Russian President Vladimir Putin is not expected to attend the peace talks in Istanbul today, aimed at ending the war in Ukraine. Instead, the Kremlin has dispatched a delegation led by aide Vladimir Medinsky and Deputy Defence Minister Alexander Fomin. Ukrainian President Volodymyr Zelensky had proposed a direct meeting with Putin, stating he would not negotiate with other Russian officials. U.S. President Donald Trump expressed interest in attending only if Putin was present but withdrew upon learning of Putin’s absence.
Brazilian President Luiz Inácio Lula da Silva attempted to persuade Putin to attend the talks, emphasizing the importance of direct negotiations. Although Putin did not meet Lula in person, the Kremlin confirmed a phone conversation in which Lula encouraged participation in the talks.
The absence of top-level Russian leadership casts doubt on the potential progress of the talks. International mediation, particularly from the U.S., is emphasized by Zelensky as essential for building trust and finding a resolution.
Will this turn bad? We will be watching. We expect this to temporarily push the price of gold up.
