Technical Analysis

Is the G7 starting a quiet push for peace in Ukraine? Virtual G7 leaders’ summit called

Ukrainian President Volodymyr Zelensky held talks with the leaders of the United States, Turkey and France on Sunday and a virtual G7 leaders’ summit has just been called for Monday at 10 am ET.

Reuters notes that while talks with world leaders and Zelensky aren’t uncommon, three in one day is. Combine that with the G7 and something could be afoot.

The idea is that sanctions for Russia and Iran are on the agenda and some new ones would be added for Russia.

There are some murmurs towards pushing Ukraine to open peace negotiations because Europe is worried about a flood of Ukrainian refugees and that’s something to watch. The US is also talking about sending air defense systems to Europe and that hints at escalation instead. UK officials have certainly been talking tough this weekend.

But the inclusion of Turkey in the calls today is notable, because they’ve positioned themselves as the mediator so far. France has also tried to play that role.

I don’t see any path to a quick end to the war but if the G7 loses its appetite for supplying weapons to Ukraine, they could pressure Zelensky to take an onerous deal.

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