Putin proposes a Ukraine summit with Trump and Xi at APEC in Shenzhen on 18-19 November

Russian President Vladimir Putin has proposed a three-way summit with US President Donald Trump and Chinese President Xi Jinping next month to negotiate an end to the war in Ukraine, the Wall Street Journal reported on Sunday, citing people familiar with the discussions. The report was carried by Reuters through Business Recorder and CNBC.

According to the Journal, the Kremlin suggested holding the talks on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in Shenzhen, China, on 18 and 19 November. The newspaper said the format being discussed would favour Moscow.

Who said what

• The Kremlin: spokesman Dmitry Peskov confirmed to the Journal that discussions about a possible meeting were under way, but said there was "no clear understanding yet" about the meeting or its agenda.
• Washington: a senior US official told the Journal that Trump had not agreed to a summit but could be receptive to the idea. The White House did not respond to Reuters.
• Russian and Chinese embassies in Washington did not reply to requests for comment.

The Journal, citing a former Russian intelligence officer briefed on the matter, said Putin raised the idea in a phone call with Trump on 9 October. The same call produced a deal for the US to buy Russian diesel.

Why it comes now

The proposal follows a fast warming between Washington and Moscow. On Friday Trump signed an order waiving key sanctions on Russia, and he has also waived 100% tariffs on the biggest buyers of Russian oil, sparing India and China. Ukrainian President Volodymyr Zelensky criticised the diesel deal and the sanctions waiver, warning they would embolden Putin and prolong the war.

Meanwhile the fighting continues: a Russian strike overnight hit a Kyiv metro station and killed a woman, the city's mayor said, according to Reuters.

What it means for Pakistan

Pakistan has stayed neutral on the Ukraine war and buys much of its oil at prices set on world markets. Any sign of a deal, and more Russian fuel reaching the market under the sanctions waiver, tends to push crude prices down: oil slipped on Monday morning on exactly that expectation. Lower crude feeds through to Pakistan's fortnightly fuel review. Follow the PSO ex-depot price on our petrol price page and work out what a tank costs with the fuel cost calculator.

What to watch

The APEC leaders' meeting in Shenzhen is on 18 and 19 November. Whether Trump agrees to sit down with both Putin and Xi there, and whether Ukraine is invited, are the two questions to watch.