US Secretary of State Antony Blinken will travel to Kyiv in May as part of preparations for a Biden-Putin summit this summer,

 CNN has reported, citing a Ukrainian government official. Blinken has already spoken to his Ukrainian counterpart, Dmytro Kuleba, several times since taking office in January, including two weeks ago in Brussels. “A proper Ukraine strategy needs two parts,” Daniel Fried, who served as US Ambassador to Poland in the late 1990s, told CNN. “One arm around their shoulder to help them resist aggression from the Kremlin and a foot on their back to get them to fix things at home,

The news of President Biden’s invitation to President Putin to a bilateral summit

caused the ruble to immediately strengthen yesterday evening, to 76 to the dollar, from 77. The prospect of a summit may also ease investor worries Russia positioning of 40,000 troops near Ukraine’s eastern border.

Hours before the Biden-Putin telephone call,

Bloomberg published a story noting that yields on ruble bonds had hit their highest level in a year. Asserting that US financial sanctions were likely, the story was headlined: “Putin’s Ukraine Gambit Turns Debt Sanctions Into a Real Threat.”

Before the news broke of the proposed Biden-Putin summit in late afternoon London time,

 the yield on Ukraine’s dollar bond due in 2032 reached 7.67%, the highest since November and taking the 3-day increase to 34 bps. Similarly, the yield on 2026-dollar debt climbed 12 bps to 6.78%. Ukraine’s GDP warrants drop 0.3c to 99.9c on the dollar, trading below par for the first time since November, (Bloomberg).