim Jong Un, North Korea's supreme leader, praised military forces that took part in overseas military operations during a ceremony marking the 78th anniversary of the founding of the Democratic People's Republic of Korea, or DPRK, according to the Korean Central News Agency, or KCNA, the Pyongyang government's mouthpiece. Kim delivered a speech at the Supreme People's Assembly hall in Pyongyang on Wednesday, September 9, and expressed special thanks and respect to commanders and soldiers who participated in overseas military operations, which likely refers to North Korean troops sent to help the Russian military wage war in Ukraine. Officials from Western countries and South Korea estimate that Pyongyang has sent about 14,000 to 15,000 troops to fight alongside Russia since late 2024. In February 2026, South Korea's National Intelligence Service, or NIS, assessed that about 6,000 North Korean soldiers had been killed or wounded in combat. South Korea's Ministry of National Defense said in late August that North Korea is still preparing to send additional troops to Russia, but so far no signs have been detected that a new wave of deployments is imminent. South Korean intelligence assesses that North Korea has received economic assistance and military technology from Russia in return for sending troops and weapons to support the war effort.

Russian President Vladimir Putin and U.S. President Donald Trump spoke by phone today (September 8), with the call lasting about one hour. Russian presidential aide Yuri Ushakov said the conversation was constructive and sincere. Putin stressed that Russia has no hostile intentions toward Europe, and that narratives about a Russian threat are being used as a pretext for Europe to increase support for Ukraine and boost defense spending. Trump emphasized the need to end the conflict in Ukraine, which would open the door to fully restoring U.S.-Russia relations. The two agreed to move forward on humanitarian issues, including the exchange of detainees and convicted individuals. However, Ushakov declined to provide further details, stating that the conversation was confidential.

The OPEC+ group has decided to keep its oil production policy for October 2026 unchanged from September, following a meeting of seven member countries including Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman on Sunday. The group will meet again on October 4 to assess market conditions, amid uncertainty from the Iran war that continues to impact oil exports through the Strait of Hormuz and limits the group's ability to set prices and market share. This decision comes after OPEC+ had previously increased production by 188,000 barrels per day for September, following similar increases for June, July, and August. Meanwhile, Iran's Islamic Revolutionary Guard Corps Navy attacked three oil tankers in the Strait of Hormuz and three US-related vessels in other areas, in retaliation for earlier US attacks.

Wheat futures on the CBOT closed down 2.68% on Friday, September 4, after Russian President Vladimir Putin signaled openness to peace talks to end the war with Ukraine, which could increase the chances of grain exports from the Black Sea returning to normal. December wheat futures fell 20.25 cents to close at $7.3400 per bushel, while December corn futures fell 0.74% to close at $5.3675, and November soybean futures fell 0.49% to close at $13.0975. The move came after Yuri Ushakov, an adviser to the Russian presidential administration, revealed that Putin had met with U.S. envoys Steve Witkoff and Jared Kushner in Moscow, with the 3-hour-10-minute talks described as serious and constructive. Analysts at Total Farm Marketing noted that Putin's remarks signaled Russia's openness to negotiations. However, trading sentiment was also pressured by concerns over a Federal Reserve rate hike, after August nonfarm payrolls surged by 162,000 jobs, nearly three times the expected 56,000. Markets now price in a 58.4% probability of a 0.25% rate hike at the September meeting.

About 70 Russian officials at the Russian Consulate General in Bonn, Germany, along with their family members, are preparing to leave Germany by September 18, after the German government ordered the closure of the consulate. Oleg Krasnitsky, the Russian Consul General in Bonn, told RIA Novosti that Germany's decision is unfounded and reflects an intention to escalate tensions between the two countries. The dispute stems from Germany's accusation that Russia was behind a drone attack at Leipzig Airport in August, which Russia denied. Germany responded by closing the Russian consulate and cultural center in Berlin, while Russia announced the closure of all Goethe Institute branches in the country, which Germany's foreign minister called unjustified.

Yuri Ushakov, an aide to the Russian presidential administration, revealed that President Vladimir Putin held talks with US envoys Steve Witkoff and Jared Kushner in Moscow. The discussions were serious, constructive, and frank, conducted in an atmosphere of trust during a working dinner. Putin reaffirmed Russia's readiness to work with the United States to seek a political and diplomatic solution to the Ukraine issue. The Russian side presented updates on the military situation in the conflict zones and stressed the need to address the root causes of the conflict. The talks also covered economic matters and the possibility of implementing mutually beneficial large-scale projects. The meeting lasted 3 hours and 10 minutes, took place at an appropriate time, and the two leaders will continue to maintain personal contact.

Senior negotiators for U.S. President Donald Trump, Steve Witkoff and Jared Kushner, traveled to Moscow on Saturday to meet with Russian President Vladimir Putin to discuss ways to end the war in Ukraine. The talks lasted about three hours, and Putin said the situation is "not easy," but that the contact between the two sides has been "undoubtedly useful." The two sides agreed to suspend attacks on each other's capitals for three days to allow the U.S. delegation to travel to Kyiv on Sunday, marking their first visit to Ukraine as negotiators. Putin's foreign policy adviser, Yuri Ushakov, said the talks were "constructive and extremely frank," covering economic issues and large-scale cooperation projects between Russia and the U.S. Meanwhile, Ukrainian President Volodymyr Zelensky said he had spoken with Witkoff and Kushner, and that Ukraine is ready for substantive discussions. Russia has controlled about one-fifth of Ukrainian territory since 2022, and the talks come amid intensified aerial attacks on both sides.

Russian President Vladimir Putin has ordered the Russian military to halt attacks on the Ukrainian capital, Kyiv, for three days. The move is timed to coincide with visits by US envoys Steve Witkoff and Jared Kushner to Moscow and subsequently to Kyiv. Kremlin spokesman Dmitry Peskov confirmed the development to Interfax news agency. According to Peskov, the temporary ceasefire began at midnight local time on the 5th. Witkoff and Kushner are scheduled to arrive in Moscow on the 5th to discuss a new peace proposal with President Putin, after which they are expected to travel to Kyiv.

Russia has revealed that President Vladimir Putin and China's President Xi Jinping have discussed the possibility of holding a three-way meeting with U.S. President Donald Trump during the APEC summit hosted by China in November. If it materializes, it would mark an unprecedented meeting of the leaders of the three nuclear powers. Yuri Ushakov, foreign policy adviser to the Kremlin, told Russian state television that the idea was raised during discussions between Putin and Xi on the sidelines of the SCO meeting in Kyrgyzstan. The three-way meeting could only take place if Trump decides to attend the APEC summit in Shenzhen on November 18-19. Putin plans to attend the summit and may hold bilateral or trilateral talks with the other two leaders. China and the United States have not yet officially responded to the proposal. If the meeting occurs, it would be a significant development for Russia, which has been trying to reduce its diplomatic isolation since the war in Ukraine began in 2022, and could provide an opportunity for Xi Jinping to play the role of a mediator. Some analysts question China's motives, as China sees itself as a power on par with the United States and may not want to elevate Russia's status unless Trump pushes seriously. This three-way meeting has no precedent in modern history, with the closest event being the Yalta Conference in 1945 between Stalin, Roosevelt, and Churchill.

Russia has announced the suspension of its floating export duties on grain until the end of 2026, keeping the export duty rates for wheat, barley, and corn at 0% to address the crisis caused by the disruption of exports through the Black Sea and the Sea of Azov due to Ukrainian attacks, which have affected routes accounting for over 70% of total exports. The Russian Ministry of Economic Development stated in a press release on Wednesday (September 2) that the decision was made due to the need to restructure the logistics system, with the new duty rates to remain in effect until December 31. Meanwhile, the export duty on sunflower seed oil will be frozen at the August level. Russia and Ukraine, which together account for more than a quarter of the world's wheat exports, have escalated attacks on cargo ships and ports in the Black Sea and the Sea of Azov, driving wheat futures prices to their highest level in three years. Russian wheat exports in August fell by more than half compared to the previous year, while SovEcon expects September exports to potentially drop to their lowest level since 2010. Despite Russia shifting to Baltic Sea ports, their limited capacity cannot handle the export volume of up to about 60 million metric tons per marketing year.

Russian President Vladimir Putin said that Ukraine's attacks over the past 40 days, ordered by President Volodymyr Zelensky, have caused damage to the Russian economy equivalent to about 1% of its gross domestic product (GDP), but he insisted that the damage is not yet critical for Russia. Speaking during a visit to Kyrgyzstan to attend the Shanghai Cooperation Organization (SCO) summit, he said that the overall damage from preliminary assessments is relatively high, at about 1% of GDP, but it is not critical damage. Ukraine's attacks have affected Russia's Black Sea shipping routes, which handle more than 70% of its grain exports, as well as oil, steel, and coal. As a result, seaborne crude oil exports fell to 3.46 million barrels per day in the four weeks ending August 23, and some large grain storage facilities had to halt operations in August after drone attacks. Meanwhile, President Zelensky threatened on Tuesday (September 1) that he is preparing to launch a large number of drone attacks to force Russia to close its airspace to commercial flights. President Putin confirmed that Russia is ready to take countermeasures immediately if Ukraine actually escalates its attacks.

Russian President Vladimir Putin said that peace talks with Ukraine have stalled, while denying reports that Russia would launch a new round of mobilization after the State Duma elections. Speaking at a press conference on Tuesday evening after attending the Shanghai Cooperation Organization (SCO) summit in Bishkek, the capital of Kyrgyzstan, Putin said Russia supports negotiations based on concrete substance and welcomes any efforts that could help end the conflict in practice. He expressed hope for achieving sustainable and comprehensive peace in both Ukraine and across Europe, and is ready to negotiate with all parties willing to participate. Regarding the situation on the battlefield, Putin said drones remain a significant challenge, but the Russian military continues to advance according to plan in the Donetsk region, expressing confidence in victory. However, he declined to set a timeline for the end of the war, emphasizing that war is cruel and difficult to predict. The Russian leader also said that military facilities in Ukraine, including those linked to the United Kingdom, are all legitimate targets for attack, and denied reports of a new mobilization, calling such allegations an information warfare operation aimed at attacking Russia.

Ukrainian President Volodymyr Zelensky has called on airlines to avoid Russian airspace, warning that the risks to aviation have increased following Ukraine's expansion of long-range drone operations into Russian territory. In his daily address, Zelensky said Ukraine wants to warn all airlines still using Russian airspace, as well as insurance companies, that safety in that airspace has significantly declined. While most Western airlines have avoided Russian airspace since 2022, carriers from China and the Gulf, including Qatar and the United Arab Emirates, continue to use these routes, which shorten flight times between Asia and Europe. In response, President Vladimir Putin dismissed the threat as state terrorism and vowed to intensify attacks on Ukraine while ruling out negotiations, saying, "You don't negotiate with terrorists." Tensions are rising as Ukraine expands its drone strikes and Russia plans a major assault on Ukraine's energy infrastructure, extending the risks of war to airspace and civilian activities.