Ukraine: Money, Peace Plans and the Battle for Pokrovsk
Ukraine’s government is warning that the war effort cannot be sustained without swift external financing and access to frozen Russian assets. Kyiv has reached a staff-level deal with the IMF for a new four-year, $8.2 billion programme, but officials say the country still faces a financing gap of more than $130 billion over the next four years and daily war costs of about $172 million. They are urging the EU to approve a €140 billion loan backed by frozen Russian sovereign assets. Reuters
On the battlefield, President Vladimir Putin claims Russian forces have surrounded the eastern city of Pokrovsk and now control about 70% of it, describing the area as a potential gateway for further advances in Donetsk region. Ukraine’s top general says fighting in the city centre is intense but insists Kyiv’s troops are pushing back, even as Russia brings in reserve units. Reuters
EU Split Over Using Frozen Russian Assets for Ukraine
The debate inside the European Union over how to fund Ukraine is hardening. Belgian Prime Minister Bart De Wever has warned that the current plan to use frozen Russian state assets as collateral for a large “reparation loan” to Kyiv could actually damage the chances of any eventual peace deal, arguing that historically such assets are dealt with in post-war settlements, not during a conflict. Reuters
Brussels is nonetheless rushing to finalise a legal mechanism to mobilise roughly €140 billion in immobilised Russian central bank assets held in Europe, most of them at Belgium-based Euroclear, for use in 2026–27. EU officials acknowledge that Belgian concerns will have to be addressed for the scheme to proceed. Reuters
U.S. Peace Push Under Scrutiny: Envoy Witkoff Heads to Moscow
White House envoy Steve Witkoff is preparing to travel to Moscow next week as Washington tries to lock in a U.S.-backed peace framework with Russia. The trip comes after a leaked phone call between Witkoff and Kremlin aide Yuri Ushakov fuelled concerns that Kyiv could be pressed into accepting limits on its future NATO ties and on the size of its armed forces. RadioFreeEurope/RadioLiberty
RFE/RL reports that the emerging U.S. plan and the leaked call have alarmed many Ukrainians and some European officials, who fear the process could cement Russian gains on the ground or leave Ukraine vulnerable in the longer term. RadioFreeEurope/RadioLiberty
Orban to Moscow: Hungary Balances Between Brussels, Washington and Moscow
Hungarian Prime Minister Viktor Orban says he will meet Vladimir Putin in Moscow to discuss crude oil and gas supplies for Hungary as well as “peace efforts” in Ukraine. Budapest remains heavily dependent on Russian energy despite EU efforts to diversify. Reuters
The visit follows a U.S. decision this month to give Hungary an exemption from certain sanctions on Russian energy after Orban lobbied for relief during a friendly meeting with Donald Trump in Washington. Hungary has also signed a nuclear cooperation pact with the U.S. for fuel at the Russian-built Paks I plant, even as Russia’s Rosatom works on long-delayed expansion there. Reuters
Middle East: Israeli Raids in Syria and the West Bank
In the Middle East, at least five people were killed, including two children according to Syrian state media, during an overnight Israeli raid near the village of Beit Jinn in southern Syria. The Israeli military says its forces came under fire while trying to detain suspects from a militant group it calls “Jaama Islamiya”, and that six Israeli soldiers were wounded. Reuters
In the Israeli-occupied West Bank city of Jenin, Palestinian TV footage shows two men apparently surrendering to Israeli forces—lifting their shirts and lying on the ground—before being ordered back into a building and then shot at close range. The two were later confirmed dead. Israeli authorities say they have opened an investigation; a senior Palestinian official called the incident a “cold-blooded execution.” Reuters
Energy: Oil in Longest Losing Streak Since 2023 as OPEC+ Meets
Oil markets are drifting ahead of an OPEC+ online meeting this weekend that is expected to confirm a pause in planned production hikes in early 2026. Delegates told Bloomberg the coalition is likely to simply ratify an earlier decision to hold output steady. Bloomberg
Brent crude is trading just above $63 a barrel and is on course for a fourth consecutive monthly decline-the longest losing run since mid-2023—as traders weigh U.S.-led Ukraine peace efforts and what a potential deal could mean for Russian exports. Bloomberg
South Caucasus: Azerbaijan–EU Contacts and Regional Normalisation
In Baku, Presidential aide Hikmet Hajiyev says Azerbaijan and the European Union are discussing ways to deepen their partnership, after meetings with EU representatives focused on “positive dynamics” in ties and a broad agenda that includes energy, connectivity and the post-war regional order. Report.az
Türkiye has publicly welcomed the ongoing process of normalisation between Azerbaijan and Armenia. Following talks in Ankara with Azerbaijani envoy Khalaf Khalafov, Turkish presidential adviser Akif Çağatay Kılıç wrote that Ankara supports steps aimed at a lasting settlement in the South Caucasus and continues to back Baku’s peace agenda. Report.az
Georgia’s parliamentary speaker Shalva Papuashvili, meanwhile, has reiterated Tbilisi’s support for a comprehensive peace deal between Armenia and Azerbaijan, saying long-term regional prosperity depends on a durable settlement and closer cooperation across the region. Report.az
Azerbaijan-Jordan: New Projects and a Push into Regional Markets
Azerbaijan and Jordan are negotiating 12 new joint projects, according to Azerbaijan’s finance minister, who spoke at the fourth meeting of the bilateral intergovernmental commission in Baku. The talks cover trade, economic and technical cooperation and are part of a broader push to expand Jordanian investment in the country. Report.az
Jordan’s industry and trade minister says Amman is exploring a joint pharmaceutical venture in Azerbaijan and wants to use the country as a gateway into CIS markets, including through a proposed business forum in Amman and new mechanisms to ease market access in both directions. Report.az
U.S.-Azerbaijan: Heroin Seizure Highlights Security Cooperation
Azerbaijani customs officials in Astara recently intercepted heroin worth around $90 million being smuggled from Iran and destined for Estonia. The U.S. Embassy in Baku says the seizure was made possible by a train scanner donated to Azerbaijan’s State Customs Committee in 2021, calling it a clear example of how U.S.–Azerbaijan cooperation can enhance regional security and disrupt drug trafficking routes. Report.az
