US President Trump's administration has signalled to Ukraine that US security guarantees are contingent on Kyiv first agreeing a peace deal that would likely involve ceding the Donbas region to Russia, according to sources cited by FT

US President Trump's administration has signalled to Ukraine that US security guarantees are contingent on Kyiv first agreeing a peace deal that would likely involve ceding the Donbas region to Russia, according to sources cited by FT.

The implication of Trump's administration signaling that US security guarantees for Ukraine depend on a peace deal—potentially requiring ceding the Donbas region to Russia—represents a significant geopolitical shift. This could affect market sentiment across various asset classes, especially given the potential for increased volatility in currencies and commodities reliant on geopolitical stability. Watch for movements in the USD, EUR, and commodities such as oil, as uncertainty may drive risk-off behavior among investors.