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.
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
The European Commission wants to raise a huge loan for Ukraine backed on frozen Russian reserves, using emergency law to bypass national vetoes. Brussels calls it solidarity and insists nothing is being confiscated. In practice it weaponises custody, turns Euroclear into a litigation magnet and tells the rest of the world that reserves held in Europe are safe only until politics changes.
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.
Europe was told it had to cut Russian energy and arm for democracy. In reality it has swapped predictable pipeline gas for volatile imports, pushed energy intensive industry toward the exits and tied its public finances to an open ended rearmament cycle largely designed elsewhere. This piece follows the gas, the factories and the defence budgets to show who really pays for the last phase of US hegemony.
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