The stark reality of Russia's invasion of Ukraine is becoming increasingly apparent, with recent forecasts offering a sobering reminder of the economic hit.
This is CNBC's live blog tracking developments on the war in Ukraine. See below for the latest updates.
Russia's economy, hit by international sanctions, is expected to contract 10% in 2022 while the Ukraine invasion — which has caused extensive damage to the agricultural producer's economic hubs and output — is forecast to cause Ukraine's economy to shrink by 30% this year, the EBRD said. An elderly woman sits in Kharkiv after fleeing from a war-torn Kutuzivka village in Ukraine, April 29th, 2022. At least a million Ukrainians have been "forcible relocated" and sent to Russia, Ukraine's ombudsman for human rights said, NBC News reported.At least a million Ukrainians have been "forcibly relocated" and sent to Russia, according to a Ukrainian human rights official cited by NBC News.
However, local officials said the figure does not represent the tens of thousands of Ukrainians who have been deported via "filtration camps."Ukraine's prime minister says the U.S. steel tariff suspension came together in a matter of weeks The tariff suspension is the latest example of the White House and federal agencies slashing bureaucratic red tape in Washington in order to get money, weapons and humanitarian supplies to Ukraine.Biden shifts course, calls on Congress to pass standalone Ukraine aid with no Covid funds
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Biden Calls on Congress to ‘Immediately' Pass Ukraine Aid Before Covid FundingPresident Joe Biden urged Congress on Monday to quickly approve a multibillion-dollar aid package for Ukraine before trying to pass a new round of Covid-19 funding. Biden had previously insisted that the military aid and the pandemic funding be bundled together. He said funding for shipments to Ukraine was set to run out in 10 days’ time, and therefore he…
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Biden calls on Congress to 'immediately' pass Ukraine aid bill, says COVID funding will 'move separately'President Biden on Monday urged Congress to “immediately” pass the “urgent” $33 billion proposal to provide military, economic and humanitarian assistance to Ukraine, while saying he is “prepared to accept” that measure and a COVID funding package will “move separately” so that the Ukrainian aid bill can get to his desk “right away.”
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Jill Biden pays surprise visit to Ukraine, meets first ladyJill Biden made an unannounced visit to western Ukraine on Sunday, holding a surprise Mother's Day meeting with first lady Olena Zelenska to show U.S. support for the embattled nation as Russia presses its punishing war in the eastern regions.
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First lady Dr. Jill Biden makes surprise visit to UkraineBiden met with Ukraine's first lady, Olena Zelenska, who had not been seen in public since February 24.
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Jill Biden pays surprise visit to Ukraine, meets first ladyJill Biden is on a four-day visit to Eastern Europe to highlight U.S. support for Ukrainian refugees and for the allied countries, like Romania and Slovakia, that are providing a safe haven for them.
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