CIA Director John Ratcliffe proposed a trilateral summit involving U.S. President Donald Trump, Russian President Vladimir Putin, and Ukrainian President Volodymyr Zelensky during his recent visit to Moscow. This proposal aims to explore diplomatic avenues to address the ongoing conflict between Russia and Ukraine. This marks Ratcliffe’s first direct involvement in such high-level diplomatic efforts, reflecting a potential shift in U.S. strategy to mediate in the conflict. Despite this diplomatic gesture, active combat operations continue with no current indication that Moscow would accept a ceasefire on existing terms. Markets are currently pricing an 18% probability of a ceasefire agreement by December 31, 2026.
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