President Trump declared an “energy ceasefire” between Russia and Ukraine on Sunday morning. In a post on Truth Social, the president stated that the ceasefire is effective immediately and that both parties had agreed to the terms.
Ukrainian President Zelensky responded to the announcement in reporting by Axios' Barak Ravid, stating that the ceasefire announcement was news to him. However, Zelensky added that if Russia agrees to an energy ceasefire, Ukraine will also agree. Zelensky further noted that if President Trump negotiated the arrangement with Putin, he would like to be informed when the ceasefire begins, affirming that Ukraine is ready to accept it.
According to Bloomberg's Javier Blas, this marks the second time President Trump has made a similar announcement.
Financial and crypto markets showed little immediate reaction to the announcement. Oil prices remained largely unmoved on Hyperliquid, and traditional market oil trading was closed at the time. Meanwhile, cryptocurrency prices held flat, with bitcoin trading just under $83,000.
The announcement comes with less than one month remaining before the U.S. midterm elections. Data from Polymarket shows that the odds of a Democratic sweep of both the House and Senate have steadily risen for months, currently sitting at 62%, leaving observers to question whether the announcement represents a tangible peace deal or an effort by the president to secure a win ahead of the elections.
