L to R: European Council President António Costa, Ukraine President Volodymyr Zelensky, and European Commission President Ursula von der Leyen, Brussels, Belgium, March 6, 2025 (New York Post)

Wednesday’s Coverage: Proposals to End Invasion “Presented to Russia Within Days”

UPDATE 0922 GMT:

Ukraine President Volodymyr Zelensky has emphasized that, despite American hopes, Vladimir Putin is not prepared to stop Russia’s invasion.

Zelensky responded on Thursday to Putin’s declarations that Russia will seize “historic territories” in Ukraine and that European leaders are “piglets”.

The signals that Putin is giving are absolutely not new to us. I have always said that he does not want to end the war.

The question is whether he can continue it. This issue already depends on our partners, on their pressure, first of all sanctions and diplomacy.

He noted, “American colleagues claim that Putin is ready to end the war both in public and in a non-public format”.

Ukraine supported US initiatives, although it does not agree with all elements of potential agreements: “We have some differences on the territorial issue, financing, and frozen assets.”

He said Russia’s economy will not be able to sustain the invasion at its current level if sanctions are fully enforced: “If Putin now slows down this diplomatic wave, and it is now the largest in recent times, then the US will put more pressure on them.”

UPDATE 0914 GMT:

Russians are almost halving their spending on New Year because of the economic situation, according to the daily Kommersant.

The average spend this season is 14,000 rubles ($175) on groceries and prepared meals, table decorations, outfits and gifts, and rentals of venues and equipment. In 2024, the figure was 26,000 rubles.

The largest expenditure is on the holiday table where Russians are foregoing delicacies such as red caviar, which averages 10,200 rubles per kilogram. Exotic fruits are also disappearing: only tangerines remain, a holiday essential for 56% of respondents.

“For most Russians, the New Year’s Eve feast will be limited to traditional dishes — Olivier salad, a small selection of drinks, and some inexpensive fruits and vegetables,” said Alexander Safonov, a professor at the Government-run Financial University.

UPDATE 0825 GMT:

Two unnamed officials say Donald Trump’s envoys, real estate developer Steve Witkoff and son-in-law Jared Kushner, will meet Vladimir Putin’s top economic advisor Kirill Dmitriev this weekend.

The gathering is likely to be in Witkoff’s private club near Miami, Florida.

Kushner and Witkoff collaborated with Dmitriev in late October on a 28-point ultimatum for Ukraine to give up more territory to Russia. The rest of the country would be kept military and politically weak, with a ban on NATO membership and restrictions on Western aid.

However, Kyiv and its European partners pushed back with a counter-proposal. Meetings with Witkoff and Kushner in Berlin this week yielded “90%” agreement on a plan including security guarantees for Ukraine.

UPDATE 0810 GMT:

At least 32 civilians, including five children, have been wounded by Russian airstrikes on and around Zaporizhzhia city in southern Ukraine.

The Russians struck apartments, a house, and an educational establishment. Firefighters battled a blaze in a multi-story housing block.

Ukraine air defenses downed 63 of 82 drones fired by Russia overnight. The other 19 struck 12 locations.

UPDATE 0804 GMT:

Ukrainian drones have damaged an oil tanker in the port of Rostov-on-Don in southern Russia.

Rostov Mayor Alexander Skryabin claimed casualties, including three fatalities, from the attack.

Rostov Governor Yuri Slyusar said, “Emergency teams are extinguishing the fire on the tanker that was struck while docked in a drone attack.”

ORIGINAL ENTRY: European Union leaders convene on Thursday to consider a “reparations loan”, drawn from frozen Russian assets, to cover Ukraine’s financial needs through 2027.

Ukraine, whose taxes are devoted to military resistance against Moscow’s invasion, needs €135 billion ($159 billion). The EU holds €210 billion ($247 billion) in frozen assets, 2/3rds of them with the Belgian company Euroclear.

Since October, Belgium has blocked approval of the loan, citing concerns over legal liabilities and Russian retaliation against Belgium companies. Several other countries, notably Italy, have expressed doubts.

The Trump Administration has that it will demand “the money back” if the EU uses the assets, say US, Ukrainian, and European officials. US officials claimed limited support from Italian Prime Minister Giorgia Meloni, who has emphasized the need for a rigorous legal framework for the use of the assets.

The Russians are also putting pressure on the EU through targeting of Belgium’s politicians and financial executives in a campaign of intimidation.

Security officials said executives at Euroclear, including chief executive Valérie Urbain, have been targeted. They believe the campaign is overseen by Russia’s GRU military intelligence service.

“No More Important Act of European Defense”

Speaking in the European Parliament on Wednesday, European Commission President Ursula von der Leyen,said: “There is no more important act of European defense than supporting Ukraine’s defense….The next days will be crucial in securing this”.

Von der Leyen said Europe must take responsibility for its own security in a “dangerous and transactional” world: “This is no longer an option. It is a must.”

The President has proposed a loan of €90 billion, with the other €45 billion coming from EU borrowing on capital markets.

Without referring directly to the loan, Ukraine President Volodymyr Zelensky said:

We need real protection from this Russian history of madness, and now we will continue to work with all partners to ensure that such protection is truly there.

The outcome of these meetings – the outcome for Europe – must be such that Russia feels that its desire to continue fighting next year will be pointless, because Ukraine will have support.

This outcome depends “100%” on Europe’s decision and “it is for Europe to make this choice”, he stressed.

German Chancellor Friedrich Merz put the odds of agreement on a €90 billion loan at “50/50”.

He said the step would send a clear signal to Vladimir Putin, while noting Belgium’s concerns: “That is why I am trying with our partners to alleviate them.” The EU plan was “in perfect compliance with international law and international obligations”.