Major banks react after interest rate hike; NSW teachers strike begins; Putin may officially declare war on Ukraine

Russian President Vladimir Putin could formally declare war on Ukraine as soon as May 9, a move that would enable the full mobilisation of Russia’s reserve forces as invasion efforts continue to falter, Western officials believe.

May 9, known as “Victory Day” inside of Russia, commemorates the country’s defeat of the Nazis in 1945.

Western officials have long believed Mr Putin would leverage the symbolic significance and propaganda value of that day to announce either a military achievement in Ukraine, a major escalation of hostilities — or both.

Officials have begun to hone in on one scenario, which is that Mr Putin formally declares war on Ukraine on May 9.

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