Russia and US signal potential economic shifts amid sanction suspensions

European Central Bank President Christine Lagarde has urged Russian Finance Minister Anton Siluanov to convey a message to President Vladimir Putin regarding the economic costs of the war in Ukraine. During a closed-door meeting at a financial forum in Bangkok, Lagarde reportedly stated that «the war hinders prosperity» and that economic growth can only be achieved through peace.

Separately, Kiril Dmitriev, special envoy of the Russian Presidency, described the decision by the US government to suspend certain anti-Russian sanctions as a ‘historic moment’. The executive order by Donald Trump exempts certain measures and temporarily suspends 500% tariffs on Russian products, while postponing secondary tariffs of up to 100% on major global buyers of Russian energy products. Dmitriev noted that such cooperation promotes global economic stability and could lay the groundwork for lasting peace.