President Trump and Russian President Putin agreed to a brief cease-fire in Ukraine during a phone call, timed to coincide with Russia's May 9 Victory Day holiday. Trump suggested the truce, while Putin expressed readiness to implement it, though Ukraine has not yet responded. The development comes as Russia has scaled back its Victory Day celebrations this year.

Previous cease-fires have collapsed amid mutual accusations of violations. Trump has previously blamed Ukraine for the war and curtailed aid to Kyiv, while Putin claimed Ukraine was being incited by Europeans to prolong the conflict. The call marked the 12th between the leaders since Trump returned to office, with both expressing optimism about ending the conflict despite earlier statements about its intractability.

Beyond Ukraine, the conversation focused on the Middle East, with Putin supporting Trump's extension of the Iran cease-fire and warning against renewed military action. Trump remains optimistic about resolving the Ukraine situation quickly, though Putin indicated his objectives would be achieved regardless of negotiations. The market impact of any potential cease-fire remains uncertain amid ongoing geopolitical tensions.