The Kremlin stated that President Vladimir Putin would respond if Ukrainian President Volodymyr Zelensky called him, and asserted that Putin has never refused to hold talks. The headline signals a possible diplomatic opening in the Russia-Ukraine conflict, but it contains no concrete proposal, timetable, or agreed format, so its market relevance rests on expectations rather than commitments. The main transmission channel is risk premium: any perceived reduction in geopolitical escalation can compress the safe-haven bid for gold, the Swiss franc, and Treasuries, while lifting sentiment-sensitive assets such as European equities, the hryvnia, and Eastern European sovereign bonds. Russian assets, including the ruble and Moscow-listed equities, remain most sensitive to sanctions expectations, so talk-of-talks headlines historically produce short-lived moves that fade absent verifiable progress. Traders should watch for an official confirmation of any Zelensky-Putin call or a Kremlin readout of a formal negotiating channel, alongside any shift in EU or US sanctions rhetoric.
Kremlin: Putin will respond if Ukrainian President Zelensky calls him, and he has never refused to hold talks.
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