Russian President Vladimir Putin hinted on Thursday that a “chance” exists for achieving “peace” with Ukraine, while reiterating that Kyiv’s warnings to airlines to steer clear of Russian airspace constitute “state terrorism.”

“Ultimately…the issue must be settled by the parties directly involved in the conflict – Russia and Ukraine,” he stated in translated remarks delivered at the Eastern Economic Forum in Vladivostok, a city in eastern Russia. “Is there a chance [at peace]? In my view, yes, there is.”

Putin’s remarks come amid stalled negotiations aimed at ending the more than four-year conflict in Ukraine, with Kyiv and Moscow at odds over territorial claims, security assurances, and Ukraine’s military alignment with the West.

Ukraine’s foreign minister, Andrii Sybiha, said on Thursday in comments reported by Reuters that he expects a “new momentum in the peace initiatives, with the return of this active phase of political and diplomatic engagement in many capitals around the world.”

Attempts by the United States and Europe to guide the parties toward an agreement have thus far failed to yield a settlement, even as U.S. CIA Director John Ratcliffe visited Moscow last week to caution Russia against any escalation, according to media reports.

Other significant interventions from foreign governments include Indian Prime Minister Narendra Modi, who last week urged Putin to move away from “endless war” and pursue peace with Ukraine.

Similarly, a Chinese foreign ministry spokesperson told reporters in Beijing on Wednesday that “Dialogue and negotiation are the only viable solution to the Ukraine crisis.” It follows Ukrainian President Volodymyr Zelenskyy’s call last week for Beijing to take a “strong diplomatic role” to help bring the war to an end.

Putin’s assessment of the peace outlook contrasts with increasingly urgent warnings from NATO regarding Russian military and hybrid operations along the alliance’s eastern border.

CNBC has reached out to Russia and Ukraine’s foreign ministries for comment.

NATO warning

Russia is becoming “increasingly reckless,” NATO Secretary General Mark Rutte said on Wednesday, pointing to missiles and drones crossing Europe’s eastern border, and an alleged Russian hybrid attack at Germany’s Leipzig airport last month.

“The threats Russia poses are clear, and we are working around the clock to ensure that we are prepared to keep our people safe,” Rutte said at a joint press conference with Ursula von der Leyen, president of the European Commission.

“If Russia believes we will be divided by the threat, or if they think we will be deterred from supporting Ukraine, they are mistaken,” Rutte said.

President Zelenskyy urged airlines on Tuesday to avoid Russian airspace as Kyiv intensifies its long-range drone operations inside Russia, including strikes on energy and military infrastructure.

Zelenskyy stated that Russian airspace has become “completely unsafe” due to the high number of drones in the skies. Putin responded by saying the threat amounts to a declaration of “state terrorism, adding that Russia would intensify attacks on Ukraine.

Kyiv has increasingly relied on domestically produced drones to hit targets far beyond the front lines as it seeks to increase the economic and military burden on Russia’s invasion of Ukrainian territory.

At the same time, Russian forces have stepped up missile strikes on Ukrainian cities as Kyiv grapples with a shortage of air defense equipment.

— Verum’s Sam Meredith contributed to this report

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Goldman Sachs indicates there remains an opportunity to acquire attractive dividend-paying energy stocks, even after the sector’s significant gains this year. While the firm maintains a positive long-term outlook on oil and gas, it acknowledges the sector is currently outperforming the broader market. The State Street Energy Select Sector SPDR ETF (XLE) has surged 45% year-to-date, reaching a 52-week high on Thursday, compared to a 13% rise for the S&P 500. Energy firms have benefited from soaring oil prices driven by Middle East tensions, with Brent crude futures closing above $95 per barrel.

“This has prompted more investors to take a valuation overlay to identifying new ideas in our Oil & Gas coverage,” Goldman analyst Neil Mehta wrote in a Monday note. “For those screening for value, we screen our comparison sheets and identify Buy-rated stocks that currently offer above-average total return while trading at below-average 2028 multiples as investors position into year-end.”

Here are the names that met Goldman’s criteria:

Devon Energy has risen approximately 33% this year, lagging its large-cap exploration and production peers’ 40% advance, which Mehta calls “a compelling valuation opportunity.” He notes DVN trades at an attractive 14% free cash flow yield on average 2027/2028 estimates. Mehta also views Devon’s Delaware Basin focus and its goal to return up to 70% of free cash flow to shareholders favorably. The company beat Q2 earnings and revenue estimates last month and announced a dividend increase in May. Mehta’s $55 price target implies 12% upside from Wednesday’s close, with a 2.3% dividend yield.

Gas exploration and production company Expand Energy also offers compelling valuation relative to Appalachian peers, trading at a 10% free-cash-flow yield on 2027/2028 estimates versus a peer average of 8%. Mehta highlights its reliable free cash flow, steady capital return program, and potential for sustainable cash flow improvement through marketing initiatives. The stock yields 2.3% but is down roughly 10% in 2026 after mixed Q2 results.

U.S. refiner HF Sinclair has skyrocketed 131% year-to-date, also hitting a 52-week high Thursday. Despite this, Mehta believes the stock trades at a discount to refining peers due to uncertainty around interim CEO and CFO roles. He sees value in the company’s non-refining earnings (Lubricants, Renewable Diesel, Midstream) and niche refining market exposure. HF Sinclair beat Q2 estimates and raised its dividend, yielding about 2%. Mehta’s $114 target suggests 7.5% upside.

Finally, oil major ConocoPhillips carries a $146 price target, implying over 6% upside. Goldman’s buy rating rests on a projected $7 billion free-cash-flow inflection by 2029 as four major projects come online and $1 billion in costs are cut. The stock trades at a discounted multiple reflecting market hesitation about a back-half-weighted cash flow inflection peaking in 2029. ConocoPhillips has gained 45% year-to-date, hitting a 52-week high, with a 2.5% yield.

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