Donald Trump dispatched envoys Steve Witkoff and Jared Kushner to Russia and Ukraine to meet with Presidents Vladimir Putin and Volodymyr Zelensky respectively, in an effort to revive peace negotiations between the two countries. This diplomatic initiative follows months of stagnation in previous U.S.-mediated talks, as the conflict between Russia and Ukraine began with the Russian invasion in February 2022. Markets responded favorably, with the probability of a ceasefire agreement before December 31, 2026 rising from 18% to 21.5% in 24 hours. However, the dispatch of envoys does not imply an agreed ceasefire and no concrete resolution is yet in sight.
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