Ukraine’s international bonds and the Russian ruble rallied yesterday on the prospect of a Biden-Putin summer summit,

reports Reuters. But the lengthy, London-based story starts: “Fund managers are trimming exposure to Russia and Ukraine on fears that years of tensions could finally erupt into outright war, bringing economic ruin for Ukraine and more sanctions on Russia.” On Ukraine, Reuters notes: “The volume of local bond holdings held by foreign portfolio investors has been declining since late March.”