The EU is preparing new sanctions on Russia despite a potential meeting between Vladimir Putin and Volodymyr Zelenskyy on Thursday, three sources told CNBC.

President Vladimir Putin appears to be facing a dilemma as Russian and Ukrainian representatives prepare for direct peace talks in Istanbul, Turkey, on Thursday.

Witkoff and Kellogg, Trump's envoys, will travel to Turkey, according to Reuters, for bilateral talks between Russia and Ukraine. The war in Ukraine is currently centered in Istanbul. In the Turkish city,

President Volodymyr Zelenskyy signed a law on the ratification of rare earth metals between Ukraine and the United States. Zelenskyy also stated that he is ready to ally with Russian dictator Vladimir Putin.

Iran is preparing for a visit by Russian President Vladimir Putin, Iran's government spokesperson Fatemeh Mohajerani was quoted by Russia's state RIA news agency as saying on Monday.

Ukraine's air force reported an overnight Russian attack involving more than 100 drones, as Russia's President Vladimir Putin rejected Ukrainian President Volodymyr Zelensky 's proposal of an immediate 30-day ceasefire.

Russian dictator Vladimir Putin must respond to the ceasefire proposal in Ukraine by the end of the day, The Guardian reports. According to German government spokesperson Stefan Kornelius, "the clock is ticking" for Russia.

Russian President Vladimir Putin has taken center stage at Russia’s Victory Day parade on Friday, surrounding himself by friendly world leaders in a highly choreographed show designed to show the Western world that Russia is far from isolated.