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Ukraine latest: Russian minister confirms grim economic forecast

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Russian Economy Minister Maxim Reshetnikov confirmed the government prepared an internal report that the country may face a deeper recession than publicly acknowledged, Tass said, after Bloomberg published the estimates.

Ukraine’s Prime Minister Denys Shmyhal called on the country’s allies to help Kyiv finish the war as soon as possible because drawing out the conflict favours the Kremlin. He said the military had achieved some successes in the south, where it has launched a counteroffensive.

President Vladimir Putin was in Russia’s Far East to attend military exercises that include Chinese forces, as well as to visit the Eastern Economic Forum in Vladivostok.

Key developments

  • Ukraine’s Premier Wants War to End Soon as Time Favors Russia
  • Russia Privately Warns of Deep and Prolonged Economic Damage
  • Gazprom Starts Producing LNG at Plant Near Nord Stream Pipeline
  • European Gas Drops as Governments Move to Fix Energy Crisis

On the ground

The Ukrainian counteroffensive is making progress and has degraded logistics and administrative capabilities in southern Russian-occupied areas, the Institute for the Study of War said. Russia conducted airstrikes throughout the south and east, according to Ukraine’s General Staff. Russian rockets struck an oil depot in the Dnipropetrovsk region, destroying large fuel stockpiles, the head of the Kryvyi Rih military administration said. The Zaporizhzhia nuclear power plant remained cut off from the Ukrainian grid after losing its last direct connection due to a fire on Monday following shelling.

(All times CET)

Ukraine’s Reserves Rise 14% in August (11:20 a.m.)

The Ukrainian central bank’s reserves rose 13.6% in August to $25.44 billion after the government received international financial assistance and froze debt payments, according to a statement on its website. It was the first increase since March.

Ukraine got $4.8 billion from its partners last month, including $3 billion from the US and $1 billion from the European Union, the bank said. Its reserves can cover 4 months of imports, according to the statement.

Economy Minister Confirms Grim Recession Forecast, Tass Says (10:50 a.m.)

Reshetnikov confirmed the government prepared an internal report that Russia may face a longer and deeper recession than publicly acknowledged, the state-run Tass news service reported.

The forecasts, which were reported by Bloomberg Monday, are “analytical estimates that we used to calculate what would happen if we don’t resist, don’t do anything,” Reshetnikov said in Vladivostok, according to Tass.

Russian Embassy Posts Video Warning Winter is Coming (10:30 a.m.)

Russia’s embassy in South Korea posted a video of a song titled “And Winter Will be Big” showing a worker in the uniform of a Gazprom PJSC power unit and a gas gauge hitting zero before a series of European cites were blasted with a cold front.

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