President Donald Trump says his administration has already had “very serious” discussions with Russia about its war in Ukraine and that he and Russian President Vladimir Putin could soon take “significant” action toward ending the grinding conflict.

Since Moscow’s full-scale invasion of Ukraine in 2022, Russia’s economy has surpassed expectations. But some experts say this image of resilience is a mirage crafted by the Kremlin.

Domestic activity has become strained in recent months by labour shortages and high interest rates introduced to tackle inflation, which has accelerated under record military spending.