"There will be no escalation over Ukraine, not next week, not the week after, not in the next month," Russia's envoy to the European Union said on Wednesday according to the Interfax news agency, as reported by Reuters.

Market reaction

This headline doesn't seem to be having a noticeable impact on risk sentiment. As of writing, Euro Stoxx 50 Index was up 0.13% on the day, Germany's DAX 30 was virtually unchanged and the UK's FTSE 100 Index was losing 0.2%.

Meanwhile, the greenback continues to have a difficult time finding demand ahead of the American session with the US Dollar Index losing 0.2% on the day at 95.80.