Ukraine struck Russian regions with a major drone and missile attack overnight, damaging at least two factories and forcing schools to close in a major southern Russian city, according to Russian officials and media.

Ukraine launched a large-scale drone and missile barrage overnight, damaging factories, a chemical plant and a gas tank in Russia, according to local reports. Newsweek reached out to the foreign ministries of Russia and Ukraine for comment via email on Tuesday.

U.S. and global benchmark crude-oil prices settled Monday at their highest since August as investors focused on the potential supply hit from further tightening of U.S. sanctions on Russia’s oil sector.

Sweeping U.S. sanctions on Russia's oil industry will make it more expensive for Moscow to sell its oil and complicate sea-borne crude exports due to restrictions on tankers, analysts and traders said on Monday.

The value of China's imports and exports with Russia reached 1.74 trillion yuan ($237 billion) in 2024, a record high, Chinese customs data showed on Monday, as the two countries' leaders hailed bilateral relations.

Trade between China and Russia reached a record high last year, according to official data released Monday, underscoring their deepening economic ties despite Western sanctions on Moscow. The total value of imports and exports between the two nations amounted to $244.