Conflict and Peace

The European Union on Thursday 23 October applied more economic sanctions on Russia, adding to U.S. President Donald Trump’s new punitive measures the previous day against the Russian oil industry. However, EU leaders meeting in Brussels have so far failed to reach a deal on using Russian frozen assets. European capitals were hoping to convince Belgium, which houses the international deposit organisation Euroclear and is worried about legal repercussions, that a reparation loan from the funds is workable. Most of the €200 billion in Russian central bank assets frozen by the EU are held in Euroclear. However, Belgian Prime Minister Bart De Wever has so far been skeptical, reiterating during the European Council meeting on Thursday that certain conditions must first be met before a €140 billion loan can be given to Ukraine using Russia’s frozen assets. Russian officials and state media dismissed the new Western measures, saying they are largely ineffective.

U.S. President  Donald Trump said that the Donbas region in the east of Ukraine should be “cut up,” leaving most of it in Russian hands, to end a  war that has dragged on for nearly four years. Trump has edged back in the direction of pressing Ukraine to give up on retaking land it has lost to Russia, in exchange for an end to the war. Following a phone call last week, the Russian and US leaders Vladimir Putin and Donald Trump announced they would meet in Budapest for talks on resolving the war in Ukraine, triggered by Moscow's all-out offensive in February 2022. Russian Foreign Minister Sergei Lavrov and US counterpart Marco Rubio spoke on Monday 20 October to discuss preparations for the summit, and are expected to meet in person to finalise details. However, the Kremlin stated on Tuesday 21 October that there was "no precise time frame" for the summit even though Trump stated that the meeting with Putin could take place within two weeks.