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US-Russia Talks in the Balance as Markets Await Biden’s Written Response

RUSSIA
  • Reading into recent comments from the Kremlin, it seems a lot of emphasis is being placed Biden’s written response to this week’s ‘unsuccessful’ talks. How he responds will likely dictate the next steps in bilateral ties – gradually improving talks or a sharp deterioration.
  • US sanctions proposals have also further dampened sentiment around the talks with the Kremlin sounding notably downbeat and frustrated over the West’s response to its security proposals thus far.
  • The US has drawn a firm line win the sand, but will likely not want to close the door on negotiations through a harsh written response, but also not give ground on key red lines. The immediate de-escalation point is Western drills in the Black Sea and near Russian borders, without agreeing to non-expansion.
  • This gives both sides in win with the US formalizing its sanctions threats and defending Ukraine, but making some cheap concessions to Moscow. Nevertheless, it remains difficult to predict how hard Biden will come out in the written response with pressure at home for a firm stance.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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