Stubb sees quiet progress toward peace in Ukraine

On the path toward peace in Ukraine, a handful of modest but positive steps have emerged.

Finland’s President Stubb put it this way: "On a substantive and technical level, we’ve made a lot of progress under the radar in the past week or so towards a peaceful solution to the war in Ukraine." Norway’s prime minister, in a less explicit remark after meeting with Ukraine, made a similar point.

On a more concrete front, ABC reports that the US is close to an agreement with Russia on the release of 'multiple' jailed Americans. Additional reports indicate US envoys Witkoff and Kushner are flying to Saint Petersburg tomorrow. On that point, Stubb said some elements of peace had been identified and would be taken to that meeting in Russia.

In recent weeks, the US administration has been applying pressure on Zelenski through unorthodox means. That may be an attempt to claim a 'win' via a peace deal ahead of the midterms vote.

Right now, markets are dismissing every headline about Ukraine or Iran, but the chatter is still worth monitoring because the wars will not last forever.