Russia's Foreign Minister Lavrov says an immediate ceasefire in Ukraine is not possible, IFX reports

Statements of this kind from senior Russian officials have tended to function as negotiating positioning ahead of, or alongside, any formal diplomatic track, and past episodes in this conflict have shown a wide gap between public rhetoric and back-channel movement. The established pattern is that markets have progressively discounted headline-driven de-escalation hopes, with each round of failed or rejected ceasefire talk producing smaller rallies in European assets and smaller givebacks in energy and grains than the early rounds. The transmission channels worth distinguishing are crude and gas risk premia, where any genuine cessation would compress freight, insurance and supply-disruption pricing, versus European equities and the euro, which have traded the conflict as a terms-of-trade story. The tell in prior cycles has been whether rejection language comes from the foreign ministry or from the Kremlin directly, and whether it is paired with conditions, since conditional refusal has historically preceded engagement while flat refusal has signalled stasis. Follow-ons are any parallel comments from Kyiv and Washington and whether scheduled diplomatic contacts survive the statement. As headline risk rather than a policy shift, the move is incremental.