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The Kremlin’s claim that neither Putin nor Trump wanted to hang up first signals an unusually cooperative tone in US‑Russia relations

Executive summary: Putin and Trump spoke by phone; the Kremlin said neither leader wanted to be the first to hang up. The amicable tone may signal a thaw in US‑Russia relations, which can influence geopolitical risk premiums and related asset prices.

Who is involved: Vladimir Putin, Donald Trump, Kremlin officials.

Likely next (inference): Further diplomatic contacts will be monitored for any concrete policy shifts or agreements.

According to the Kremlin, a recent phone call between Russian President Vladimir Putin and former U.S. President Donald Trump ended with neither party wishing to end the conversation first. The readout suggests a moment of mutual engagement rather than the typical terse exchanges seen between the two leaders. While the conversation’s substance was not disclosed, the tone could hint at a willingness to explore diplomatic channels that have been strained in recent years. Such a development bears watching for any downstream effects on geopolitical risk markets.

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