As 2026 opens, the war in Ukraine is no longer defined by headlines or symbolic victories. It is being shaped by attrition on the battlefield, mounting financial strain in Europe, and institutional contradictions in the West. This long read examines how those pressures are converging — and whether they point toward an endgame, or a more dangerous phase ahead.
War is no longer disrupting global trade. It is being written into the contracts and insurance frameworks that make trade possible. As war risk pricing, listed areas, and standard charterparty clauses harden into routine procedure, conflict becomes a toll. Watch the insurance market, not the speeches. It signals what the world is normalising.
Britain’s push to force the release of £2.5bn from Roman Abramovich’s Chelsea sale tests a principle older than sanctions or war: that property rights in English law are protected from political seizure. The outcome will shape trust in London itself.
The Berlin talks produced an “Article 5 like” security offer for Ukraine that sounds historic but collapses under scrutiny. Europe and the United States are negotiating posture and optics among themselves, while Russia rejects the core premises. This is war management dressed up as peace.
Britain once sold trust to the world. That trust was forged in power, then refined into a services export: English law, City custody, and a reputation that money held here stayed safe from politics. The move from freezing Russian reserves to using, and possibly taking, them risks a slow credibility leak. In finance, leaks compound. The cost is drift, not drama.
Europe is moving from freezing Russian sovereign assets to institutionalising the freeze and building Ukraine finance on top of it. That shift invites a long legal campaign, concentrates liability in Belgium, and quietly burns Europe’s custody trust premium across global markets
This capstone article, the fourth in Telegraph Online’s series on frozen Russian assets, explains why banks and financial institutions in the City of London are pushing back against plans to use frozen Russian state money to fund loans for Ukraine. The dispute is not about morality or support for Ukraine. It is about legal ownership, court enforceability, retaliation risk, and who pays if the plan triggers lawsuits or financial instability.
Europe is not being dragged into decline by fate. Its leaders are choosing an energy squeeze, a financial time bomb over frozen Russian assets, and subordination to United States tariffs and war demands, while pretending this is morality and strategy. The only sector with a clear future is the arms industry. Everyone else is being told to absorb the cost in silence.
Zelensky spent the day shuttling between Downing Street and Brussels begging for unity while Trump mocked him for not reading a peace plan that barely exists. Behind the stagecraft, Washington has written a strategy that pushes the war bill onto Europe and steps back. The fighting will end on Russian terms. The question is whether Europe will admit it in time.
Ukraine’s front line is breaking, Europe is talking itself into wars it cannot fight, and Brussels is trying to turn Russian reserves into a permanent war chest. This long read ties the military endgame to the legal and financial tricks around frozen assets, drawing on earlier Telegraph Online (telegraph.com) investigations
Ukraine’s front is no longer holding, Kiev’s power networks are held together by generators, and Europe is speaking loudly about a war it has neither the army nor the public to fight. Drawing on Telegraph Online’s own investigative sources, this long read examines the military collapse, the managed corruption in Kiev, the Black Sea tanker attacks and what a settlement on Russian terms really means for NATO.
Lieutenant General Apti Alaudinov, a Chechen commander at the heart of Moscow’s war machine, says Russia is winning a deliberate slow grind in Ukraine with drones, attrition and hypersonic missiles. He claims Ukraine is bleeding faster than it can mobilise while Russian forces preserve manpower and hold back tanks. This article unpacks his story using Russian official figures and doctrine as the reference frame.
Russia now chooses where the war is intense and where it is merely noisy. Ukraine still holds its big cities, but the front is tilting. Village by village, the line moves around Siversk, Pokrovsk and Huliaipole, while exhausted brigades try to plug every gap at once. The real question is no longer rhetoric. It is whether Kyiv can hold these hinges or trade them away.
There was a moment when the Ukraine war could have been frozen where it actually stood. Anchorage produced a twenty eight point plan that acknowledged lost territory, capped Ukraine’s army and barred NATO bases. Moscow signalled conditional acceptance. Kyiv, Europe and parts of Washington then tore it apart with rewrites and leaks. The plan did not fail. It was prevented.
The comforting script that runs through recent commentary says Russia is bleeding and a little more resolve will hand victory back to Kyiv. The numbers say something colder. Russia is winning slowly and expensively. Ukraine is losing slowly and bravely. Western policy is buying time, not changing the destination.
Russia’s senior military theorists now declare the age of the tank over. In a new doctrinal paper, General Yury Baluevsky and Ruslan Pukhov describe the Ukraine war as the first true “digital war,” dominated by drones, satellites, and computing power. They argue that dispersed micro-units, autonomous systems, and real-time networks will replace massed armour and artillery. Future supremacy, they warn, will belong to nations that control chips, data, and orbiting communications rather than steel.
At Valdai, Vladimir Putin’s joke about “Oreshnik” masked a serious message. Russia and the United States are both trapped in an era where escalation depends on infrastructure, not intent. Every modern weapon now travels with its own network of satellites, planners, and launchers — and building that network is the new act of war.
Britain is spending the income on Russia’s frozen reserves, a move critics call theft. Once London’s trust premium erodes, investors may not return.
The alleged violation was sensationalised and given wall-to-wall coverage in Western media. What was not mentioned is that in April 2025 Estonia passed a law expanding its military authority over its exclusive economic zone,...
Video from Radio Free Europe. The situation on September 24 has become more difficult for the Ukrainians, with the Russians making major gains. Embedded under YouTube license. Russian forces in eastern Ukraine say they...
Anna Netrebko returned to the Royal Opera House in London with a triumphant Tosca, her first appearance since 2019. Her performance comes after years of political bans and media hysteria, underscoring how the campaign to silence Russian artists has collapsed.
The MiG-31, a Soviet-era interceptor built to race nearly three times the speed of sound and patrol vast frontiers, is not a plane often mistaken for routine traffic. Designed to hunt down high-flying threats...
Video credit: Travelling with Russell — YouTube channel. Please visit him. Embedded under YouTube’s Embedding Terms and Conditions. © Google LLC 2025. Russia’s economy is booming compared to Britain’s. In 2024 it grew by...
Russia has now turned its back on Europe. It has signed an agreement with China to build a new pipeline that will carry Siberian gas straight into the Chinese heartland — and, in time,...