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GDP Contraction Accelerated in June

RUSSIA
  • Xinhua reports that China’s foreign minister Wang Yi met with Russia’s Lavrov yesterday, in a meeting at which they agreed to enhance communication. The conversations come ahead of planned war games exercises in Russia in August, which will include both the Russian and the Chinese military.
  • According to data from the Ministry of Economic Development, cited by IntelliNews, GDP contracted by 4.9% on a year-on-year basis in June, an acceleration of economic weakness relative to May’s -4.3%.
  • Following the success of a Ukrainian pushback into the occupied Kherson territory, Russian forces have launched missile attacks in Ukraine’s capital region around Kyiv for the first time in months. Ukrainian authorities stated that six missiles had been launched from the Black Sea, hitting targets on the outskirts of the city.
  • US officials briefed reporters further on the Xi-Biden call that took place yesterday, at which Biden raised the Ukrainian war with Xi, although no other details were forthcoming.
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