Renault appoints procurement chief as new CEO as it announces A$19.9 billion loss
Mr Provost (below) has been with Renault for 23 years, and has been chief procurement, partnerships and public affairs officer since 2023.
In 1994 he graduated with degrees from École polytechnique, and École des mines, France's leading engineering university.
CarExpert can save you thousands on a new car. Click here to get a great deal. Supplied Credit: CarExpert
His first calling was public service, where he rose to become deputy secretary general of interministerial committee for industrial restructuring, and later a senior advisor in the ministry of defence.
Mr Provost jumped over to Renault in 2002, and served the company around the world, including stints as the chief of Renault Portugal and Renault Russia. In 2011 he became CEO of Renault Samsung before being put in charge of the automaker's Asia-Pacific operations in 2016.
As head of international development and partnerships from 2020, he helped engineer the company's wide-ranging partnership with Geely, which sees Renault South Korea manufacture restyled Geely Group vehicles, as well as jointly developing and producing internal combustion engines.
He also negotiated Renault's exit from Russia in the wake of its invasion of Ukraine in 2022, which saw the French automaker sell its majority stake in market-leading Lada back to Russian interests for a single rouble, or about two Aussie cents. Supplied Credit: CarExpert
It's likely Mr Provost's experience with Renault's various international partners will be put the test in the coming years.
Along with news of his elevation to the top job, Renault announced a loss of €11.2 billion ($19.9 billion). Around €9.3 billion ($16.5 billion) of the loss is because Renault has changed the way it accounts for its stake in Nissan, which is now tied to the latter's share price.
A further €2.3 billion ($4.1 billion) in losses came from Nissan and its associated companies.
According to Automotive News, during his first investor call as CEO, Mr Provost said the automaker will need 'iron discipline' when deciding on investments. Supplied Credit: CarExpert
He said the company is still aiming to expand outside of Europe, with key markets being Latin America and India. It will be interesting to see whether Mr Provost keeps investing Alpine, which is burning through cash as it seeks to establish itself as an all-electric competitor to Porsche.
Mr Provost has big shoes to fill. His predecessor, Luca de Meo, is widely credited with turning the automaker around. During his watch, the company revitalised its lineup of internal combustion engine vehicles, and launched a clutch of eye-catching and well-received electric cars, including the 5 E-Tech.
Mr de Meo resigned abruptly in the middle of June — although he didn't leave the company until mid-July — in order to take the reins at Kering, a luxury brand conglomerate that owns Gucci, Yves Saint Laurent, Balenciaga and others.
MORE: Everything Renault
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
9 News
4 hours ago
- 9 News
US is auctioning seized $500 million Russian yacht
The US government is auctioning off the $US325 million ($500 million) yacht Amadea, its first sale of a seized Russian luxury ship since the start of Moscow's invasion of Ukraine. The auction, which closes on September 10, comes as President Donald Trump seeks to increase pressure on Russian President Vladimir Putin to end the war. The US has said it's working with allies to put pressure on Russian oligarchs, some of whom are close to Putin and have had their yachts seized, to try to compel him to stop the war. The 106-metre-long yacht, seized three years ago and currently docked in the US city of San Diego, was custom-built by the German company Lürssen in 2017. Designed by François Zuretti, the yacht features an interior with extensive marble work, eight state rooms, a beauty salon, a spa, a gym, a helipad, a swimming pool and a lift. It accommodates 16 guests and 36 crew members. Meanwhile, Eduard Khudainatov, a former chairman and chief executive of the state-controlled Russian oil and gas company Rosneft, who has not been sanctioned, claims to own it. US prosecutors say Khudainatov is a straw owner of the yacht, intended to conceal the yacht's true owner, Kerimov. Litigation over the true ownership of the yacht is ongoing. A representative of Khudainatov said in an emailed statement on Wednesday that the planned sale of the yacht is 'improper and premature' since Khudainatov is appealing a forfeiture ruling. 'We doubt it will attract any rational buyer at fair market price, because ownership can, and will, be challenged in courts outside the United States, exposing purchasers to years of costly, uncertain litigation,' said the representative, Adam Ford. The yacht has been virtually untouched since the US National Maritime Services took custody of it in 2022. To submit a sealed bid on it, bidders must put in a $US11.6 million deposit, to be considered. Ford said Khudainatov would go after any proceeds from the sale of the yacht, estimated to be worth $US325 million. 'Should the government press ahead simply to staunch the mounting costs it is imposing on the American taxpayer, we will pursue the sale proceeds, and any shortfall from fair market value, once we prevail in court," Ford said. An American aid package for Ukraine signed into law last May gave the US the ability to seize Russian state assets in the US and use them for the benefit of Kyiv, which was attacked by Russia in February 2022.
The Advertiser
5 hours ago
- The Advertiser
Asia stocks end mostly higher on US rate cut hopes
Asian stocks mostly advanced on Thursday, with Japanese shares hitting a record high, as tech-led gains on Wall Street, upbeat earnings, growing hopes for a ceasefire in Ukraine and expectations for US rate cuts boosted sentiment. Markets largely shook off US President Donald Trump's latest tariff volleys, including an additional 25 per cent tariff on US imports from India over purchases of Russian oil and a threatened 100 per cent duty on chips. "It's surprising that everything that gets thrown at the market that it just continues to melt-up," said Eddie Kennedy, head of bespoke discretionary fund management at Marlborough. Europe's STOXX 600 rose 0.5 per cent, with major indexes in Frankfurt and Paris up one per cent and 0.8 per cent, respectively. Britain's FTSE 100 was the outlier, dropping 0.3 per cent. In Asia, Japan's broad Topix index rose 0.7 per cent to a record closing high, with the more tech-focused Nikkei climbing 0.65 per cent. In China, stocks rose for a fourth straight day to close at a three-and-a-half year high as upbeat export data added fuel to the recent market rally. The Shanghai Composite index climbed 0.2 per cent 3,639.67, the highest such close since December 2021. The blue-chip CSI300 index was little changed. Hong Kong's Hang Seng index rose 0.69 per cent. Taiwan's stock benchmark surged as much as 2.6 per cent to a more than one-year peak. Shares in chipmaker TSMC, which this year announced additional investment in its US production facilities, soared 4.9 per cent to a record high. The KOSPI added 0.6 per cent, with South Korea's top trade envoy saying Samsung Electronics and SK Hynix would not be subject to 100 per cent tariffs. US S&P 500 futures rose 0.3 per cent. On Wednesday, the cash index climbed 0.7 per cent. "Wall Street seems to have gotten its mojo back," analyst Kyle Rodda wrote in a note. "However, there are persistent risks to the downside. Downside surprises in official data are increasing," he said. "Valuations are also stretched, with forward price to earnings hovering around the highest in four years. And trade uncertainty persists." The US dollar remained lower against major peers on Thursday, with expectations of easier policy from the Federal Reserve stoked both by some disappointing macroeconomic indicators - not least Friday's payrolls report - and Trump's move to install new picks on the Fed board that are likely to share the US President's dovish views on monetary policy. Focus is centring on Trump's nomination to fill a coming vacancy on the Fed's Board of Governors and candidates for the next chair of the central bank, with current Chair Jerome Powell's tenure due to end in May. The benchmark 10-year US Treasury yield was little changed at 4.2365 per cent. The two-year yield, which is more sensitive to changes in interest rate expectations, was up one basis point at 3.7134 per cent, close to a three-month low of 3.659 per cent touched on Monday. The dollar index, which gauges the currency against the euro, sterling and four other counterparts, eased 0.2 per cent to 98.031, extending a 0.6 per cent drop from Wednesday. The euro added 0.2 per cent to $US1.1686, following the previous session's 0.7 per cent jump. Sterling rose 0.2 per cent to $US1.3378. The BoE looks poised to cut interest rates for the fifth time in 12 months later on Thursday, but nagging worries about inflation are likely to split its policymakers and cloud the outlook for its next moves. Two Monetary Policy Committee members may push for a half-point rate cut, and two may lobby for no change. In commodities, spot gold added 0.3 per cent to $US3,376 an ounce, after earlier hitting its highest level in two weeks. with DPA Asian stocks mostly advanced on Thursday, with Japanese shares hitting a record high, as tech-led gains on Wall Street, upbeat earnings, growing hopes for a ceasefire in Ukraine and expectations for US rate cuts boosted sentiment. Markets largely shook off US President Donald Trump's latest tariff volleys, including an additional 25 per cent tariff on US imports from India over purchases of Russian oil and a threatened 100 per cent duty on chips. "It's surprising that everything that gets thrown at the market that it just continues to melt-up," said Eddie Kennedy, head of bespoke discretionary fund management at Marlborough. Europe's STOXX 600 rose 0.5 per cent, with major indexes in Frankfurt and Paris up one per cent and 0.8 per cent, respectively. Britain's FTSE 100 was the outlier, dropping 0.3 per cent. In Asia, Japan's broad Topix index rose 0.7 per cent to a record closing high, with the more tech-focused Nikkei climbing 0.65 per cent. In China, stocks rose for a fourth straight day to close at a three-and-a-half year high as upbeat export data added fuel to the recent market rally. The Shanghai Composite index climbed 0.2 per cent 3,639.67, the highest such close since December 2021. The blue-chip CSI300 index was little changed. Hong Kong's Hang Seng index rose 0.69 per cent. Taiwan's stock benchmark surged as much as 2.6 per cent to a more than one-year peak. Shares in chipmaker TSMC, which this year announced additional investment in its US production facilities, soared 4.9 per cent to a record high. The KOSPI added 0.6 per cent, with South Korea's top trade envoy saying Samsung Electronics and SK Hynix would not be subject to 100 per cent tariffs. US S&P 500 futures rose 0.3 per cent. On Wednesday, the cash index climbed 0.7 per cent. "Wall Street seems to have gotten its mojo back," analyst Kyle Rodda wrote in a note. "However, there are persistent risks to the downside. Downside surprises in official data are increasing," he said. "Valuations are also stretched, with forward price to earnings hovering around the highest in four years. And trade uncertainty persists." The US dollar remained lower against major peers on Thursday, with expectations of easier policy from the Federal Reserve stoked both by some disappointing macroeconomic indicators - not least Friday's payrolls report - and Trump's move to install new picks on the Fed board that are likely to share the US President's dovish views on monetary policy. Focus is centring on Trump's nomination to fill a coming vacancy on the Fed's Board of Governors and candidates for the next chair of the central bank, with current Chair Jerome Powell's tenure due to end in May. The benchmark 10-year US Treasury yield was little changed at 4.2365 per cent. The two-year yield, which is more sensitive to changes in interest rate expectations, was up one basis point at 3.7134 per cent, close to a three-month low of 3.659 per cent touched on Monday. The dollar index, which gauges the currency against the euro, sterling and four other counterparts, eased 0.2 per cent to 98.031, extending a 0.6 per cent drop from Wednesday. The euro added 0.2 per cent to $US1.1686, following the previous session's 0.7 per cent jump. Sterling rose 0.2 per cent to $US1.3378. The BoE looks poised to cut interest rates for the fifth time in 12 months later on Thursday, but nagging worries about inflation are likely to split its policymakers and cloud the outlook for its next moves. Two Monetary Policy Committee members may push for a half-point rate cut, and two may lobby for no change. In commodities, spot gold added 0.3 per cent to $US3,376 an ounce, after earlier hitting its highest level in two weeks. with DPA Asian stocks mostly advanced on Thursday, with Japanese shares hitting a record high, as tech-led gains on Wall Street, upbeat earnings, growing hopes for a ceasefire in Ukraine and expectations for US rate cuts boosted sentiment. Markets largely shook off US President Donald Trump's latest tariff volleys, including an additional 25 per cent tariff on US imports from India over purchases of Russian oil and a threatened 100 per cent duty on chips. "It's surprising that everything that gets thrown at the market that it just continues to melt-up," said Eddie Kennedy, head of bespoke discretionary fund management at Marlborough. Europe's STOXX 600 rose 0.5 per cent, with major indexes in Frankfurt and Paris up one per cent and 0.8 per cent, respectively. Britain's FTSE 100 was the outlier, dropping 0.3 per cent. In Asia, Japan's broad Topix index rose 0.7 per cent to a record closing high, with the more tech-focused Nikkei climbing 0.65 per cent. In China, stocks rose for a fourth straight day to close at a three-and-a-half year high as upbeat export data added fuel to the recent market rally. The Shanghai Composite index climbed 0.2 per cent 3,639.67, the highest such close since December 2021. The blue-chip CSI300 index was little changed. Hong Kong's Hang Seng index rose 0.69 per cent. Taiwan's stock benchmark surged as much as 2.6 per cent to a more than one-year peak. Shares in chipmaker TSMC, which this year announced additional investment in its US production facilities, soared 4.9 per cent to a record high. The KOSPI added 0.6 per cent, with South Korea's top trade envoy saying Samsung Electronics and SK Hynix would not be subject to 100 per cent tariffs. US S&P 500 futures rose 0.3 per cent. On Wednesday, the cash index climbed 0.7 per cent. "Wall Street seems to have gotten its mojo back," analyst Kyle Rodda wrote in a note. "However, there are persistent risks to the downside. Downside surprises in official data are increasing," he said. "Valuations are also stretched, with forward price to earnings hovering around the highest in four years. And trade uncertainty persists." The US dollar remained lower against major peers on Thursday, with expectations of easier policy from the Federal Reserve stoked both by some disappointing macroeconomic indicators - not least Friday's payrolls report - and Trump's move to install new picks on the Fed board that are likely to share the US President's dovish views on monetary policy. Focus is centring on Trump's nomination to fill a coming vacancy on the Fed's Board of Governors and candidates for the next chair of the central bank, with current Chair Jerome Powell's tenure due to end in May. The benchmark 10-year US Treasury yield was little changed at 4.2365 per cent. The two-year yield, which is more sensitive to changes in interest rate expectations, was up one basis point at 3.7134 per cent, close to a three-month low of 3.659 per cent touched on Monday. The dollar index, which gauges the currency against the euro, sterling and four other counterparts, eased 0.2 per cent to 98.031, extending a 0.6 per cent drop from Wednesday. The euro added 0.2 per cent to $US1.1686, following the previous session's 0.7 per cent jump. Sterling rose 0.2 per cent to $US1.3378. The BoE looks poised to cut interest rates for the fifth time in 12 months later on Thursday, but nagging worries about inflation are likely to split its policymakers and cloud the outlook for its next moves. Two Monetary Policy Committee members may push for a half-point rate cut, and two may lobby for no change. In commodities, spot gold added 0.3 per cent to $US3,376 an ounce, after earlier hitting its highest level in two weeks. with DPA Asian stocks mostly advanced on Thursday, with Japanese shares hitting a record high, as tech-led gains on Wall Street, upbeat earnings, growing hopes for a ceasefire in Ukraine and expectations for US rate cuts boosted sentiment. Markets largely shook off US President Donald Trump's latest tariff volleys, including an additional 25 per cent tariff on US imports from India over purchases of Russian oil and a threatened 100 per cent duty on chips. "It's surprising that everything that gets thrown at the market that it just continues to melt-up," said Eddie Kennedy, head of bespoke discretionary fund management at Marlborough. Europe's STOXX 600 rose 0.5 per cent, with major indexes in Frankfurt and Paris up one per cent and 0.8 per cent, respectively. Britain's FTSE 100 was the outlier, dropping 0.3 per cent. In Asia, Japan's broad Topix index rose 0.7 per cent to a record closing high, with the more tech-focused Nikkei climbing 0.65 per cent. In China, stocks rose for a fourth straight day to close at a three-and-a-half year high as upbeat export data added fuel to the recent market rally. The Shanghai Composite index climbed 0.2 per cent 3,639.67, the highest such close since December 2021. The blue-chip CSI300 index was little changed. Hong Kong's Hang Seng index rose 0.69 per cent. Taiwan's stock benchmark surged as much as 2.6 per cent to a more than one-year peak. Shares in chipmaker TSMC, which this year announced additional investment in its US production facilities, soared 4.9 per cent to a record high. The KOSPI added 0.6 per cent, with South Korea's top trade envoy saying Samsung Electronics and SK Hynix would not be subject to 100 per cent tariffs. US S&P 500 futures rose 0.3 per cent. On Wednesday, the cash index climbed 0.7 per cent. "Wall Street seems to have gotten its mojo back," analyst Kyle Rodda wrote in a note. "However, there are persistent risks to the downside. Downside surprises in official data are increasing," he said. "Valuations are also stretched, with forward price to earnings hovering around the highest in four years. And trade uncertainty persists." The US dollar remained lower against major peers on Thursday, with expectations of easier policy from the Federal Reserve stoked both by some disappointing macroeconomic indicators - not least Friday's payrolls report - and Trump's move to install new picks on the Fed board that are likely to share the US President's dovish views on monetary policy. Focus is centring on Trump's nomination to fill a coming vacancy on the Fed's Board of Governors and candidates for the next chair of the central bank, with current Chair Jerome Powell's tenure due to end in May. The benchmark 10-year US Treasury yield was little changed at 4.2365 per cent. The two-year yield, which is more sensitive to changes in interest rate expectations, was up one basis point at 3.7134 per cent, close to a three-month low of 3.659 per cent touched on Monday. The dollar index, which gauges the currency against the euro, sterling and four other counterparts, eased 0.2 per cent to 98.031, extending a 0.6 per cent drop from Wednesday. The euro added 0.2 per cent to $US1.1686, following the previous session's 0.7 per cent jump. Sterling rose 0.2 per cent to $US1.3378. The BoE looks poised to cut interest rates for the fifth time in 12 months later on Thursday, but nagging worries about inflation are likely to split its policymakers and cloud the outlook for its next moves. Two Monetary Policy Committee members may push for a half-point rate cut, and two may lobby for no change. In commodities, spot gold added 0.3 per cent to $US3,376 an ounce, after earlier hitting its highest level in two weeks. with DPA
The Advertiser
5 hours ago
- The Advertiser
Trump to meet Putin in coming days, Kremlin says
Russian President Vladimir Putin and US President Donald Trump will meet and it could possibly take place next week at a venue that has been decided, the Kremlin says. "At the suggestion of the American side, an agreement was essentially reached to hold a bilateral meeting at the highest level in the coming days, that is, a meeting between President Vladimir Putin and Donald Trump," Kremlin aide Yuri Ushakov said. "We are now beginning concrete preparations together with our American colleagues," he added in televised comments. Next week is the target date for a summit, Ushakov said, while noting that such events take time to organise. The possible venue will be announced "a little later," he said. A meeting between the two presidents would be their first since Mr Trump returned to office this year. And a face-to-face meeting would be the first between a sitting US and Russian president since Joe Biden met Putin in Geneva in June 2021, some eight months before Russia launched the biggest attack on a European nation since World War II. Putin and Ukrainian President Volodymyr Zelenskiy have not met since December 2019 and make no secret of their contempt for each other. The New York Times reported earlier that Trump told European leaders during a call on Wednesday, he intended to meet with Putin and then follow up with a trilateral involving the Russian leader and Zelenskiy. White House press secretary Karoline Leavitt said: "The Russians expressed their desire to meet with President Trump, and the president is open to meeting with both President Putin and President Zelenskiy." The details emerged following a meeting on Wednesday between Putin and US special envoy Steve Witkoff that Trump described as having achieved "great progress" in a Truth Social post, although later said he would not call it a breakthrough. A Kremlin aide said the talks were "useful and constructive". The diplomatic manoeuvres come two days before a deadline set by Trump for Russia to agree to peace in Ukraine or face new sanctions. Trump has been increasingly frustrated with Putin over the lack of progress towards peace and has threatened to impose heavy tariffs on countries that buy Russian exports, including oil. Trump on Wednesday also said he could announce further tariffs on China similar to the 25 per cent duties announced earlier on India over its purchases of Russian oil. "We did it with India. We're doing it probably with a couple of others. One of them could be China," he said. Ushakov said the two sides had exchanged "signals" on the Ukraine issue and discussed the possibility of developing strategic co-operation between Moscow and Washington, but declined to give more details. Zelenskiy said he believed pressure had worked on Russia and Moscow was now more "inclined" to a ceasefire. "The pressure on them works. But the main thing is that they do not deceive us in the details - neither us nor the US," he said in his nightly address. Trump on Truth Social said he had updated some of Washington's European allies following Witkoff's meeting. A German government spokesperson said Trump provided information about the status of the talks with Russia during a call with the German chancellor and other European leaders. Trump took a key step toward punitive measures on Wednesday when he imposed an additional 25 per cent tariff on imports from India, citing New Delhi's continued imports of Russian oil. The Kremlin says threats to penalise countries that trade with Russia are illegal. with DPA and AP Russian President Vladimir Putin and US President Donald Trump will meet and it could possibly take place next week at a venue that has been decided, the Kremlin says. "At the suggestion of the American side, an agreement was essentially reached to hold a bilateral meeting at the highest level in the coming days, that is, a meeting between President Vladimir Putin and Donald Trump," Kremlin aide Yuri Ushakov said. "We are now beginning concrete preparations together with our American colleagues," he added in televised comments. Next week is the target date for a summit, Ushakov said, while noting that such events take time to organise. The possible venue will be announced "a little later," he said. A meeting between the two presidents would be their first since Mr Trump returned to office this year. And a face-to-face meeting would be the first between a sitting US and Russian president since Joe Biden met Putin in Geneva in June 2021, some eight months before Russia launched the biggest attack on a European nation since World War II. Putin and Ukrainian President Volodymyr Zelenskiy have not met since December 2019 and make no secret of their contempt for each other. The New York Times reported earlier that Trump told European leaders during a call on Wednesday, he intended to meet with Putin and then follow up with a trilateral involving the Russian leader and Zelenskiy. White House press secretary Karoline Leavitt said: "The Russians expressed their desire to meet with President Trump, and the president is open to meeting with both President Putin and President Zelenskiy." The details emerged following a meeting on Wednesday between Putin and US special envoy Steve Witkoff that Trump described as having achieved "great progress" in a Truth Social post, although later said he would not call it a breakthrough. A Kremlin aide said the talks were "useful and constructive". The diplomatic manoeuvres come two days before a deadline set by Trump for Russia to agree to peace in Ukraine or face new sanctions. Trump has been increasingly frustrated with Putin over the lack of progress towards peace and has threatened to impose heavy tariffs on countries that buy Russian exports, including oil. Trump on Wednesday also said he could announce further tariffs on China similar to the 25 per cent duties announced earlier on India over its purchases of Russian oil. "We did it with India. We're doing it probably with a couple of others. One of them could be China," he said. Ushakov said the two sides had exchanged "signals" on the Ukraine issue and discussed the possibility of developing strategic co-operation between Moscow and Washington, but declined to give more details. Zelenskiy said he believed pressure had worked on Russia and Moscow was now more "inclined" to a ceasefire. "The pressure on them works. But the main thing is that they do not deceive us in the details - neither us nor the US," he said in his nightly address. Trump on Truth Social said he had updated some of Washington's European allies following Witkoff's meeting. A German government spokesperson said Trump provided information about the status of the talks with Russia during a call with the German chancellor and other European leaders. Trump took a key step toward punitive measures on Wednesday when he imposed an additional 25 per cent tariff on imports from India, citing New Delhi's continued imports of Russian oil. The Kremlin says threats to penalise countries that trade with Russia are illegal. with DPA and AP Russian President Vladimir Putin and US President Donald Trump will meet and it could possibly take place next week at a venue that has been decided, the Kremlin says. "At the suggestion of the American side, an agreement was essentially reached to hold a bilateral meeting at the highest level in the coming days, that is, a meeting between President Vladimir Putin and Donald Trump," Kremlin aide Yuri Ushakov said. "We are now beginning concrete preparations together with our American colleagues," he added in televised comments. Next week is the target date for a summit, Ushakov said, while noting that such events take time to organise. The possible venue will be announced "a little later," he said. A meeting between the two presidents would be their first since Mr Trump returned to office this year. And a face-to-face meeting would be the first between a sitting US and Russian president since Joe Biden met Putin in Geneva in June 2021, some eight months before Russia launched the biggest attack on a European nation since World War II. Putin and Ukrainian President Volodymyr Zelenskiy have not met since December 2019 and make no secret of their contempt for each other. The New York Times reported earlier that Trump told European leaders during a call on Wednesday, he intended to meet with Putin and then follow up with a trilateral involving the Russian leader and Zelenskiy. White House press secretary Karoline Leavitt said: "The Russians expressed their desire to meet with President Trump, and the president is open to meeting with both President Putin and President Zelenskiy." The details emerged following a meeting on Wednesday between Putin and US special envoy Steve Witkoff that Trump described as having achieved "great progress" in a Truth Social post, although later said he would not call it a breakthrough. A Kremlin aide said the talks were "useful and constructive". The diplomatic manoeuvres come two days before a deadline set by Trump for Russia to agree to peace in Ukraine or face new sanctions. Trump has been increasingly frustrated with Putin over the lack of progress towards peace and has threatened to impose heavy tariffs on countries that buy Russian exports, including oil. Trump on Wednesday also said he could announce further tariffs on China similar to the 25 per cent duties announced earlier on India over its purchases of Russian oil. "We did it with India. We're doing it probably with a couple of others. One of them could be China," he said. Ushakov said the two sides had exchanged "signals" on the Ukraine issue and discussed the possibility of developing strategic co-operation between Moscow and Washington, but declined to give more details. Zelenskiy said he believed pressure had worked on Russia and Moscow was now more "inclined" to a ceasefire. "The pressure on them works. But the main thing is that they do not deceive us in the details - neither us nor the US," he said in his nightly address. Trump on Truth Social said he had updated some of Washington's European allies following Witkoff's meeting. A German government spokesperson said Trump provided information about the status of the talks with Russia during a call with the German chancellor and other European leaders. Trump took a key step toward punitive measures on Wednesday when he imposed an additional 25 per cent tariff on imports from India, citing New Delhi's continued imports of Russian oil. The Kremlin says threats to penalise countries that trade with Russia are illegal. with DPA and AP Russian President Vladimir Putin and US President Donald Trump will meet and it could possibly take place next week at a venue that has been decided, the Kremlin says. "At the suggestion of the American side, an agreement was essentially reached to hold a bilateral meeting at the highest level in the coming days, that is, a meeting between President Vladimir Putin and Donald Trump," Kremlin aide Yuri Ushakov said. "We are now beginning concrete preparations together with our American colleagues," he added in televised comments. Next week is the target date for a summit, Ushakov said, while noting that such events take time to organise. The possible venue will be announced "a little later," he said. A meeting between the two presidents would be their first since Mr Trump returned to office this year. And a face-to-face meeting would be the first between a sitting US and Russian president since Joe Biden met Putin in Geneva in June 2021, some eight months before Russia launched the biggest attack on a European nation since World War II. Putin and Ukrainian President Volodymyr Zelenskiy have not met since December 2019 and make no secret of their contempt for each other. The New York Times reported earlier that Trump told European leaders during a call on Wednesday, he intended to meet with Putin and then follow up with a trilateral involving the Russian leader and Zelenskiy. White House press secretary Karoline Leavitt said: "The Russians expressed their desire to meet with President Trump, and the president is open to meeting with both President Putin and President Zelenskiy." The details emerged following a meeting on Wednesday between Putin and US special envoy Steve Witkoff that Trump described as having achieved "great progress" in a Truth Social post, although later said he would not call it a breakthrough. A Kremlin aide said the talks were "useful and constructive". The diplomatic manoeuvres come two days before a deadline set by Trump for Russia to agree to peace in Ukraine or face new sanctions. Trump has been increasingly frustrated with Putin over the lack of progress towards peace and has threatened to impose heavy tariffs on countries that buy Russian exports, including oil. Trump on Wednesday also said he could announce further tariffs on China similar to the 25 per cent duties announced earlier on India over its purchases of Russian oil. "We did it with India. We're doing it probably with a couple of others. One of them could be China," he said. Ushakov said the two sides had exchanged "signals" on the Ukraine issue and discussed the possibility of developing strategic co-operation between Moscow and Washington, but declined to give more details. Zelenskiy said he believed pressure had worked on Russia and Moscow was now more "inclined" to a ceasefire. "The pressure on them works. But the main thing is that they do not deceive us in the details - neither us nor the US," he said in his nightly address. Trump on Truth Social said he had updated some of Washington's European allies following Witkoff's meeting. A German government spokesperson said Trump provided information about the status of the talks with Russia during a call with the German chancellor and other European leaders. Trump took a key step toward punitive measures on Wednesday when he imposed an additional 25 per cent tariff on imports from India, citing New Delhi's continued imports of Russian oil. The Kremlin says threats to penalise countries that trade with Russia are illegal. with DPA and AP
