After nearly four years of fiscal overreach caused by injecting trillions of rubles into the Russian economy, the Kremlin can no longer disguise its distress.

The update was issued hours after Russia launched a wave of overnight attacks on Ukraine’s capital, Kyiv, with at least seven people killed in strikes that hit city buildings and energy infrastructure. A Ukrainian attack on southern Russia killed three people and damaged homes, authorities said.

Russia rained missiles and drones on Kyiv overnight, killing six people, as frantic diplomatic efforts over a draft US plan to end the war intensified.

Igor Sechin, one of the most influential men in Russia's energy sector, said on Tuesday that sanctions imposed by the United States, European powers and their allies on Russia and China will trigger an economic crisis in the West.

Editor’s note: This article belongs to a two-part series about addressing the nuclear arms control trilemma. Read the second article in the series. The extended New START arms control agreement between the United States and Russia will expire in February.

Lago.The administration continues to conduct negotiations to end the Russia-Ukraine war, with White House special envoy Steve Witkoff and Jared Kushner expected to travel to Russia and Army Secretary Dan Driscoll to talk to the Ukrainians.

January WTI crude oil (CLF26) today is down -1.37 (-2.33%), and January RBOB gasoline (RBF26) is down -0.0363 (-1.99%). Crude oil and gasoline prices sold off to 5-week lows today on expectations that an end to the Russia-Ukraine war could boost global oil supplies as restrictions on Russian energy exports are removed.