On Friday, the Kremlin announced that Russian President Vladimir Putin has issued a decree establishing the total number at 2,209,130 individuals, with more than 1.3 million serving in active duty.

"In accordance with article 4 of the federal law of May 31, 1996 … ‘On Defense’ I decide: to establish the staffing level of the armed forces of the Russian Federation in the amount of 2,209,130 units, including 1,320,000 military personnel," the Kremlin said in a statement.

Read more: Formation of new, fairer, democratic IR system underway: Putin

This comes shortly after OPEC+ members, including Saudi Arabia and Russia, who together account for over 40% of global oil production, announced voluntary production cuts reaching 2 million barrels per day (bpd) for the first quarter of 2024.

While Russia has been slashing oil production to induce inflation in the West, Saudi Arabia has been more concerned with increasing revenues. 

These measures have contributed to fostering a geopolitical climate that is highly insecure. 

Earlier today, Chairman of the US Federal Reserve Jerome Powell stated that the Fed remains prepared to increase interest rates if necessary.

Despite implementing 11 rate hikes over the past two years, inflation has not reached the desired levels, leading Powell to caution against prematurely declaring the end of monetary tightening by the central bank.

Read more: OPEC+ to cut oil supplies by 1 million bpd; Brazil expected to join