The U.S. special envoy to Russia and Ukraine said Thursday the U.S. plans to significantly step up pressure on Russia through sanctions to end the war in Ukraine. In an exclusive interview with the New York Post,

Russia reported strong economic growth for 2024 on Friday as record spending on the military offensive against Ukraine outweighed the impact of Western sanctions. Before sending troops into Ukraine, Russia had faced almost a decade of sluggish growth and falling living standards -- suffering under sanctions and restrained domestic spending after Moscow annexed Crimea in 2014.

The U.S. Treasury Department recently intensified sanctions against entities in Russia’s defense sector to hold the country accountable for its invasion of Ukraine. The escalation follows previous sanctions that have strained Russia’s economy and military resources.

Russian President Vladimir Putin on Friday acknowledged that inflation remains a major “challenge” for the country’s economy and ordered the government to work on lowering it in 2025. Consumer prices in Russia rose by 9.