A Diplomatic Flurry: Trump Confirms Putin Meeting as Allies Act on Russian Oil

A flurry of diplomatic and economic activity has intensified the focus on the Ukraine war, with President Donald Trump confirming a summit with Vladimir Putin just as Western allies took joint action on Russian oil. The moves signal a critical, multi-pronged push to force a resolution to the conflict.
Trump announced on Truth Social that he will meet the Russian president in Alaska on August 15. He expressed great optimism about the talks, suggesting a peace deal was “very close,” though his hints about “swapping of territories” have caused considerable unease.
Simultaneously, Canada, Britain, and the EU announced they were lowering the price cap on Russian crude oil from $60 to $47.60 per barrel. This coordinated action is designed to “ratchet up the economic pressure” on the Kremlin, weakening its ability to continue funding the war.
The twin developments set a dramatic stage for next week’s summit. While the economic pressure is designed to weaken Russia’s negotiating position, Trump’s pursuit of a bilateral deal has raised fears he might offer concessions that undermine the very goal of that pressure campaign, creating a week of high-stakes geopolitical uncertainty.