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Russia under Putin is pursuing a dual strategy of deepening ties with China while exploiting Western sanctions waivers on oil, even as the war with Ukraine continues with reciprocal strikes and a temporary ceasefire. The economy benefits from eased sanctions on energy exports, but political alignment with Xi Jinping and Lavrov's anti-Western rhetoric dominate the period.
May 2026
Week of May 18, compared to 12-week average
Top sources covering Russia
Russia's economy is showing resilience, with the ruble strengthening against the dollar and Western sanctions waivers on oil shipments extended by the US and eased by the UK for diesel and jet fuel. Lavrov criticizes the US for seeking to push Rosneft out of global business, while UniCredit reaches a deal to sell its Russian business and Moscow discusses a gas pipeline to China via Kazakhstan.
Putin visits Beijing for a state visit after Trump's departure, meeting Xi Jinping to stress strong ties and criticize the Western-led world order. Lavrov states the West is at war with Russia and US policy remains unchanged under Trump, while Trump announces a three-day ceasefire between Russia and Ukraine.
The war with Ukraine continues with reciprocal strikes: Ukraine launches its largest drone attack on Moscow in over a year, killing three, while Russia hits Kyiv with massive missile and drone strikes, killing four. A temporary ceasefire takes effect on Victory Day, but Russia warns foreigners to leave Kyiv and threatens more strikes.
Domestic society is marked by Victory Day as a sacred holiday, with Putin and Peskov emphasizing unity against external threats, while protests by Femen and Pussy Riot at the Venice Biennale highlight international dissent. Russia tightens border control due to an Ebola outbreak in Africa and develops a vaccine for a new strain.