Latest news on Russia and the war in Ukraine

Latest news on Russia and the war in Ukraine

China says Saudi Arabia talks helped ‘consolidate international consensus’

Weekend talks about a peace formula for Russia’s war in Ukraine helped “consolidate international consensus,” Reuters reported China’s Foreign Ministry as saying.

Delegates from more than 40 countries met in Jeddah, Saudi Arabia, to discuss the framework for a peaceful settlement of the war.

— Hannah Ward-Glenton

How — and when — Ukraine’s war with Russia could end

The war between Russia and Ukraine entered a new phase this summer when Kyiv launched its much-anticipated counteroffensive, and there were hopes Ukraine would regain the upper hand.

It’s become clear that the counteroffensive won’t produce quick results and that success — however that might be measured in terms of retaking Russian-occupied territory — is not guaranteed.

Military experts warn that this means the war is likely to be prolonged, putting immense pressure on Ukraine to fight for several more years to come, potentially, and on its international partners to commit billions of dollars more in military, humanitarian and financial resources.

Read the whole story here.

— Holly Ellyatt

Cost to rebuild Ukraine is around $1 trillion, Zelenskyy’s economic advisor says

The total cost of repairing the damage done by Russia in Ukraine adds up to around $1 trillion so far, President Zelenskyy’s economic advisor told CNBC on “Squawk Box Europe.”

Oleg Ustenko said the costs would need to be compensated by Moscow.

Reflecting on discussions in Jeddah over the weekend, Ustenko said nothing in Russia’s behavior has changed that would suggest a peaceful conclusion to the war is on the horizon, adding that Russia is getting more aggressive.

“Russians are getting more and more aggressive, and the more aggressive they are getting the more negative consequences we are getting for our economy,” he said.

“They are very much interested [in continuing] the war,” he added.

— Hannah Ward-Glenton

Putin to visit Turkey in late August to discuss grain deal, bilateral ties and Syria

Russian President Vladimir Putin is set to visit Turkey in the last week of August, state media outlet Tass reported, according to a Google translation. The abandoned grain deal, bilateral ties and Syria are on the agenda.

Turkish President Recep Tayyip Erdoğan announced the visit in a joint press conference with Putin on July 10.

— Hannah Ward-Glenton

U.S. and German air defense systems ‘very effective,’ Ukraine says

Ukrainian President Volodymyr Zelenskyy praised air defense systems given to Ukraine as “very effective” in his nightly address Sunday.

Zelenskyy named Patriot and IRIS-T drones in particular, which were donated to Ukraine’s war efforts by the U.S. and Germany. The president said he was grateful to every country that had supplied the country with the systems, as they had yielded “significant results,” according to the English subtitles of the address.

This photograph shows a short range air-to-air missile Iris-T displayed on the European multinational twin-engine, canard delta wing and multirole fighter “Eurofighter Typhoon” at the International Paris Air Show in the Paris-Le Bourget Airport.

Emmanuel Dunand | Afp | Getty Images

Russian military forces used 65 different missiles in 178 drone attacks against Ukraine, according to Zelenskyy, of which Ukraine was able to shoot down a “significant number.”

CNBC is unable to independently verify these figures.

— Hannah Ward-Glenton

Ukraine calls Saudi Arabia talks ‘productive’; Russia says they’re ‘doomed to failure’

Ukrainian officials said diplomatic talks in Jeddah, Saudi Arabia, were “productive,” according to a Google translation of a Telegram post. Delegates from more than 30 countries were in attendance.

Andriy Yermak, who represented Ukraine at the bilateral talks, said discussions revolved around creating a peace formula for Ukraine, looking at factors such as defense, security guarantees, investment and the grain agreement.

Meanwhile Russia’s deputy foreign minister said the West’s efforts to mobilize the international community to support a peace deal are “doomed to failure,” according to state-owned media agency Tass.

He said the West was using “its usual sly and deceitful manner” to garner support for a peace formula from the Global South.

Senior officials from countries including the United States, China, India and Germany gathered over the weekend to try to agree on the key principles necessary for a peaceful end to Russia’s war in Ukraine.

— Hannah Ward-Glenton

One person killed in overnight Kherson shelling

One woman was killed in an overnight airstrike over Kherson in Ukraine, a senior Ukrainian official said in a Google-translated post on Telegram.

Andriy Yermak said a nine-story building was struck in the attack.

CNBC was unable to independently verify this information.

— Hannah Ward-Glenton

Ukraine blows up Russian oil tanker, NBC News reports

Ukrainian forces blew up a large Russian oil tanker transporting fuel for Russian troops, NBC News reported Saturday, citing Ukrainian security service sources.

Kremlin officials confirmed a vessel had been hit by a Ukrainian drone in the Kerch Strait.

On Saturday, Ukraine’s Defense Ministry wrote on social media site X, formerly known as Twitter, that “there are no more safe waters or peaceful harbors” for Russian forces in the Black or Azov seas.

— Hannah Ward-Glenton

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