RUSSIA: Putin Aide Rejects Ceasefire Plan As 'Temporary Breather' For Ukraine
Russian state media reporting comments from President Vladimir Putin's foreign policy aide Yuri Ushakov following a call on 12 March with White House National Security Adviser Mike Waltz. Ushakov says he 'outlined Russia's position on the need for a long-term settlement in talks with the US' and hopes the US will 'take into account Russia's demands' for a resolution to the war.
- Claims that the proposed 30-day ceasefire 'is nothing more than a temporary breather for Ukrainian forces,' and that 'no-one needs steps that just imitate peace actions in Ukraine'.
- Says that Ukraine joining NATO 'cannot be discussed' in the context of an end to the war.
- The comments come as US special envoy Steven Witkoff arrives in Moscow for talks with senior officials to discuss the proposed ceasefire and the wider US-Ukraine talks that took place in Saudi Arabia at the start of the week.
- Recent Russian gains on the battlefield, most notably reportedly retaking the town of Sudzha in the partially-occupied Kursk oblast, are seen as potentially dissuading Moscow from seeking a swift end to the conflict.
- WaPo reported on 12 March "Russia should work to weaken the U.S. negotiating position on Ukraine by stoking tensions between the Trump administration and other countries while pushing ahead with Moscow’s efforts to dismantle the Ukrainian state, according to a document prepared for the Kremlin."
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
GILT SYNDICATION: New 10-year: 4.50% Mar-35 gilt: Allocations out
- Size: GBP13bln (higher than the GBP8.5-10.0bln we expected)
- Orderbooks in excess of GBP140bln (inc JLM interest of GBP12bln)
- Spread set at 4.25% Jul-34 gilt + 5.5bp (guidance was + 5.5/6.0bps)
- HR 106% vs 4.25% Jul-34 gilt
- Maturity: 7 March 2035
- ISIN: GB00BT7J0027
- Settlement: 12 February, 2025 (T+1)
- Bookrunners: Barclays, BNP Paribas, Citi (B&D/DM), Goldman Sachs International Bank, HSBC and NatWest.
- Timing: Hedge deadline 11:30GMT. Pricing later today
From market source
FINLAND T-BILL AUCTION PREVIEW: 6/9-Month RFTBs
| Type | 6-month RFTB | 9-month RFTB |
| Maturity | Aug 8, 2025 | Nov 13, 2025 |
| Amount | E994mln | E1.008bln |
| Target | E2bln | Shared |
| Previous | E801mln | E1.2bln |
| Avg yield | 2.26% | 2.35% |
| Previous | 2.52% | 2.48% |
| Bid-to-cover | 1.59x | 1.91x |
| Previous | 2.28x | 1.74x |
| Previous date | Jan 07, 2025 | Jan 07, 2025 |
Source: Bloomberg
GERMANY: Scholz & Merz Clash In Final Pre-Election Bundestag Speeches
Chancellor Olaf Scholz and his main challenger in the federal election Friedrich Merz have delivered what are likely to be their final speeches to the Bundestag ahead of the 23 Feb vote. Scholz, speaking about EU unity in the wake of the US imposing 25% tariffs on steel and aluminium, said that “One thing is clear above all: in the next few years, more than ever before, it will be important for Europe to stick together,". Scholz reiterated his claim that Merz's recent efforts to tighten Germany's immigration law could break EU law, adding “...what does the German opposition leader do in this situation? In the hope of gaining a few percentage points in the election campaign, he is taking an axe to European cohesion.”
- After facing criticism from Scholz and protesters about his voting alongside the far-right Alternative for Germany (AfD) in late Jan, Merz chancellor candidate for the conservative Christian Democratic Union (CDU) - repeated his claim that "collaboration with the AfD is out of the question for us", before adding the "next government will have to deliver on migration, economy and security or else…far right AfD Party could soar to new heights."
- While political attacks are commonplace during election campaigns, the notably bitter relationship between Merz and Scholz could hinder coalition building after the election. The CDU and Scholz's centre-left Social Democrats are seen as very likely to have to work together, potentially with a third party, in order to cross the majority threshold.
