The markets remain on edge as Trump/Putin call continues.

At stake is:

No ceasefire
A temporary 30-day ceasefire
Something more or less.

Russia is expected to outline conditions, including a halt to Western weapon shipments to Ukraine. They also would not want to see Ukraine a part of NATO.

Trump hinted that discussions involve territorial and infrastructure negotiations, though details remain unclear. The US also wants a mineral deal that would be a defacto pledge of support if Russia threatens that deal. They also want Europe to take ownership of defending Ukraine.

Putin has emphasized that a deal must ensure long-term peace and eliminate the root causes of the conflict. However, Ukrainian President Zelenskyy dismissed Putin’s response as manipulative..