Commodities June 17, 2026 10:29 AM

Trump says he held constructive talks with Putin and Zelenskiy at Evian G7

President declines to assign responsibility for the Ukraine conflict and leaves U.S. sanctions uncertain as oil prices slide

By Sofia Navarro
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At the G7 summit in Evian-les-Bains, President Donald Trump said he had productive conversations with both Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskiy. Zelenskiy and European allies arrived at the lakeside meeting seeking to underscore recent battlefield gains attributed to Ukrainian drone operations deep inside Russia. Trump declined to say whether he viewed Putin as more responsible for the conflict and was non-committal on potential U.S. sanctions, noting in particular recent declines in oil prices.

Trump says he held constructive talks with Putin and Zelenskiy at Evian G7
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Key Points

  • President Trump reported "good talks" with both Vladimir Putin and Volodymyr Zelenskiy during the G7 summit in Evian-les-Bains, France.
  • Zelenskiy and European allies attended the G7 seeking to highlight Ukraine's apparent battlefield improvements tied to drone strikes into Russia; this diplomatic push was aimed at influencing U.S. views.
  • Trump did not state whether he considered Putin more responsible for the Ukraine conflict and was non-committal on imposing sanctions, noting recent downward moves in oil prices.

At the G7 meeting held in Evian-les-Bains, France on June 17, President Donald Trump told reporters that he had "good talks" with both Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskiy on the sidelines of the summit.

Zelenskiy, accompanied by European allies, attended the summit in the hopes of conveying to Trump that Ukraine's battlefield position had strengthened, a development they linked to Ukrainian drone strikes conducted deep inside Russian territory.

When questioned by reporters about whether he considered President Putin more responsible for the conflict in Ukraine, Trump declined to offer a judgment. "Well, I don’t want to comment on that, because I’m trying to get it settled, and that doesn’t make it easy," he said, signaling a reluctance to apportion blame in public remarks while he pursues a settlement.

Trump also did not provide a definitive answer on whether the United States would move to impose sanctions on Russia. On that point he said: "We are looking at that, we’re seeing how far the price of oil comes down, it’s, it’s really tumbling." The comment tied the administration's deliberations to recent movements in oil prices, without confirming any specific policy action.

The discussions took place against the backdrop of leaders from Ukraine and its European partners attempting to influence U.S. thinking at the summit, and amid market signals that Trump referenced when discussing possible measures against Russia.


Context and implications

The president's remarks underscored two concurrent themes at the summit: diplomatic engagement with leaders on both sides of the Ukraine conflict, and the consideration of economic signals - notably the drop in oil prices - as inputs into potential policy decisions on sanctions.

Trump's decision not to publicly assign responsibility for the conflict or commit to sanctions preserves diplomatic flexibility but leaves open uncertainty about immediate U.S. economic and geopolitical responses.

Risks

  • Uncertainty over U.S. sanctions policy toward Russia creates risk for energy markets, given the administration is "looking at" measures while noting oil prices are tumbling.
  • Ambiguity in public attribution of responsibility for the conflict - Trump declined to say whether Putin was more responsible - sustains geopolitical uncertainty that can affect defense and commodities markets.

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