🇪🇺🇷🇺 Trump: “We had good conversations with Zelenskyy and Putin.”
Europe must understand the enormous divergence between European and Russian bargaining power before entering any negotiation.
🔸 Since the start of the war, Russia has lost around two-thirds of the liquid value of its National Wealth Fund, while roughly €300bn of its sovereign reserves remain frozen abroad, including more than €200bn in Europe.
🔸In 2025, Russia defence and security together account for more than 43% of federal expenditure, crowding out productive investment and weakening the civilian economy.
🔸The EU alone has a $23tn economy in 2026, around 8.7 times larger than Russia in nominal GDP and around 4.1 times larger in PPP terms, giving Europe the financial capacity to potentially sustain support for Ukraine indefinitely through coordinated financing.
That asymmetry is fundamental.
Any deal must guarantee Ukraine’s long-term security.