The scheduled meeting between presidents Trump and Putin later today has focused attention on whether there will be any positive news to end the war in Ukraine, but developments over the course of this week have sought to play down those expectations. As things stand, we think the conflict is likely to continue for some time. While Q2 GDP data this week showed that Russia's economy is struggling, we don't think this will be enough to convince Putin to make concessions on his maximalist territorial ambitions.
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