Vladimir Putin pushes the biggest demands in his Ukrainian talk

Today’s Agenda: Tesla’s Customs Warning. Deepseek’s strategy. Deutsche Bank weighs in the Canary Wharf exit. A big reading at the Olympics. Gold triangle trade

good morning. Finishing the week with the latest on Ukraine and US proposals for a 30-day ceasefire with Russia before busy weekend diplomacy.

What Putin hopes: Vladimir Putin says he “supports the ideas” behind the US plan, but added that Ukrainian forces will be able to reorganize just as Russian troops have the upper hand in Kursk. His prerequisites include Ukraine allowing the annexation of Crimea with the four partially occupied regions of Russia. A pledge to never join NATO. Ukrainian military cap. Protection of the country’s Russian speakers. An election to replace Volodymyr Zelenskyy.

What this means: Moscow’s demands effectively end the existence of Ukraine as a functional nation, place it straight into Russia’s orbit, and severely limit the existence of NATO in the east of Germany. One expert said he didn’t want Putin to be accused of being in the way of Donald Trump’s deal, but he didn’t feel pressured to “play the US and chicken game” or “retreat.”

Looking ahead, Trump called Putin’s statement “promising” but “incomplete,” and said he had discussed with Ukraine with “a land that will be maintained and lost.” Steve Witkov, the special envoy of the US President, is currently in Moscow for high-level consultations, while Ir Kiel’s star advisor Jonathan Powell is in Washington today, urging the US to provide a “backstop” of security. The British Prime Minister will hold a virtual call tomorrow with the EU and other leaders.

Here is the harsh situation Putin set for the Ukraine ceasefire:

Kursk: Seven months after a bold invasion to occupy the Russian region, the Ukrainian forces are now retreating quickly.

Russian Sanctions: Hungary threatened to block the EU renewal of sanctions imposed on around 2,000 Russians unless oligarch Mikhail Fridman is removed from the list.

Here’s what we see today and on the weekend:

Economic Data: The EU today releases fourth quarter labor data, Germany has a consumer price index for February, and the UK reports estimates for January GDP.

US Government Shutdown: Senate Democrat head Chuck Schumer has supported Republican Stop-Gap Funding Bill, saying it will reduce the risk of closures earlier tomorrow.

Results: Allianz, BMW, Foxconn Reports.

Join a subscriber-only webinar on March 27th with FT Experts. They discuss Ukraine’s future with a full-scale Russian invasion, which is now in its fourth year. Please sign up for free.

Five more top stories

1. Tesla warned that Donald Trump’s trade war could target retaliatory tariffs and increase the cost of producing vehicles in the United States. In an unsigned letter to US trade representative Jamison Greer, Elon Musk’s automaker warned that while it “supports” fair trade it “supports,” U.S. exporters are “exposed to disproportionate effects when other countries respond to US trading behavior.”

2. Exclusive: China’s Deepseek is choosing to focus on research on revenue tracking as the billionaire founder has used a sudden sales jump to not follow Silicon Valley rivals. The surge in demand for services from artificial intelligence startups has led to revenues being sufficient to cover ongoing costs for the first time last month.

3. Exclusive: Deutsche Bank may leave Canary Wharf in 2028 or drop out a third of its space when the lease expires.

4. Neither Shane’s investors or management raised any concerns about the company’s assessment, its executive committee chair argued. Fast fashion retailer has recently been valued at $660 billion, but some stakeholders want to cut it to $300 billion and speed up London’s blockbuster list. But Donald Tan told The Finance Times that there was “no conversation” among the business owners.

5. The US could unlock about $5 billion in funding for a liquefied natural gas project with full French intake in Mozambique and resume work with one of Africa’s biggest energy investments. The company put the project on hold in 2021 after Muslim rebels killed civilians and workers in attacks near the site. Here’s why the Trump administration reapproved the loan:

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Big reading

In the face of that, the Olympics attracted a surge in audience after the success of Paris in 2024, revitalizing brands that many believe may have lost their connection to younger audiences. But when the organising committee chooses a new president next week, the world’s biggest sporting event faces a major sponsor and a rapidly changing media landscape.

We’re reading too. . .

Romanian Politics: The editorial board writes that the country’s authorities need to release more evidence on why far-right candidate Karin Georgek was blocked from the election.

Simon Sadler: Once a heavyweight in Hong Kong finance, the owner of Blackpool FC is now facing the potential of a prison. Kay Wiggins enters the Titan downfall of the deal.

Peak Brain Power: National and Age Data reveals an increasing struggle to concentrate and decay verbal and numerical inferences, John Byrne Murdoch writes.

Trump’s tariffs: Collection on goods could be a prerequisite for tariffs on money, Gillian Tett wrote, with capital inflows potentially the next target:

The graphics of the day

Fear of possible tariffs on gold imports has led to a surge in transatlantic trade in metals. However, due to the habits of the global bullion market and the physical nature of its assets, Swiss refineries are working overtime, resizing the 1kg bar used in New York to 12.5kg bricks traded in London. This shows how the time-consuming process of shipping gold can be tense.

Take a break from the news. . .

After reviewing the restaurant for 13 years, Tim Hayward questioned his own preferences and prejudices in his final criticism. The restaurant has brought new menu items and exciting ideas, but one thing always stands out. Now he finally explains himself.