GERMANY'S MERZ SAYS IT WOULD BE ABSOLUTELY UNACCEPTABLE IF THE USA, RUSSIA, AND CHINA WERE TO TRY TO REACH AN UNDERSTANDING WITHOUT THE UKRAINIANS

German Chancellor Friedrich Merz stated that it would be "absolutely unacceptable" for the United States, Russia, and China to attempt to reach an understanding over Ukraine without Ukrainian participation. The remark signals European insistence on a seat at any negotiating table on the Ukraine conflict, reflecting concern that a bilateral or great-power arrangement could sideline both Kyiv and European security interests. For markets, the transmission runs through geopolitical risk premia and sanctions expectations: any perceived shift toward a US-Russia-China framework could alter the trajectory of Western sanctions on Russian energy and financial assets, influencing ruble volatility, Russian sovereign debt pricing, and energy flows. Chinese equities and yuan-linked assets could also be affected by changes in its perceived role as a mediator or as a counterparty to Western restrictions. Traders should watch for any formal statements or scheduled diplomatic meetings involving the US, Russia, and China, along with European Council communications on sanctions policy, as these would indicate whether the negotiating dynamic is advancing.

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