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Inflation is rising, the rouble is weakening, and demand outstrips supply. Everyone expected Russia’s reasonable central bank to raise rates — but it held steady, likely bowing to pressure from oligarchs and businesses ft.com/content/f7fb90… with max seddon and daria mosolova

Most European luxury goods aren’t allowed to be shipped to Russia under sanctions. But all the clothed and bags you can imagine are freely available in Moscow thanks to smugglers and lax enforcement. Great story by ⁦daria mosolova⁩ ⁦Chris Cook⁩ on.ft.com/4gw3pBB

Businesses based in G7 and EU nations accounted for 17 of the top 20 contributors of corporate profit tax in Russia in 2023, despite an exodus of multinationals over Ukraine. on.ft.com/40wbh0n

As Russia's full-scale war enters a 4th year this month, the UK—which extended a generous welcome to Ukrainians after the 2022 invasion—is beginning to pare back support. Read daria mosolova & Amy Borrett about Ukrainians in Britain facing tough decisions. ft.com/content/779573…

A Financial Times investigative documentary has found evidence that Russian executions of Ukrainian prisoners of war are not isolated incidents but are likely to be part of a broader pattern that points to a systematic policy. Warning: this film contains distressing images

The apotheosis of war; the culmination of three years of painstaking work by Медиазона bbcrussian and team. very impressive - 200.zona.media

A senior official said that Ukraine will probably run out of US military supplies in “two or three months”. “After that, it will be very difficult for us. It will not be a total collapse, but we will be forced to withdraw from areas more quickly.” ft.com/content/b43937…

The Wirecard fugitive, Russian intelligence and a Bulgarian spy ring -- what a London espionage trial tells us about the new life of Jan Marsalek. With Martha Muir & daria mosolova ft.com/content/d91d6f…

Just an absolutely bonkers story from start to finish on.ft.com/4bzzjLO

Investors are turning to sanctions-proof bets on Russian bonds and the rouble to wager that Trump’s rapprochement with Putin will send a wave of capital back into Russia’s economy. Russian assets could rally sharply if the US relaxes sanctions: ft.com/content/21a7fc…

The Russian president made the decree ahead of his phone call with Donald Trump on Tuesday. on.ft.com/4hgb2vF

Gazprom was a cornerstone of Vladimir Putin’s empire – until Russia’s invasion of Ukraine destroyed its business model. Now it’s facing a grim future after posting record losses and roiled by infighting. A rare look inside, with ⁦Anastasia Stognei⁩: on.ft.com/3DSuGAe

Mediazona, one of Russia’s best independent media outfits, needs help to survive. Their work is invaluable:

“This is all preparation, I guess, for the worst night of your life.” Chilling piece on NATO forces in the Arctic preparing for the day the conflict with Russia spreads north.

Unbearable footage from Kryvyi Rih, where a Russian missile yesterday struck a playground. Death toll rose to 18, including 9 kids

US and Russia exchange two more prisoners on.ft.com/4jtTUnS

My obituary of @Derksauer, the Dutchman who fell for Russia and became a Moscow media magnate, one of the handful of most impressive people I've met in my life on.ft.com/3IRbJ3c