Ukraine War Update: Bankers meets Putin Over Economic Troubles
12th Nov. 2025
In a rare moment of candour, Russia’s top banker has reportedly acknowledged growing pressure on the country’s economy. According to the Institute for the Study of War (ISW), Sberbank chief German Gref told President Vladimir Putin that the bank’s growth was “very modest” due to difficult macroeconomic conditions and a shrinking consumer loan portfolio. Gref’s remarks, analysts say, stand out because Kremlin officials have largely avoided admitting any weakness in the economy while portraying Russia as financially strong.
Meanwhile, on the battlefield, Ukraine’s army faces mounting challenges. Commander-in-Chief Gen. Oleksandr Syrskyi confirmed that the situation has “significantly worsened” in parts of the Zaporizhzhia region. Russian forces, using superior manpower and firepower, captured three settlements near Oleksandrivka and Huliapole. The ISW noted reports of both confirmed and unverified Russian advances in the area, supported by geolocated footage.
In a retaliatory move, Ukraine struck a Russian oil refinery in Orsk, Orenburg region, setting off explosions and a fire. Ukrainian officials said one of the main processing units was hit. The attack follows a pattern of targeting Russian energy infrastructure deep inside its territory.
Tensions also spilled into NATO territory after Romania discovered fragments of Russian drones near its south-eastern border. Romanian Foreign Minister Oana Toiu condemned the incident as “another provocation reflecting Russia’s ongoing aggression against Ukraine and NATO.”
Adding to the diplomatic friction, Russian Foreign Minister Sergei Lavrov said Moscow was “ready” to discuss allegations made by Donald Trump that Russia had secretly conducted underground nuclear tests. Lavrov denied any violations, inviting U.S. experts to verify through global seismic monitoring.
In the Balkans, Serbian officials confirmed negotiations for Russia’s withdrawal from the oil company NIS, long dominated by Gazprom Neft. The move comes amid U.S. sanctions targeting Russian energy firms, raising concerns over Serbia’s economic stability.
Elsewhere, Ukraine is ramping up its power import capacity to 2,300 MW by December. While, anti-corruption authorities charged seven officials in a $100-million kickback scheme linked to nuclear energy agency Energoatom. In other developments, a Ukrainian man linked to the Nord Stream pipeline blasts has ended a hunger strike after assurances from Italian authorities over medical care.
Meanwhile, Britain announced new sanctions banning shipping and insurance services for Russian LNG exports by 2026, signalling deeper alignment with the European Union’s 2027 import ban.
Web Resources on Ukraine War Update
1. TheGuardian.com: Top banker’s straight talk to Putin over troubled economy
2. AcademicBlock.com: Economic Costs of Russia Ukraine War