Latest Developments in Ukraine: Jan. 1

For full coverage of the crisis in Ukraine, visit Flashpoint Ukraine. The latest developments in Russia’s war on Ukraine. All times EST. 5:18 a.m.: The Institute for the Study of War, a U.S. think tank, said in its latest Ukraine assessment that Russian Defense Minister Sergei Shoigu demonized Ukraine and announced that Russian victory is inevitable in his New Year’s Eve speech. Russian forces are likely depleting their stocks of artillery ammunition and will struggle to support their current pace of operations in Ukraine as a result, the assessment said. Russian forces launched another round of missile strikes targeting Ukrainian critical infrastructure but at a reduced intensity compared to previously massive waves of strikes. 4:23 a.m.: A provision in the recently signed defense spending bill mandates that the United States work to ease Ukraine's debt burden at the International Monetary Fund, which could create tensions at the world's lender-of-last-resort over one of its biggest borrowers. The National Defense Authorization Act requires American representatives to each global development bank, including the IMF, where the U.S. is the largest stakeholder, to use " the voice, vote, and influence " of the U.S. in seeking to assemble a voting bloc of countries that would change each institution's debt service relief policy regarding Ukraine. Among other things, the U.S. is tasked with forcing the IMF to reexamine and potentially end its surcharge policy on Ukrainian loans. Surcharges are added fees on loans imposed on countries that are heavily indebted to the IMF. The U.S. interest in changing the policy comes as it has distributed tens of billions for Ukrainian military and humanitarian aid since the Russian invasion began in February. Most recently, Ukraine will receive $44.9 billion in aid from the U.S. as part of a $1.7 trillion government-wide spending bill. Inevitably, some U.S. grant money is spent servicing IMF loans. 3:31 a.m.: Kyiv City Military Administration confirmed Sunday that air defense had downed 23 aerial targets, The Kyiv Independent reported. The administration didn't specify how many of the downed targets were drones. Missile debris was spotted on the road in the city's Dniprovskyi district. There has been no immediate word on casualties. 2:07 a.m.: About 30 minutes into the new year in Kyiv, air raid sirens sounded. Blasts were heard in and around Kyiv early on New Year's Day, Reuters witnesses reported, while the emergency services said air raid sirens were wailing across all Ukraine. With sirens blaring, some people in Kyiv shouted from their balconies, "Glory to Ukraine! Glory to heroes!" Kyiv city and region officials said on the Telegram messaging app that air defense systems were working. It was not immediately known whether any targets were hit. 12:02 a.m.: Some information in this report came from Reuters.

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