Key Takeaways from the ISW:
- The Russian Central Bank lowered its key interest rate for the third time in 2026 and eighth time in the last 12 months while continuing attempts to portray the Russian economy as stable.
- The Russian economy continues to struggle under the strain of immense war spending, however.
- Polls from both Russian state-owned and independent institutions continue to acknowledge growing societal discontent with Russian President Vladimir Putin, likely due to the mounting war sacrifices for the Russian people and the Kremlin’s intensified censorship campaign.
- Ukraine and Russia conducted a prisoner of war (POW) exchange on April 24.
- Ukrainian forces recently advanced in the Kostyantynivka-Druzhkivka tactical area and in the Pokrovsk direction.
- Russia launched two Iskander-M ballistic missiles and 107 drones against Ukraine overnight. Ukrainian forces recently struck Russian military and air defense assets in Russia.
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