Russia economy bombshell as Ukraine ready to make major concession to achieve peace

Putin could soon see sanctions lifted on Russia (Image: Getty)

Ukraine has indicated it is ready to accept an easing of sanctions on Russia, if it helps to deliver a just peace for the country. Russia's economy has been hit hard by sanctions that have resulted in the country losing billions of pounds in oil and gas revenues from trade with the West.

Businesses and skilled workers have also left the country since Vladimir Putin ordered his catastrophic invasion of Ukraine three years ago. Vladyslav Vlasiuk, President Volodymyr Zelensky’s commissioner for sanctions policy, told POLITICO it was only a "matter of time" before countries would return to do business with Russia. However, he insisted this had to take place under the right conditions and that it was still premature to talk about which sanctions might be rescinded.

Trump is considering lifting sanctions on Russia (Image: Getty)

"We just want at this moment to make sure that first Russia makes significant steps in that direction, then any discussion about the lifting of sanctions emerges," he said.

"If Russia at some point will come back to more or less normal politics towards its partners and neighbours, most importantly, I don’t think that they should be excluded from competitive markets," he added.

The White House is reportedly already considering sanctions relief for Russia, as it seeks to build better relations with the Kremlin.

Earlier this month, reports emerged that a request had been sent to the treasury department to draft a list of sanctions that could be eased.

The US President also called in February for Russia to be readmitted to the G7 group and described its expulsion as a mistake.

Russia had been a member of the club of industrialised nations, then known as the G8, until it was excluded following its annexation of Ukraine's Crimea region in 2014.

Last week, NATO Secretary-General Mark Rutte also opened the door to normalisation with Moscow.

International investors are said to be looking at snapping up Russian assets, as they bet on a lifting of sanctions.

The Financial Times reports that hedge funds and brokers have been figuring out how to trade Russian assets that have been shunned by the West but which they believe could rise sharply if the White House relaxes sanctions.

“There is definitely some excitement, predominantly in the hedge fund community,” Roger Mark, fixed-income analyst at investment firm Ninety One, told the financial news outlet.