Ukraine has claimed that Vladimir Putin's war funds are running out, as a Russian-declared ceasefire over the Orthodox Easter weekend failed to hold. Ukrainian negotiator Lt-Gen Kyrylo Budanov told Bloomberg that Russia is negotiating because “they all understand the war needs to end”, adding: “I don’t think it will be long.”
Budanov claimed Russia was shifting its stance due to the “trillions” spent on the conflict. Russia has spent around 15.5 trillion roubles (£144 billion) since its full-scale invasion of Ukraine in 2022. Retired Gen Richard Shirreff, former NATO deputy supreme allied commander Europe, described Russia's economy as being in a “death zone”, facing “existential long-term damage”.
Despite the ceasefire declared by President Putin on Thursday, Ukrainian communications officer Serhii Kolesnychenko reported that Russian forces continued to use drones to strike Ukrainian positions. “The ceasefire is not being observed by the Russian side,” he said, adding that Ukrainian forces were responding with “silence to silence and fire to fire”.
Ukrainian President Volodymyr Zelensky had promised to abide by the ceasefire, describing it as an opportunity to build on peace initiatives, but warned of a swift response to violations. “Easter should be a time of silence and safety,” Zelensky wrote online, but added: “We all understand who we are dealing with.”
Russia's economy has seen some short-term relief from rising oil prices following the start of the Iran war, but Timothy Ash of Chatham House noted that high inflation, debt, interest rates, and labour shortages have beset the non-military sector. Bankruptcies rose by 31% in 2025 to 568,000, and the Central Bank of Russia introduced new regulations to mitigate credit risks.
Budanov indicated that while no final peace deal has been reached, “everyone now clearly understands the limits of what is acceptable. That’s enormous progress.” However, previous ceasefire attempts have had little impact, with both sides accusing each other of violations.
