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.
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.
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.
Ukraine is being boxed in by three forces at once: a corruption scandal that reaches into Zelensky’s old circle, a peace plan drafted between Washington and Moscow, and a frontline that is creeping the wrong way. Trump’s deadline does not solve any of this. It exposes the fact that Kyiv’s choices are now about managing different forms of defeat, not choosing victory.
The twenty eight point peace plan now on the table does not end the Ukraine war on Western terms. It writes into law what the battlefield has already decided. Ukraine is pushed out of NATO, loses more land, and becomes a neutral buffer, while Europe discovers it was collateral in a project that overreached from the start.
Ukraine was sold to Western publics as a clean moral war: brave defenders, honest aid, a shattered Russia at the end of it. What emerges instead is a corrupt and exhausted client state, a Russia that chooses when and where to advance, and a Germany hollowed out by lost energy and bad bets
For two years Western governments and media promised victory in Ukraine, portraying Russia as weak and isolated. That narrative has collapsed. Sanctions failed, NATO’s industrial base faltered, and the battlefield turned. Europe faces de-industrialisation while Russia’s economy and army expand. The press that once sold triumph now prepares audiences for retreat, conditioning the public for a negotiated peace — one dictated on Moscow’s terms, not Washington’s.
THE TELEGRAPH.COM LONG READ — Europe no longer wages war only on the battlefield. It wages it in language, in narrative, and in the stories it tells itself. A generation of leaders has replaced strategy with moral theatre, diplomacy with slogans, and truth with propaganda and now the bill for that self-deception is coming due.
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...
Within the first six months, the outcome was already a foregone conclusion. Russia had shifted to a war of attrition, sanctions had failed, and Ukraine’s manpower was collapsing. Yet the West continued to encourage...
Four days on, the framing remains deliberate: a narrative of escalation, not the forensic reality of decoys that drifted across the border. WARSAW, LVIV, BERLIN European leaders continue to build the narrative as Russian...
KYIV — The claim landed like a hammer blow in a war already defined by attrition and exhaustion: “142,000 servicemen deserted.” In a few words it compressed two and a half years of fear,...
Russian accounts describe custom malware, a OneDrive trove and a casualty ledger; Kyiv rejects the story as information warfare NY-Style Enhanced — Excerpt (No Headline) MOSCOW — The story began with a single post...
PARIS — When Emmanuel Macron and Keir Starmer convened a “coalition of the willing” in Paris to discuss security guarantees for Ukraine, they were not speaking from a position of strength. Twenty-six capitals signed...
By Jaffa Levy — 27 August 2025 Kyiv continues to press Western capitals for “security guarantees.” President Zelensky has raised the issue repeatedly in Washington, insisting that without binding assurances Ukraine will face another...