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Putin announces Ukraine ceasefire over Easter amid largest POW swap

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Putin announces Ukraine ceasefire over Easter amid largest POW swap
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According to the Kremlin, the ceasefire will last from 6 p.m. Moscow time (1500 GMT) on Saturday to midnight (2100 GMT) following Easter Sunday.

“Guided by humanitarian considerations, today from 18:00 to 00:00 from Sunday to Monday, the Russian side declares an Easter truce. I order that all military actions be stopped for this period,” Putin said at a meeting with Chief of the General Staff Valery Gerasimov, the Kremlin’s Press Service quoted him as saying.

“We assume that the Ukrainian side will follow our example. At the same time, our troops must be ready to repel possible violations of the truce and provocations from the enemy, any of its aggressive actions,” Putin said.

Ukrainian President Volodymyr Zelenskyy called the ceasefire “another attempt by Putin to play with human lives.” He wrote on X that “air raid alerts are spreading across Ukraine,” and “Shahed drones in our skies reveal Putin’s true attitude toward Easter and toward human life.”

The two sides meanwhile exchanged hundreds of POWs on Saturday. Russia’s Ministry of Defense said that 246 Russian service members were returned from territory controlled by Kyiv, and that “as a gesture of goodwill” 31 wounded Ukrainian POWs were transferred in exchange for 15 wounded Russian soldiers in need of urgent medical care.

Both sides thanked the United Arab Emirates for their mediation.

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In a further post, Zelenskyy welcomed the prisoner of war exchange, saying that 277 Ukrainian servicemen had returned.

In response to the ceasefire announcement, Ukrainian Foreign Minister Andrii Sybiha said that Kyiv had in March “agreed unconditionally to the U.S. proposal of a full interim ceasefire for 30 days,” which Russia rejected.

Putin’s ceasefire announcement comes after U.S. President Donald Trump on Friday said negotiations between Ukraine and Russia are “coming to a head” and insisted that neither side is “playing” him in his push to end the grinding three-year war.

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Russia ups jail sentence of US citizen to 10 years for beating prison staff

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Russia ups jail sentence of US citizen to 10 years for beating prison staff

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Russia once again extended the prison sentence of U.S. citizen Robert Gilman Wednesday after a regional court found him guilty of a new assault on prison staff. 

The ruling adds two more years to the former Marine’s existing term, now bringing his total sentence to 10 years, Reuters reported.

The latest extension came in the Voronezh region, where Gilman continues to serve time. 

Prosecutors accused him of attacking two prison guards, and the court ruled that the incident constituted a new offense which warranted additional punishment.

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US PILOT AND INFLUENCER RELEASED FROM CHILEAN ANTARCTIC DETENTION 2 MONTHS AFTER ALLEGED UNAUTHORIZED LANDING 

Robert Gilman now faces 10 years total after Voronezh court adds two more years for allegedly attacking guards. (REUTERS/Vladimir Lavrov)

The move follows a pattern of steadily increasing charges for Gilman since his initial arrest in 2022, highlighting how his prison time has lengthened over consecutive years.

Gilman, from Dracut, Massachusetts, was first arrested in January 2022 after passengers on a train reported he was drunk and causing a disturbance.

NATIONAL GUARDSMAN ACCUSED OF SEEKING TO SEND PHOTOS OF SENSITIVE MILITARY TECHNOLOGY TO RUSSIA 

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The former Marine’s Russian prison sentence keeps growing after a new assault conviction. (REUTERS/Vladimir Lavrov)

Transport police took him off the train in Voronezh, where he was detained for petty hooliganism. 

At the time, Russian media reported that Gilman, who had been traveling between Sochi and Moscow to replace a damaged passport, was heavily intoxicated.

He later claimed in court that he believed his drink had been spiked.

Gilman was convicted in 2022 of assaulting a police officer, initially receiving a sentence of three and a half years. 

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At the time, prosecutors recommended four and a half years, of a possible five.

US AND QATAR SECURE RELEASE OF AMERICAN CITIZEN AMIR AMIRY FROM AFGHANISTAN DETENTION

Gilman’s legal troubles escalated since his 2022 arrest for a train disturbance while he was traveling to replace his passport. (REUTERS/Vladimir Lavrov)

Fox News Digital also reported that Gilman bruised a Russian police officer with a kick while being dragged off of the train.

Gilman’s troubles in custody then increased in 2024 when he was found guilty of attacking a prison inspector during a cell check, assaulting an investigator and beating another guard.

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Those convictions brought a sentence of eight years and one month, with Wednesday’s decision pushing the total to a decade.

UKRAINE ARRESTS BRITISH SUSPECT WHO ALLEGEDLY AIDED RUSSIA’S FSB IN ASSASSINATION PLAN

The former U.S. Marine got two more years in a Russian prison for assault. (Vladimir Lavrov/REUTERS)

Local media, including the business newspaper Kommersant, reported that Gilman admitted to some of the assaults, per Reuters.

He said he began breaking prison rules after he was threatened with transfer from his current detention facility, which he described as humane and where he could receive packages from relatives, to a maximum-security penal colony. 

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On Wednesday, Gilman apologized in court and explained he preferred to remain in the Voronezh facility.

According to Reuters, Gilman’s lawyer, Irina Brazhnikova, told the state-run TASS news agency that he would not appeal the newest verdict.

Gilman is among at least nine Americans still imprisoned in Russia following multiple high-profile prisoner exchanges in 2024 and 2025. 

FORMER SECURITY GUARD AT US EMBASSY OVERSEAS IS CONVICTED OF SPYING FOR RUSSIA AND IRAN

Former prisoners released by Russia, journalist Evan Gershkovich, right, former U.S. Marine Paul Whelan, center, and U.S.-Russian journalist Alsu Kurmasheva, left, smile after landing at Joint Base San Antonio-Kelly Field, Texas, on August 2, 2024.  (Suzanne Cordeiro/AFP via Getty Images)

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Several, like Gilman, have U.S. military backgrounds, including Michael Travis Leake and Gordon Black.

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Supporters of Gilman in the United States argue he was ill when first detained and was provoked into actions that produced additional charges.

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US House Judiciary Committee subpoenas former Trump prosecutor Jack Smith

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US House Judiciary Committee subpoenas former Trump prosecutor Jack Smith

Republicans have been probing Smith’s investigations into Trump, which resulted in two indictments.

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The Republican-led House Judiciary Committee in the United States has subpoenaed former Department of Justice special counsel Jack Smith, who led the two federal prosecutions of President Donald Trump.

The announcement on Wednesday came despite Smith previously volunteering to appear for an open meeting with the Republican-led panel, which is probing the indictments against Trump.

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“Due to your service as Special Counsel, the Committee believes that you possess information that is vital to its oversight of this matter,” committee chairman Republican Jim Jordan wrote in a letter to Smith.

Jordan also asked Smith to produce records for the committee in addition to his testimony. Smith has been summoned for a closed-door interview later this month.

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One of the federal indictments that Smith led related to Trump’s alleged efforts to overturn the results of the 2020 presidential election and his actions on January 6, 2021, when his supporters stormed the US Capitol.

The second pertained to his hoarding of classified documents at his Florida resort.

Both cases were dropped after Trump’s re-election in November 2024. Longstanding Justice Department policy bars the prosecution of a sitting president.

Trump has portrayed the indictments as part of a coordinated, politically motivated “witch-hunt”.

Peter Koski, one of Smith’s lawyers, criticised the private nature of the planned deposition in a statement.

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“We are disappointed that offer was rejected, and that the American people will be denied the opportunity to hear directly from Jack on these topics,” Koski said.

“Jack looks forward to meeting with the committee later this month to discuss his work and clarify the various misconceptions about his investigation.”

In recent weeks, Republicans in Congress have focused on revelations that Smith’s team analysed phone records of some lawmakers around the time of the January 6 riot.

An artist sketch shows President Donald Trump conferring with defence lawyer Todd Blanche in Washington, DC, during federal hearings, on August 3, 2023 [Dana Verkouteren via AP Photo]

Smith’s legal team has maintained the records showed only basic information about outgoing and incoming calls: their time, date and duration, but not the contents of the telephone conversations.

“Mr Smith’s actions as Special Counsel were consistent with the decisions of a prosecutor who has devoted his career to following the facts and the law, without fear or favor and without regard for the political consequences,” Smith’s lawyers wrote to lawmakers in October.

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“His investigative decisions were similarly motivated, and the subpoena for toll records was entirely proper, lawful, and consistent with established Department of Justice policy. While Mr Smith’s prosecutions of President Trump have predictably been politicized by others, politics never influenced his decision making,” they added.

When asked about the subpoena during an Oval Office news conference on Wednesday, Trump repeated his attacks on Smith, calling him “a sick man”.

Even so, Trump added, “ I’d rather see him testify publicly because there’s no way he can answer the questions.”

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Morning Bid: Just a blip for risk assets, more Fed pain for the dollar

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Morning Bid: Just a blip for risk assets, more Fed pain for the dollar

LONDON, Dec 3 (Reuters) – By Yoruk Bahceli, markets correspondent

What matters in U.S. and global markets today

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Risk assets are showing further signs of recovery on Wednesday from a broad selloff that kicked off the month, but bonds are sitting on their losses for now.

And the dollar is down with focus back to the Federal Reserve, with Trump delaying his pick for the next chair to 2026. Meanwhile, investors are stuck watching the ADP jobs report in the absence of November payrolls.

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I’ll get into all the market news below.

But first check out Mike Dolan’s latest column on why investors should worry less about so-called ‘vigilantes’ and pay more attention to bond-market ‘termites’.
And listen to the latest episode of the new Morning Bid, opens new tab daily podcast. Subscribe to hear Mike and other Reuters journalists discuss the biggest news in markets and finance seven days a week.

Today’s Market Minute

  • Russia and the U.S. did not reach a compromise on a possible peace deal to end the war in Ukraine after a five-hour Kremlin meeting between President Vladimir Putin and Donald Trump’s top envoys, the Kremlin said on Wednesday.
  • An acute global shortage of memory chips is forcing artificial intelligence and consumer-electronics companies to fight for dwindling supplies, as prices soar for the unglamorous but essential components that allow devices to store data.
  • China is likely to stick to its current annual economic growth target of around 5% next year, government advisers and analysts said, a goal that would require authorities to keep fiscal and monetary spigots open as they seek to snap a deflationary spell.
  • It’s been almost 10 months since the Democratic Republic of Congo, the world’s dominant cobalt supplier, halted exports of the battery metal, which has been a booster for the bombed-out cobalt price, writes ROI Mentals Columnist Andy Home.
  • Benchmark U.S. natural gas prices are ending 2025 just as they entered it – with a strong rally. And that’s bad news for people hoping for further cuts to U.S. coal use, writes ROI Global Energy Transition Columnist Gavin Maguire.

Was it all just a blip for risk assets?

The broad selloff that kicked the week off for markets is proving to be a blip for risk assets.

After dropping half a percent on Monday, the S&P 500 rose 0.25% on Tuesday and futures were up in early London trading.

Bitcoin was up another 1.7% after rising nearly 6% on Tuesday. But it remains 26% below an October peak.

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In other signs that it’s not all plain sailing, 10-year Treasury yields dipped on Wednesday but were still up 7 basis points this week, while Japan’s bond yields hit multi-year highs.

But in the absence of a narrative to drive markets, all focus remains on the Fed, its meeting next week where traders are banking on a rate cut, and who will lead it next.

U.S. President Donald Trump said on Tuesday he would announce his pick for the next Fed chair — largely expected to be White House economic advisor Kevin Hassett — early next year, later than previously expected, having previously said he already knows who he’ll pick.

Later on Tuesday, Trump said a potential Fed chair was present as he introduced Hassett at a meeting.

Bets on Hassett as the next Fed chair briefly dipped on betting site Polymarket on Tuesday, but quickly recovered.

Investors reckon Hassett, seen as favoring lower interest rates, could dent the dollar further. The euro and sterling reached their highest in over a month against the dollar on Wednesday as Fed rate cut bets continue to weigh on the dollar.

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Focus turns to economic data, though the prints are unlikely to sway the Fed.

November’s ADP report is expected to show private employers added 10,000 jobs, down from 42,000 in October, another sign of the labor market weakening.

While the ADP doesn’t correlate with the government’s jobs report, markets are watching alternatives more closely as November’s official one will only be released after the Fed meeting, thanks to the U.S. government shutdown.

The ISM services PMI is also due, following data on Monday showing a ninth month of contraction for the manufacturing sector.

Elsewhere, it’s all about geopolitics.

Russia and the U.S. did not reach a compromise on a possible Ukraine peace deal.
The European Union’s executive arm is set to move ahead with a proposal to use frozen Russian assets to fund lending to Ukraine. It’s also leaving open the possibility of raising funding through joint EU borrowing — an option financial markets would also welcome — or a combination of the two.

But Belgium, home to Euroclear where the assets sit and concerned over legal repercussions, was quick to say the new proposals still don’t address its concerns.

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The bloc also agreed to phase out Russian gas imports, which still account for 12% of its total imports, by late 2027.

Chart of the day

Chart shows Kevin Hassett is in the lead to chair the Fed on betting site Polymarket

White House Economic Advisor Kevin Hassett is still overwhelmingly seen as the candidate Trump will nominate to succeed Jay Powell as Federal Reserve Chair, according to betting site Polymarket.

Today’s events to watch

* ADP national employment report (November)

* U.S. industrial production (September)

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* ISM services PMI (November)

* S&P Global services, composite final PMIs (November)

* U.S. corporate earnings: Dollar Tree, Five Below, Macy’s, Thor Industries, PVH Corp, Torrid Holdings, Tillys

Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, opens new tab, is committed to integrity, independence, and freedom from bias.
Want to receive the Morning Bid in your inbox every weekday morning? Sign up for the newsletter here.

By Yoruk Bahceli; Editing by Bernadette Baum

Our Standards: The Thomson Reuters Trust Principles., opens new tab

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