Ukrainian media outlet ZN.UA reported on May 10 that their law enforcement sources confirmed an ongoing probe by the National Anti-Corruption Bureau into suspected embezzlement, money laundering and bribery.
Iran is preparing to send Russia Fath-360 short-range ballistic missile launchers, Reuters reported on May 9, citing Western security and regional officials familiar with the matter.
"Ukraine and all allies are ready for a complete unconditional ceasefire on land, in the air, and at sea for at least 30 days, starting as early as Monday," Ukraine's Foreign Minister Andrii Sybiha wrote.
U.S. President Donald Trump has acknowledged in private that Russia is difficult to negotiate with because they "want the whole thing," referring to Ukraine, the WSJ reported, citing sources familiar with the comments.
A notice about the airspace closure was published on the U.S. Defense Department's NOTAM (Notice to Airmen) website on May 10, as cited by Ukrainian defense news outlet Militarnyi.
Kremlin spokesperson Dmitry Peskov rejected the idea of a 30-day ceasefire between Russia and Ukraine, claiming in an interview with ABC News on May 10 that it would be "an advantage" for Ukraine.
"Our involvement in the war was justifiable, and this belongs to our sovereign rights," North Korean dictator Kim Jong Un said. "I regard this as part of the sacred mission we must execute for our brothers and comrades-in-arms."
"We have a plan B and a plan C. But our focus is plan A, the essence of which is to get everyone's support" for Ukraine's accession, EU foreign policy chief Kaja Kallas said.
"(T)he presence at the Victory Parade of a country that bombs cities, hospitals, and daycares, and which has caused the deaths and injuries of over a million people over three years, is a shame," Polish Prime Minister Donald Tusk said.
"According to the participants of the performances, their goal is to remind the civilized world of the barbaric actions of Moscow, which for many years and decades has systematically violated international law," a source in Ukraine’s military intelligence agency (HUR) told the Kyiv Independent.
A Ukrsibbank BNP Paribas Group bank branch in Kyiv, Ukraine, on Feb. 22, 2022. (Christopher Occhicone/Bloomberg via Getty Images)
The European Bank for Reconstruction and Development (EBRD) has lowered its 2025 growth forecast for Ukraine’s economy, now expecting 3.5% growth instead of the previously projected 4.7%, the bank announced in a press release on Feb. 27.
The downgrade comes as inflation accelerates due to the ongoing war. In December 2024, inflation reached 12%, driven by rising electricity costs, utility price hikes, wage increases, and the weakening hryvnia against the U.S. dollar.
According to the EBRD, Russian attacks on Ukraine’s energy infrastructure and severe labor shortages have slowed economic growth from 5% to just 2% in late 2024.
“The continuation of the war and massive attacks by Russia on Ukraine’s electricity infrastructure have caused both power shortages—forcing Ukrainians to pay high prices for imported electricity—and acute labor shortages,” the EBRD wrote.
Despite these challenges, Ukraine’s economy still grew by 3% in 2024. The EBRD predicts growth could reach 5% in 2026, but only if the war ends this year.
To curb inflation, Ukraine’s central bank has raised interest rates from 13% to 14.5% since December and may increase them further. The bank previously projected inflation would peak at 15% by mid-2025 before falling to 8.4% by year-end.
Meanwhile, Ukraine’s 2025 budget deficit is expected to reach 19.4% of GDP, but the country has secured $38.4 billion in foreign aid to cover the shortfall. This includes $13.7 billion from the EU, $22 billion from G7 countries using frozen Russian assets, and $2.7 billion from the IMF.
Despite ongoing wartime challenges, the EBRD sees several factors supporting Ukraine’s economy in 2025: resilient businesses, a functioning Black Sea trade corridor, strong government spending, and increased military orders for domestic manufacturers.
Dominic Culverwell
