Presidents Vladimir Putin and Donald Trump will meet for summit talks within the next few days, the Kremlin said Thursday.

Russia and the U.S. have agreed on a venue for the meeting and “together with our American colleagues, we are starting to work on specific issues,” with the aim of holding the talks next week, Kremlin foreign policy aide Yuri Ushakov told reporters. He said the location of the summit would be disclosed later.

The announcement came a day after Putin met with Trump’s envoy Steve Witkoff in the Kremlin for nearly three hours of talks as the U.S. pushed for an end to Russia’s war in Ukraine. Trump has threatened to hit purchasers of Russian oil with secondary tariffs unless Putin agreed to a truce by Friday in the war that’s now in its fourth year.

European equity benchmarks and U.S. stock futures rallied on the news, with the Stoxx Europe 600 gaining 0.7%. UBS’s Ukraine Reconstruction basket rose as much as 3.2%, led by an 11% advance in Raiffeisen Bank International. A Goldman Sachs basket of European defense stocks fell 4.9%.

The euro rose to a session high of around $1.17, before trimming gains to trade around $1.168. Other European currencies also rallied, with the Polish zloty up as much as 0.6% against the U.S. dollar.

The meeting is “giving the euro and other European currencies a boost,” said Valentin Marinov, head of G10 FX strategy at Credit Agricole. “While the details around the Trump-Putin meeting are unclear, the apparent progress from yesterday could be seen as an encouraging sign that the hostilities in Ukraine could finally end and a period of recovery could start.”

Ukraine’s dollar bonds extended gains and were the best performers on Thursday across emerging and frontier markets tracked by Bloomberg.

The Moscow Exchange rose by more than 5% with sanctioned Gazprom PJSC, Novatek PJCS and Aeroflot PJSC among the top performers. Russia’s ruble strengthened slightly to 79.375 against the dollar at 12:25 p.m. in Moscow.

Witkoff raised the idea of a trilateral meeting involving Putin, Trump and Ukrainian President Volodymyr Zelenskyy, though Russia didn’t comment on that proposal, Ushakov said. Russia wants to focus first on the Putin-Trump summit, he said.

Trump said Wednesday there was a “very good chance” he would meet with Putin and Zelenskyy soon in another bid to broker peace between the two countries.

The U.S. president informed allies that he was considering a summit during a phone call earlier Wednesday that also included Zelenskyy. Trump was positive about the possibility of a ceasefire, according to several people with knowledge of the call.

He also suggested that Putin would be open to entering into peace talks in exchange for discussing land swaps, the people said.

Ukraine hasn’t reacted so far to the Russian announcement of a summit. Zelenskyy said after the call with Trump that “we all need a lasting and reliable peace” while adding that “Russia must end the war that it itself started,” in a statement posted on social media.

Putin has laid claim to Ukraine’s Black Sea peninsula of Crimea, which Russia illegally annexed in 2014, as well as the eastern and southern Ukrainian regions of Donetsk, Luhansk, Zaporizhzhia and Kherson that his troops don’t fully occupy.

The U.S. had previously offered to recognize Crimea as Russian as part of any deal, and to effectively cede control of parts of other Ukrainian regions that Russia occupies. As part of those earlier proposals, control over areas of Zaporizhzhia and Kherson would be returned to Ukraine.

Putin and Witkoff also discussed Russia-U.S. relations at their meeting and had noted that they could be developed in “a completely different, mutually beneficial scenario,” Ushakov said.

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—With assistance from Greg Ritchie and Andras Gergely.

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