Vasily Astrov, expert on the Russian economy at the Vienna Institute for International Economic Studies, told Newsweek that "inflation has really subsided markedly over the past few months. The outcome of this policy has been a marked cooling of domestic demand, with the welcome side effect of rapid disinflation.

The warring sides are still far apart heading into the third round of U.S.-brokered peace negotiations, set for Wednesday in Istanbul.

Russia and Ukraine are to hold a third round of negotiations in Istanbul, with expectations low for progress on a peace agreement to end the full-scale war that’s in its fourth year.