Russia's flagship Urals crude averaged just $41.66 a barrel in early July — less than half its April peak and well below the level Moscow's budget assumes — as Ukraine's refinery strikes rob the Kremlin of an oil windfall.

For the first time in 20 years, a majority of Russian adults are expressing pessimism about their economy, according to recent polling from Gallup.

Russia risks an "explosive" banking crisis because lenders are shouldering much of the burden of the country's war economy, a European state intelligence report seen ​by Reuters has warned, as the European Union readies a raft of new sanctions.

European intelligence warns of a Russian banking crisis in 2026 as EU sanctions target 90 banks. Russia lowered its 2026 GDP growth forecast to 0.4%.

Ukrainian president says long-range attack an ‘important achievement’ while also pleading for better air defences. What we know on day 1,595