Russian Kremlin says a call between President Putin and US President Trump will take place soon, Ifx

Announcements of imminent leader-level calls between Washington and Moscow have been a recurring feature of attempts to negotiate an end to the Ukraine conflict, and the market pattern is well established: headline anticipation of talks has tended to compress the geopolitical risk premium in crude and European gas, soften gold and the Swiss franc, and lift European equities, particularly the sectors most exposed to Russian energy flows and reconstruction hopes. The distinction that has mattered in past episodes is between procedural contacts, which fade quickly, and calls that produce a concrete deliverable such as a ceasefire framework, a sanctions roadmap, or an agreed in-person summit; only the latter has sustained the risk-premium unwind. The Kremlin's own framing is worth noting, since Moscow has a track record of announcing engagement to shape the narrative, and the Russian readout afterwards has not always matched the US account. The follow-ons are the post-call statements from both sides, any mention of sanctions relief, which is the channel that would transmit to European gas and the rouble-linked complex, and whether Ukraine and European governments are included or sidelined. Until a readout exists, the announcement alone is positioning material rather than a tradable outcome.