Kremlin: Preparing Trilateral Talks Does Not Mean Russia Will Limit Military Operations

Moscow is deliberately separating the diplomatic track from the battlefield, signaling that trilateral preparation is a channel-management exercise rather than a de-escalation commitment. The explicit rejection of any ceasefire that would give Kyiv a "breather" and the stated retaliation against refinery attacks suggest strikes on energy infrastructure remain outside the negotiating agenda. For markets, the relevant read is that talks alone are unlikely to lower geopolitical risk premia on energy. Whether preparation translates into any operational pause is the open question.