G20 talks expose deep rift as Russia stays defiant while Rubio pursues sideline diplomacy

G20 talks have exposed deep rifts among member countries, particularly between Russia and its European counterparts. Russia has shown no willingness to soften its stance on Ukraine, despite ongoing tensions and conflicts. This stance has led to sharp disagreements at the G20 foreign ministers' meeting, with EU foreign policy chief Kaja Kallas accusing Russia of presenting false information. The rifts between Russia and Europe are likely to have significant implications for global trade and economic relations.

Why it matters

Russia is not softening its stance on Kyiv, and the Ukraine war is deepening. This suggests that a diplomatic breakthrough is unlikely, which could lead to further escalation and market volatility.

Market impact

Markets & countries in focus

Transmission channels

Likely winners & losers

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