RUSSIA’S PUTIN, ON A CALL WITH NORWAY AND FINLAND LEADERS, SAYS RUSSIA SUPPORTS ANY STEPS TO RESTORE EUROPEAN RELATIONS, THOUGH THEY IMMEDIATELY SAID THEY DID NOT REPRESENT THE EU

Russian President Vladimir Putin, speaking on a call with the leaders of Norway and Finland, said Russia supports any steps to restore relations with Europe, though both Nordic leaders immediately stated they did not represent the European Union. The transmission channel here is geopolitical risk premium: a perceived thaw in Russia-Europe tensions can compress the risk-off discount embedded in European equities, sovereign spreads, and energy-linked pricing, while the EU's explicit disavowal limits how much of that premium can be repriced. Assets most exposed include European equity indices with heavy Nordic and energy-sector weightings, Norwegian krone and Finnish-linked credit, and Russia-linked instruments such as ruble-denominated assets and sanctions-sensitive commodities, where any credible shift in sanctions expectations would matter most. Because the Nordic leaders' clarification signals that Brussels has not endorsed any bilateral reset, traders should treat the headline as low-confidence until the European Commission or the European Council responds. The next concrete catalyst is any scheduled EU Council meeting or sanctions-renewal decision, where a shift in the

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