Politics dominated price action this week in the carbon markets. The telephone call between US President Trump and Russian President Putin on Monday evening disappointed hopes of a peace breakthrough in Ukraine. Tweets from President Trump on Friday recommending 50% tariffs on EU imports hit risk assets and triggered a sharp intraday drop in EUAs — down to EUR 70.00. Compliance demand remains subdued, with industrials and airlines showing little urgency at current levels. EUAs remain stuck in tactical range-trading, anchored by support on the downside but showing no real conviction to break higher.