Native residents stroll previous burning garages outdoors a residential constructing following a Russian missile strike on the Ukrainian capital of Kyiv on July 6, 2026, amid the Russian invasion in Ukraine.
Genya Savilov | Afp | Getty Pictures
The long-running Russia-Ukraine conflict seems to have entered a brand new section after main developments over the weekend and forward of a crunch NATO summit.
Within the final 72 hours, U.S. President Donald Trump purportedly held separate calls with Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskyy, Ukrainian drones struck an oil terminal and port in St. Petersburg and the encompassing space and Russia launched its second large-scale assault on Kyiv in lower than per week.
The prospect of renewed diplomacy, alongside the danger of escalation, has put traders on discover at a time when markets try to cost geopolitical threat, power safety and the integrity of Europe’s protection spending pledges.
“There’s a actual prospect to place an finish to this conflict, and America’s resolve is decisive,” Zelenskyy mentioned in a social media publish on Saturday.
What Trump mentioned with Putin and Zelenskyy
Ukraine’s president mentioned he’d mentioned the newest state of affairs on the frontline after greater than 4 years of battle and had agreed with Trump to proceed talks on the NATO summit. Heads of state from 32 nations are anticipated in Ankara, Turkey’s capital, from Tuesday for the two-day convention.
The Kremlin, in the meantime, mentioned Sunday that Trump spoke with Putin for 90 minutes over the weekend, throughout which the U.S. president supplied to assist discover a answer to the conflict.
Yury Ushakov, a Kremlin aide, described the dialog as “businesslike and really constructive,” based on Russian state information outlet RIA Novosti.
US President Donald Trump waves whereas arriving on the White Home in Washington, DC, US, on Sunday, July 5, 2026.
Bloomberg | Bloomberg | Getty Pictures
“There are monumental prospects for mutually helpful cooperation between our nations. To attain this, Donald Trump emphasised, it will be mandatory to finish the Ukrainian battle as quickly as attainable,” Ushakov instructed reporters.
A White Home spokesperson was not instantly out there to remark when contacted by CNBC on Monday.
The U.S. president, who repeatedly mentioned on the 2024 marketing campaign path that he might finish the Russia-Ukraine conflict in someday if elected, has signaled the potential for renewed American assist of Kyiv following the signing of an interim peace cope with Iran.
This suggestion, alongside a flurry of deep-strike successes by Ukraine, has prompted some analysts to conclude that the conflict might be shifting in Kyiv’s favor, with Putin just lately acknowledging the impression of Ukrainian drone strikes on Russian gasoline manufacturing for the primary time.
Ukraine has stepped up assaults on Russian oil services and navy property in latest weeks, searching for to chop off Moscow’s power revenues and attempt to elevate the political strain on the Kremlin.
Ukraine strikes Russian oil terminals
Ukrainian officers reported that forces struck a significant oil terminal in Russia’s second-largest metropolis, St. Petersburg, in addition to the Kronstadt Naval Base, the primary base of the Russian Baltic Fleet, on Friday and Saturday. The assaults reportedly triggered fires at each the oil terminal and the navy facility.
Additional Ukrainian assaults on Russian power infrastructure had been reported on Monday morning. Ukraine’s navy mentioned through Telegram that it had struck oil refineries in Russia’s Yaroslavl and Leningrad areas in a single day. CNBC could not independently confirm the report.
Russian missiles and drones hammered Ukraine’s capital within the early hours of Monday, killing no less than 11 folks and closely damaging residential high-rise buildings, authorities mentioned. The assault, which comes on the eve of the NATO summit, follows a separate lethal assault on Kyiv final week.
On this pool {photograph} distributed by the Russian state company Sputnik, Russia’s President Vladimir Putin meets with the Kursk area governor in Moscow on June 30, 2026.
Gavriil Grigorov | Afp | Getty Pictures
Researchers on the Institute for the Examine of Warfare (ISW), a Washington-based assume tank, mentioned Putin had sought to emphasise that Ukraine’s European companions had a false notion of the battlefield realities, citing Ushakov’s account of the decision.
As an alternative, Putin was mentioned to have instructed Trump in regards to the “actual” frontline state of affairs during which Russian troops are advancing, with Putin claiming that Russian forces had seized the jap city of Kostyantynivka.
Russia’s claims of advance come because the Trump administration has more and more spoken publicly about Ukrainian successes on the battlefield, together with mid- to long-range assaults on Russian navy property and power infrastructure, the ISW mentioned in its newest evaluation.
“Putin and different Kremlin officers are probably purposefully injecting the false narratives that Russian forces will imminently seize the rest of Donetsk Oblast into the Western data house in an effort to persuade the West to capitulate to the calls for that Russia can’t safe militarily,” ISW researchers mentioned Sunday.
