“Russia is on the verge of a recession, its economy minister said on Thursday, the first public admission that the country’s war economy is starting to cool three years after President Vladimir Putin ordered the full-scale invasion of Ukraine,” the Financial Times reports.

“World leaders accelerated diplomatic efforts on Friday to end the Israel-Iran war, as Iran’s top diplomat prepared to meet in Switzerland with senior European counterparts, and President Trump raised hopes of a truce,” the New York Times reports.

“The renewed diplomatic push came as the sides continued to trade fire. Israel announced overnight strikes on missile factories and a research center linked to Iran’s nuclear program, and Iran fired a ballistic missile early on Friday that damaged a residential street in southern Israel.”

“Israel’s conflict with Iran is costing the country hundreds of millions of dollars a day, according to early estimates, a price tag that could constrain Israel’s ability to conduct a lengthy war,” the Wall Street Journal reports.

“The biggest single cost are the interceptors needed to blow up incoming Iranian missiles, which alone can amount to between tens of millions to $200 million a day, experts say. Ammunition and aircraft also add to the price tag of the war, as does the unprecedented damage to buildings. Some estimates so far say that rebuilding or repairing damage could cost Israel at least $400 million.”

“Israeli strikes have taken direct aim at the backbone of its enemy’s military power: Iran’s Islamic Revolutionary Guard Corps,” the Wall Street Journal reports.

“But the attacks are also increasing the chance of a change in leadership that would concentrate power in the hands of the elite military force, potentially resulting in a more hawkish and anti-Israeli Iran.”