Russia’s economy is under growing strain as its invasion of Ukraine drags on and Western sanctions are undermining President Vladimir Putin’s ability to sustain his war, a leading European economist said after briefing finance ministers on Tuesday.

Ukrainian officials say Russia launched more than 100 drones, rejecting calls for a ceasefire as Zelenskyy says he'll "be waiting for Putin" to join him for direct talks in Turkey.

U.S. President Donald Trump's senior envoys Steve Witkoff and Keith Kellogg will travel to Istanbul for potential talks on Thursday on how to end the war in Ukraine, three sources familiar with the plans said on Tuesday.

Ukraine and its European allies called on Russian President Vladimir Putin to agree to a 30-day ceasefire by Monday or face a new wave of sanctions.

Russia has spent most of its National Wealth Fund in the past few years, with liquid funds potentially being depleted in 2025, one economist says.

The European Union is ready to impose tougher sanctions on Russia if progress on ending the war in Ukraine is not made this week, German Chancellor Friedrich Merz said on Tuesday, adding a new package of sanctions was prepared.

A Ukrainian military spokesperson said the deployment signals that Russian forces are facing some trouble in Chasiv Yar.