Russian President Vladimir Putin on Wednesday warned that Russia would use all military means at its disposal to conquer Ukrainian lands if a peace deal is not reached. Speaking to an audience of senior military officers during an annual meeting,

President Donald Trump on Monday described an end to the war in Ukraine as closer than ever, with American officials earlier in the day suggesting beefed-up security guarantees for Kyiv had advanced the peace talks — but that the US offer would not be on the table forever.

Russian Deputy Foreign Minister Sergey Ryabkov told ABC News during an exclusive interview in Moscow on Monday that he believes the warring parties are close to a deal.

Even under fire, Ukraine is ramping up its arms industry. President Volodymyr Zelensky says the country now produces more than 50% of the weapons it uses on the front line. Almost its entire inventory of long-range weapons is domestically made.

The European Commission has proposed that the leaders use some of the frozen assets — totaling 210 billion euros ($246 billion) — to underwrite a 90 billion-euro ($105 billion) “reparations loan” to Ukraine. The U.K., Canada and Norway would fill the gap.

January WTI crude oil (CLF26) today is down -1.63 (-2.87%), and January RBOB gasoline (RBF26) is down -0.0506 (-2.92%). Crude oil and gasoline prices are selling off today, falling to 4.75-year nearest-futures lows.