Vladimir Putin pushes maximalist calls for in Ukraine talks

At the moment’s agenda: Tesla’s tariff warning; DeepSeek’s technique; Deutsche Financial institution weighs Canary Wharf exit; Huge Learn on the Olympics; and gold’s triangular commerce

Good morning. We finish the week with the most recent on Ukraine and the US proposal for a 30-day ceasefire with Russia forward of a busy weekend of diplomacy.

What Putin needs: Vladimir Putin has mentioned he “helps the concept” behind the US plan however added that it’s going to enable Ukraine’s forces to regroup simply as Russia’s navy is gaining the higher hand in Kursk. His preconditions embody Ukraine recognising Russia’s annexation of 4 partially occupied areas and Crimea; a pledge to by no means be a part of Nato; caps on Ukraine’s navy; protections for the nation’s Russian audio system; and elections to interchange Volodymyr Zelenskyy.

What this implies: Moscow’s calls for would in impact finish Ukraine’s existence as a functioning state, place it squarely in Russia’s orbit and severely restrict Nato’s presence east of Germany. One knowledgeable mentioned Putin didn’t need to be blamed for standing in the way in which of Donald Trump’s deal however felt no stress to “again off”, including: “They need to play a sport of rooster with the US.”

Trying forward: Trump referred to as Putin’s remarks “promising” however “incomplete” and mentioned he had mentioned with Ukraine “land that may be saved and misplaced”, apparently referring to territorial concessions by Kyiv. The US president’s particular envoy Steve Witkoff is presently in Moscow for high-level talks, whereas Sir Keir Starmer’s adviser Jonathan Powell will likely be in Washington at present to induce the US to offer a safety “backstop”. The UK prime minister will maintain a digital name with EU and different leaders tomorrow.

Right here’s extra on the powerful circumstances Putin has set for a Ukraine ceasefire.

Kursk: Seven months after a daring invasion to seize the Russian area, Ukrainian troops are actually beating a hasty retreat.

Russian sanctions: Hungary has threatened to dam the EU’s renewal of sanctions imposed on about 2,000 Russians except oligarch Mikhail Fridman is faraway from the listing.

Right here’s what else we’re watching at present and over the weekend:

Financial information: The EU releases fourth-quarter labour information at present, Germany has its February client worth index and the UK experiences its GDP estimate for January.

US authorities shutdown: Chuck Schumer, the highest Senate Democrat, mentioned he would again a Republican stop-gap funding invoice, lowering the chance of a shutdown early tomorrow.

Outcomes: Allianz, BMW and Foxconn report.

Be a part of FT consultants on March 27 for a subscriber-only webinar, as they talk about Ukraine’s future with Russia’s full-scale invasion coming into its fourth 12 months. Register totally free.

5 extra prime tales

1. Tesla has warned that Donald Trump’s commerce battle might make it a goal for retaliatory tariffs and improve the price of producing automobiles in America. In an unsigned letter to US commerce consultant Jamieson Greer, Elon Musk’s carmaker mentioned it “helps” truthful commerce however warned that US exporters had been “uncovered to disproportionate impacts when different nations reply to US commerce actions”.

2. Unique: China’s DeepSeek is selecting to deal with analysis over chasing revenues as its billionaire founder decides to not observe Silicon Valley rivals by benefiting from a sudden soar in gross sales. A surge in demand for the unreal intelligence start-up’s providers meant revenues had been sufficient to cowl ongoing prices for the primary time final month.

3. Unique: Deutsche Financial institution might go away Canary Wharf or shed a 3rd of its house when its lease expires in 2028. The German lender has maintained an outpost within the east London monetary district for practically a decade, however the shift would mark the most recent monetary providers tenant to retreat from the world.

4. Neither traders nor administration of Shein have raised issues in regards to the firm’s valuation, its government chair has insisted. Whereas the fast-fashion retailer was most just lately valued at $66bn, some stakeholders need to reduce that to $30bn to hurry up its blockbuster London itemizing. However Donald Tang informed the Monetary Occasions there had been “zero conversations” amongst its administration about doing so.

5. The US has unlocked virtually $5bn in funding for a liquefied pure fuel undertaking by France’s TotalEnergies in Mozambique, doubtlessly restarting work on considered one of Africa’s largest power investments. The corporate put the undertaking on maintain in 2021 after Islamist insurgents killed civilians and employees in assaults close to the positioning. Right here’s why the Trump administration has reapproved the mortgage.

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The Huge Learn

On the face of it, the Olympics are using excessive after the success of Paris 2024, which attracted a surge in viewership and revitalised a model many feared was shedding relevance with youthful audiences. However because the organising committee chooses a brand new president subsequent week, the world’s largest sporting occasion is going through an exodus of main sponsors and a fast-changing media panorama.

We’re additionally studying . . . 

Romanian politics: The nation’s authorities must launch extra proof on why far-right candidate Călin Georgescu was blocked from elections, writes our editorial board.

Simon Sadler: As soon as a heavyweight in Hong Kong finance, the Blackpool FC proprietor now faces the opportunity of jail. Kaye Wiggins goes contained in the downfall of a buying and selling titan.

Peak mind energy: Information throughout nations and ages reveal a rising battle to pay attention and declining verbal and numerical reasoning, writes John Burn-Murdoch.

Trump’s tariffs: Levies on items could also be a prelude to tariffs on cash, writes Gillian Tett, with capital inflows a attainable subsequent goal.

Graphic of the day

Fears of attainable tariffs on gold imports have sparked a rush in transatlantic commerce of the steel. However because of a quirk in world bullion markets and the asset’s bodily nature, refineries in Switzerland are working extra time, resizing the 1kg bars utilized in New York to the 12.5kg bricks traded in London. Right here’s how the time-consuming technique of transport gold has turn into strained.

Take a break from the information . . . 

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