Witkoff heads to Russia for Putin talks as Zelenskyy insists 'nothing about Ukraine without Ukraine'

Steve Witkoff, a U.S. envoy, is traveling to Russia for talks with President Vladimir Putin, while Ukrainian President Volodymyr Zelenskyy has insisted that no agreement concerning Ukraine should be reached without Ukraine's participation. The headline signals a potential diplomatic channel that markets typically price through de-escalation expectations, where a credible peace track can compress geopolitical risk premia on Russian and Ukrainian sovereign debt, regional currencies, and European energy and defense equities. Russian assets, including the ruble and Moscow-listed energy names, are most sensitive to any shift in sanctions expectations, since relief or negotiated easing would alter capital flows and export revenue assumptions. Ukraine-linked instruments such as Ukrainian bonds and reconstruction-related exposures are more sensitive to the terms and sequencing of any settlement, and Zelenskyy's insistence on Ukrainian participation introduces uncertainty that can limit the rally. The next catalyst to watch is the readout or any formal statement following the Witkoff-Putin meeting, along with any reaction from Ky

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