President Trump declares energy ceasefire between Russia and Ukraine

Summary

• President Trump declared an “energy ceasefire” between Russia and Ukraine.
• “Ukraine supports the ceasefire, and it is important that Russia support it as well,” said Ukrainian President Zelensky.
• After initially not reacting to the Trump posting, crypto markets moved higher on the Zelensky response.

“Effective immediately, there is an ENERGY CEASEFIRE in the War between Russia and Ukraine,” said President Trump on Truth Social Sunday morning. “Both parties have agreed. Do not break it!”

Reporting for Axios, Barak Ravid said Ukrainian President Zelensky told him, “The ceasefire announcement was news for me. But if Russians agree to an energy ceasefire, Ukraine will agree.”

A few minutes later on X, Zelensky appeared more positive: “Ukraine supports the ceasefire, and it is important that Russia support it as well. We are awaiting details from the American side. For our part, Ukraine always FULLY supports steps toward de-escalation, the protection of lives, and the decisions needed to end the war and guarantee lasting peace

This is the second time President Trump has made a similar announcement, noted Bloomberg’s Javier Blas.

Markets initially showed no reaction to the Trump posting, with both oil and crypto remaining near flat from Friday. Things began moving, however, after the Zelensky tweet, with bitcoin gaining more than 1% to $83,900.

The U.S. midterm elections are less than one month away. Per Polymarket, the odds of a Democratic sweep of both the House and Senate have steadily risen for months, now sitting at 62%. Whether this latest news is a real peace deal or an attempt by the president to notch some sort of win before the elections remains to be seen.

Updated (16:55 UTC): Includes follow-up comments from Zelensky and subsequent bitcoin price movement.