Russia-Ukraine war live: Sunak meets Zelenskiy in Kyiv and confirms UK’s ‘continued support’ – as it happened

UK prime minister makes first visit to Ukraine since taking power

Mykhailo Podolyak, a political adviser to the Ukrainian president, has dismissed conspiracy theories" about his country surrendering.

Ukraine will not kneel to Russians," Podolyak wrote on Twitter.

It is not a matter of politics. It is a matter of our existence.

This is important for Russia as debt issuance is a key mechanism to sustain defence spending, which has increased significantly since the invasion of Ukraine.

Debt issuance is expensive during periods of uncertainty. The size of this auction highly likely indicates the Russian Ministry of Finance perceives current conditions as relatively favourable but is anticipating an increasingly uncertain fiscal environment over the next year.