In a private call this week, Donald Trump offered a very different view of his “buddy” Vladimir Putin—one that could have ripple effects across financial and crypto markets.
During a confidential Monday conversation that included Ukrainian President Volodymyr Zelensky, French President Emmanuel Macron, German Chancellor Friedrich Merz, Italian Prime Minister Giorgia Meloni, and EU Commission President Ursula von der Leyen, Trump admitted that Putin still thinks he’s winning the war in Ukraine and isn’t ready to stop.
That private stance clashes with Trump’s public persona, where he’s long painted Putin as a reluctant warrior seeking peace. Until now, he hasn’t publicly acknowledged that Putin has no real interest in ending the war.
Despite that private shift, Trump hasn’t backed the kind of economic pressure—especially through sanctions—that Zelensky and European leaders have been demanding. For crypto investors tracking global instability and sanctions policy, this adds another layer of unpredictability to U.S.-Russia relations and the markets they influence.
No Cease-Fire, No Sanctions (Yet)
A day before the call, Trump spoke separately with Macron, Merz, Meloni, and new UK Prime Minister Keir Starmer. He floated the idea of sanctions if Putin rejected a cease-fire. But instead of immediate action, Trump pushed for renewed low-level talks between Ukraine and Russia—possibly hosted at the Vatican.
That approach frustrated European leaders, who had spent the past 10 days trying to pressure Trump into using U.S. leverage. Trump’s response? “This isn’t my war,” he told reporters. “We got ourselves entangled in something we shouldn’t have been involved in.”
His stance drew criticism, especially when he claimed he’d never backed an “unconditional” cease-fire—despite a May 8 post on Truth Social calling for exactly that. The word was later dropped from negotiations to accommodate him.
Europe Steps Up as Merz Takes Charge
With Friedrich Merz replacing Olaf Scholz in early May, Germany signaled a tougher posture. Merz helped push a surprise Kyiv visit with Macron, Starmer, and Polish PM Donald Tusk on May 10. During the visit, they called Trump directly and warned Putin that Europe was prepared to act.
Putin responded by agreeing to talks—but then sent mid-level negotiators to Istanbul instead of showing up himself. The result? The same demands Ukraine has already rejected. European leaders circled back to Trump, this time arguing that it was time for real sanctions. Some minor measures passed, but heavy sanctions—including on oil and banks—are still being debated.
Trump Flirts With Sanctions, Again
In his Sunday call with European leaders, Trump hinted the U.S. could join in sanctioning Russian oil and banks—major triggers for both traditional markets and crypto asset flows. His ally Senator Lindsey Graham claimed this week he already has 81 co-sponsors for a sweeping sanctions bill.
Even as Trump praised Merz’s “German accent” and criticized Europe’s migration policies, Macron cut in to say, “You cannot insult our nations, Donald.”
Despite the tension, some leaders left the call cautiously optimistic. But Trump’s consistency remains a question mark. Talks are now scheduled for mid-June at the Vatican—yet Putin’s seat at the table remains empty.
Why It Matters for Crypto
Geopolitical uncertainty, especially involving oil, banks, and sanctions, always has knock-on effects for crypto. Every delay in Western unity gives Moscow more room to maneuver—and every hint of sanctions tends to send Bitcoin and stablecoins surging in Russia-linked wallets.
For now, Trump’s mixed messaging is keeping global leaders guessing—and markets on edge.
