Volodymyr Zelenskyy has said his country is “ready to meet” Russian representatives after Vladimir Putin suggested peace talks in Istanbul from Thursday.
Russia‘s president put forward the proposal as European leaders including Sir Keir Starmer threatened him with fresh sanctions if Russia failed to comply with an unconditional 30-day ceasefire starting on Monday.
Reacting to Mr Putin’s suggestion, US President Donald Trump said it was “a potentially great day for Russia and Ukraine” and he would “work with both sides to make sure it happens”.
Mr Zelenskyy has also welcomed the proposal, but reiterated his call for a ceasefire.
He said: “It is a positive sign that the Russians have finally begun to consider ending the war. The entire world has been waiting for this for a very long time. And the very first step in truly ending any war is a ceasefire.
“There is no point in continuing the killing even for a single day. We expect Russia to confirm a ceasefire – full, lasting, and reliable – starting tomorrow, May 12th, and Ukraine is ready to meet.”
On Saturday, the prime minister met the Ukrainian president alongside French President Emmanuel Macron, recently elected German Chancellor Friedrich Merz and Polish Prime Minister Donald Tusk in Kyiv.
Announcing the 30-day ceasefire proposal, the leaders said they had secured the backing of Mr Trump after briefing him on the progress made on the so-called “coalition of the willing” plans in a 20-minute phone call.
What Trump does next is crucial
Russian President Vladimir Putin is playing for time and may have been caught on the hop by European leaders, backed by US President Donald Trump, demanding a 30-day ceasefire during their visit to Kyiv yesterday.
Russia’s proposal of talks in Istanbul on Thursday appears hurriedly conceived, announced as it was in the early hours of the morning by Putin.
There is an added symbolism to his suggestion of Istanbul as a venue. Russia has long blamed Ukraine for walking away from peace talks in the same city in 2022.
The key thing is that diplomatic movement of sorts is happening.
Ukraine and its European colleagues want to capitalise on Trump’s renewed enthusiasm for a ceasefire and his potential scepticism of how ready Putin actually is to make peace.
The Europeans will hope this isn’t drawn into a protracted period of negotiations, or simply talking about the idea of negotiations.
What President Trump does next will be crucial.
Speaking at the Kremlin in the early hours of Sunday, Mr Putin did not directly address the proposal but instead offered to restart peace talks Russia and Ukraine held in 2022.
“We propose the Kyiv authorities resume the negotiations they interrupted at the end of 2022… to resume direct negotiations… without any preconditions… to begin without delay next Thursday 15 May in Istanbul,” he said.
Speaking to Sky News Russia correspondent Ivor Bennett after the statement, Kremlin spokesperson Dmitry Peskov said Moscow does not “share the view of Starmer”.
“We think that the seriousness is to propose negotiations,” he said, denying the move was a delaying tactic.
Mr Peskov said there had to be negotiations to find a way for a ceasefire, adding: “A simplistic approach to a ceasefire is inappropriate.”
European leaders including Volodymyr Zelenskyy hold call with Donald Trump. Pic: Number 10
Russia’s own unilateral three-day ceasefire, declared for the 80th anniversary of victory over Nazi Germany, expired on Saturday, and Ukraine said Russian forces have repeatedly violated it.
After the summit in Kyiv, Sir Keir said: “All of us here, together with the US, are calling Putin out.
“So we are clear, all five leaders here – all the leaders of the meeting we just had with the coalition of the willing – an unconditional ceasefire, rejecting Putin’s conditions, and clear that if he turns his back on peace, we will respond.
“Working with President Trump, with all our partners, we will ramp up sanctions and increase our military aid for Ukraine’s defence to pressure Russia back to the table.”
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During Mr Putin’s statement on Sunday, he insisted he would support peace talks, adding: “We are committed to serious negotiations with Ukraine.”
He told reporters: “Their purpose is to eliminate the root causes of the conflict, to establish a long-term, lasting peace.
“We do not rule out that during these negotiations it will be possible to agree on some new truces, a new ceasefire.”
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Responding to Mr Putin’s proposal, Mr Macron said the Russian leader was “looking for a way forward, but he still has a desire to buy time”.
Mr Putin’s proposed negotiations are “a first step, but they are not sufficient,” he told French broadcaster BFM.
“An unconditional ceasefire is not preceded by negotiations, by definition.”
Politics
UK-US trade deal ‘isn’t worth the paper it’s written on’, says Nobel Prize-winning economist
A Nobel Prize-winning economist has told Sky News the recently announced UK-US trade deal “isn’t worth the paper it’s written on”.
Sir Keir Starmer and Donald Trump announced the “first-of-a-kind” agreement with a live, televised phone call earlier this week – and the British prime minister hailed the deal as one that will save thousands of jobs in the UK.
Politics latest: Tories criticise proposals to tackle immigration
But leading economist Joseph Stiglitz has told Sunday Morning with Trevor Phillips he “wouldn’t view [the deal] as a great achievement”.
“Any agreement with Trump isn’t worth the paper it’s written on,” he said, pointing out the president signed deals with Canada and Mexico during his first term – only to slap them with hiked tariffs within days of returning to the White House this year.
“I would view it as playing into Trump’s strategy,” he said.
“His strategy is divide and conquer, go after the weakest countries, and sort of put the stronger countries in the back.”
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How good is the UK-US deal?
The scramble to secure a UK-US trade deal was sparked by Mr Trump’s ‘Liberation Day’ announcement last month, which saw the president hike import tariffs for multiple countries and subsequently send global markets crashing.
China initially faced tariffs of 34% and when Beijing hit the US with retaliatory rates, a trade war quickly ensued.
The US and China now impose tariffs of above 100% on each other, but representatives from the two countries have this weekend met for high-stakes negotiations.
Read more:
Key details in the UK-US deal
Analysis – the challenge Starmer faces
Donald Trump, with US vice president JD Vance and Britain’s ambassador to the US Peter Mandelson, announcing the deal. Pic: AP
Sir Keir Starmer dialled in for the deal announcement. Pic: AP
With its response to Mr Trump, Beijing “made it very clear that the US is very dependent on China in so many ways,” Mr Stiglitz said.
“So they’re beginning now to negotiate, but from a position of strength.”
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Asked if he thinks the UK should have focused on its relationship with the EU instead of the US, Mr Stiglitz said: “Very much so.
“My view is that if you had worked with the EU to get a good deal, you could have done better than what you’ve done.
“If it turns out, in the end, when you work it all out, Trump is unhappy, he’ll run. If he’s unhappy, I pray for you.”
Among the terms in the UK-US trade deal are reduced tariffs on British car and steel exports to the US, while the UK has agreed to remove a tariff on ethanol, used to produce beer.
The agreement also opens a new agricultural exchange, with US farmers being given access to the UK for the first time – though UK food standards on imports have not been weakened.
Members of media chat before the start of a press conference by Aramco at the Plaza Conference Center in Dhahran, Saudi Arabia November 3, 2019.Â
Hamad I Mohammed | Reuters
Saudi Aramco’s first-quarter net profit fell 5% year-on-year amid lower oil prices and production.
Net income for the three months to March 31 came in at $26 billion, down from $27.3 billion for the same period last year, the company reported. The figure was slightly above analyst expectations of $25.3 billion.
Aramco announced its free cash flow for the quarter at $19.2 billion, down from $22.8 billion in the first quarter of 2024, and cash flow from operating activities at $31.7 billion compared to last year’s $33.6 billion.
The figures signal continuing strain for the Saudi state oil giant’s balance sheet as crude prices show no sign of recovering and global demand slows in line with pressures on trade.
The company in March announced it would be slashing its performance-linked dividend payout for the fourth quarter of 2024 to $200 million — down from $10.2 billion the previous quarter — and repeated that $200 million figure for the first-quarter of this year, to be paid in the second quarter.
Its first-quarter base dividend excluding the performance-based payouts increased by 4.2% year-on-year to $21.1 billion. But if assessed in total, the dividend fell from $31 billion in the same period last year to $21.36 billion now, due to the cut to its performance-linked element.
“Global trade dynamics affected energy markets in the first quarter of 2025, with economic uncertainty impacting oil prices,” Aramco CEO Amin Nasser said in a statement accompanying the earnings report.
“In this context, Aramco’s robust financial performance once again demonstrated the Company’s unique scale, its reliability and flexibility, the value of its lowcost operations … Such periods also highlight the importance of disciplined capital planning and execution while we continue to take a long-term view.”
Nasser added, “In volatile times Aramco’s resilience underpins both our financial performance and our sustainable and progressive base dividend.”
Bearish oil market ahead
The massive dividend reduction eases pressure on Aramco itself, but means less revenue for the Saudi government as it faces widening deficits and mounting debt due to costly megaprojects and lower oil prices.
The kingdom also constrained its oil revenue potential by maintaining months of coordinated OPEC+ production cuts meant to stabilize the market. That policy changed dramatically after Saudi Arabia and several of its OPEC+ allies announced a shock acceleration to production increase plans in April, even as markets and crude prices were tanking on the news of U.S.-imposed global tariffs.
In early May, OPEC+ again raised its production target for June by 411,000 barrels per day — the second consecutive month of accelerated unwind of the 2.2 million-barrel per day voluntary cuts that had been in place since the start of 2024.
Banks and energy agencies have steadily downgraded their oil price outlooks for the year, anticipating large supply gluts and weak demand. The U.S. Energy Information Administration’s latest forecast sees Brent crude averaging $65.85 per barrel this year, while Morgan Stanley cut its price outlook to $62.50 per barrel in the second half of this year, down by $5 per barrel from the bank’s previous forecast.
Morgan Stanley also predicts a market glut of up to 1.1 million barrels per day in the second half of 2025 — an increase of 400,000 bpd from its previous surplus call.
Goldman Sachs, meanwhile, sees Brent averaging $60 per barrel in the remainder of 2025, compared to $63 previously, and $56 per barrel in 2026, compared to $58 previously.
Saudi Arabia needs oil at more than $90 a barrel to balance its budget, the International Monetary Fund estimates. Goldman Sachs in mid-April warned that Brent crude at $62 a barrel — its price forecast at the time — could more than double the kingdom’s 2024 budget deficit of $30.8 billion.
“In Saudi Arabia, we estimate that we’re probably going to see the deficit go up from around $30 to $35 billion to around $70 to $75 billion, if oil prices stayed around $62 this year,” said Farouk Soussa, MENA economist at Goldman Sachs. The bank’s forecast for the rest of 2025 now sits at $60 per barrel.
“That means more borrowing, probably means more cutbacks on expenditure, it probably means more selling of assets, all of the above,” Soussa told CNBC last month. “And this is going to have an impact both on domestic financial conditions and potentially even international.”
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