What We're Watching

Russia and Ukraine trade larger and larger blows

​Ukrainian service members attend a military exercises during drills at a training ground, amid Russia's attack on Ukraine, in Chernihiv region, Ukraine, November 22, 2024.
Ukrainian service members attend a military exercises during drills at a training ground, amid Russia's attack on Ukraine, in Chernihiv region, Ukraine, November 22, 2024.
REUTERS/Maksym Kishka

Russia has conducted as many as 1,500 strikes on targets in Ukraine in the past two days, according to Kyiv. Ukraine, meanwhile, reportedly launched a fresh volley of US-made long-range ATACMS missiles at Russia, while claiming also to have struck a Russian oil depot with drones.

The ATACMS strike was reportedly on an air base in the Russian border region of Kursk, parts of which have been occupied by Ukrainian troops since August. Since then, Moscow has invited North Korean troops to help it push back the Ukrainians.

Putin, whose forces have been slowly gaining ground in eastern Ukraine for months, had warned that ATACMS strikes would be a significant escalation of the conflict. Last week, in response to their use, he loosened Russia’s nuclear use doctrine and fired into Ukraine a new advanced missile capable of carrying nuclear payloads.

All of this comes as Donald Trump prepares to return to the White House. Trump has questioned American support for Ukraine and pledged to end the conflict within “24 hours.” No one is sure what that will entail, but both sides are now in a last-minute frenzy to gain as much territory – and deterrent capacity – as they can before Trump takes office.

More For You

Mastercard Economic Institute's Outlook 2026 explores the forces redefining global business. Tariffs, technology, and transformation define an adaptive economy for the year ahead. Expect moderate growth amid easing inflation, evolving fiscal policies, and rapid AI adoption, driving productivity. Digital transformation for SMEs and shifts in trade and consumer behavior will shape strategies worldwide. Stay ahead with insights to help navigate complexity and seize emerging opportunities. Learn more here.

President Donald Trump delivers an address to the nation from the Diplomatic Reception Room of the White House, in Washington, D.C., U.S. Wednesday, Dec. 17, 2025.
Doug Mills/Pool via REUTERS

Less than one day after US President Donald Trump declared a military blockade of sanctioned oil tankers from Venezuela, he addressed the nation during a rare primetime speech – but didn’t talk about Venezuela.