Zelensky Says Ceasefire Is Ukraine’s Maximum Concession, Rules Out Troop Withdrawal

Zelensky's framing narrows the negotiation space: by casting a ceasefire as the ceiling of Ukraine's concessions, he rules out the territorial and military pullback that any durable settlement would likely require. That distinction matters for markets pricing geopolitical risk, since a ceasefire without a withdrawal mechanism is a pause, not a resolution. The open question is whether security guarantees become the bridge that makes a ceasefire hold, or whether the gap between the two sides' positions keeps risk premia elevated.