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Ukraine Counteroffensive Yields Initial Small Gains

RUSSIA
  • Ukraine has freed another two villages in the eastern Donetsk region, part of a counteroffensive to recover Russian-occupied areas, according to the Ukrainian military and a local media report. The Wall Street Journal reported over the weekend that Ukraine’s counteroffensive has yielded small gains, marking the initial stage of what military strategists expect to be a monthslong counteroffensive.
  • Since the start of the war in Ukraine, Russians have withdrawn RUB3.28trl ($39.7bln) and sent it overseas – only slightly less than the current federal budget deficit (RUB3.41trln), Kommersant report. The outflow of personal savings from Russians is occurring at an alarming rate and in large quantities that is exacerbating a liquidity shortage in an economy that desperately needs cash.
  • There are no major economic releases scheduled today. GDP data is the key release of the week on Thursday.

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