"(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.
"I have great hope that an agreement for a ceasefire in Ukraine will be reached this weekend," German Chancellor Friedrich Merz said on May 9, shortly before traveling to Kyiv alongside the leaders of France, Poland, and the U.K.
U.K. Prime Minister Keir Starmer, French President Emmanuel Macron, German Chancellor Friedrich Merz, and Polish Prime Minister Donald Tusk will arrive in Kyiv early on May 10.
The United States embassy in Kyiv on May 9 issued a warning that Russia could launch "a potentially significant" attack in the coming days, despite Putin's self-declared Victory Day "truce."
The sanctioned oil tankers have transported over $24 billion in cargo since 2024, according to Downing Street. The U.K. has now sanctioned more shadow fleet vessels than any other country.
Washington and its partners are considering additional sanctions if the parties do not observe a ceasefire, with political and technical negotiations between Europe and the U.S. intensifying since last week, Reuters' source said.
Shoppes inside a food hall at a grocery market in Kyiv, Ukraine, on Tuesday, Dec. 19, 2023. With more than $110 billion in assistance mired in political disputes in Washington and Brussels, how long Kyiv will be able to hold back Russian forces and defend Ukraine's cities, power plants and ports against missile attacks is increasingly in question. Photographer: Andrew Kravchenko/Bloomberg via Getty Images
Inflation in Ukraine accelerated to 12% in 2024, exceeding forecasts made by the country's National Bank, Ukraine's statistics service Derzhstat announced on Jan. 10.
The Ukrainian economy has undergone harsh conditions with the onset of Russia's full-scale invasion of Ukraine in 2022. Following the start of the invasion, inflation skyrocketed to 26.6% in 2022 from 10.0% in 2021.
As Russia's full-scale invasion continues into its fourth year, inflation has continued to drive up prices for Ukrainians. The accelerated rate surpassed forecasts made by Ukraine's National Bank in November, which estimated that Ukraine would end 2024 at an annualized 9.7% inflation rate.
The main driver for inflation growth in 2024 was the increasing cost of groceries as well as electricity costs.
Food prices grew 1.8% in December, down from a yearly high of 3.9% in November, the Ukrainian state registry Derzhstat reported.
The price of food and drinks increased 14.1% year over year from December 2023, with vegetables increasing 48.3% in price. Amid Russian attacks on energy infrastructure, electricity costs also increased by a massive 63.6% year over year in December, Derzhstat reported.
Ukraine's National Bank predictedin November that the country's annual inflation rate will drop to 6.9% in 2025, and return to the bank's 5% target in 2026.
Russia's invasion caused a major hit to Ukraine's economy, which suffered a 29.1% fall in GDP in 2022. Since then, the country has made strides in stabilizing the situation, and the GDP is expected to grow by over 4% in 2024 and 2025.
Despite the high inflation, Ukraine's economy has managed to adapt to the realities of the full-scale war as Russia's economy faces increasingly unfavorable forecasts. Russia faces surging inflation and a falling ruble that forced the central bank to institute a 21% interest rate, the highest level since the early 2000s.
The Ukrainian government and economy have been propped up by financial support from Western allies, including military and humanitarian aid as well as loans from frozen Russian assets.
Volodymyr Ivanyshyn is a news editor for The Kyiv Independent. He is pursuing an Honors Bachelor of Arts at the University of Toronto, majoring in political science with a minor in anthropology and human geography. Volodymyr holds a Certificate in Business Fundamentals from Rotman Commerce at the University of Toronto. He previously completed an internship with The Kyiv Independent.
Tim Zadorozhnyy
