Ukraine war latest: Starmer backs ‘democratically elected’ Zelensky after Trump calls Kyiv leader dictator

WorldPolitics
20 Feb 2025 • 10:41 AM MYT
The Independent
The Independent

The world’s most free-thinking newspaper

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Sir Keir Starmer has reiterated his support for the “democratically-elected” Volodymyr Zelensky after Donald Trump launched into a war of words against the Ukrainian leader, describing him as a “dictator” who had “better move fast or he is not going to have a country left”.

Sir Keir’s office said he and Mr Zelensky had held a phone call following Mr Trump’s remarks during which the PM “stressed the need for everyone to work together,” a statement issued by his office said after the call.

“The prime minister expressed his support for President Zelensky as Ukraine's democratically elected leader and said that it was perfectly reasonable to suspend elections during wartime as the UK did during World War II,” the statement added.

Earlier, Mr Trump hit back at Mr Zelensky after the Ukrainian leader said the US president was living in a “disinformation space” of Russian making.

“A modestly successful comedian, Volodymyr Zelenskyy, talked the United States of America into spending $350 Billion Dollars, to go into a war that couldn’t be won, that never had to start,” Mr Trump wrote on Truth Social.

“He refuses to have elections, is very low in Ukrainian polls, and the only thing he was good at was playing Biden ‘like a fiddle’.

“A Dictator without Elections, Zelensky better move fast or he is not going to have a Country left.”

Key Points

  • Trump: Zelensky is a ‘dictator’ who is ‘not going to have a country left’
  • Starmer speaks to Zelensky, dismisses Trump's 'dictator' remark
  • 'I cannot sell our state away': Key points from Zelensky’s press conference
  • Putin: We are ready to talk with Ukraine
  • Donald Trump is surrounded by Russian misinformation - Zelensky
  • Putin and Trump could meet as early as this month, says Kremlin

Zelensky says preparations in place for Trump envoy's visit to Kyiv

03:30

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Arpan Rai

Volodymyr Zelensky says Ukraine carried out several meetings ahead of the anticipated visit of US envoy Keith Kellogg, who is in Kyiv today.

“A lot of meetings and briefings – military command, intelligence, ministers – all in preparation for talks with president Trump’s representative, General Kellogg, who is already in Kyiv,” he said on X.

“Our meeting is scheduled for tomorrow, and it is crucial that this discussion – and our overall cooperation with the US – remains constructive,” Mr Zelensky said.

Democrats call out Trump for siding with 'thug' Putin

03:24

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Arpan Rai

Senate Democratic leader Chuck Schumer of New York was appalled that Donald Trump was blaming Ukraine for Russian president Vladimir Putin's invasion.

"It's disgusting to see an American president turn against one of our friends and openly side with a thug like Vladimir Putin," Mr Schumer said.

Senator Dick Durbin, D-Ill, said Mr Trump's words were insulting to the thousands of Ukrainians who have died in the war and he accused the president of parroting Mr Putin.

"I would call on President Trump to apologise to the people of Ukraine, but it would be a waste of breath," Mr Durbin said. "Donald Trump is a pushover for Putin,” he said.

Senator John Kennedy, R-La, said he disagreed with Mr Trump's suggestion that Ukraine was responsible.

"I think Vladimir Putin started the war," Mr Kennedy said. "I also believe, from bitter experience, that Vladimir Putin is a gangster. He's a gangster with a black heart who has Soviet dictator Josef Stalin's ‘taste for blood’,” he said.

Russian guided bomb attack kills at least one in Kupiansk

02:47

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Arpan Rai

A Russian guided bomb killed at least one person in and around Ukraine's northeastern city of Kupiansk yesterday, a key logistics centre subjected to increasing attacks in recent months.

Regional governor Oleh Syniehubov said Russian forces targeted a residential area of Kupiansk and rescuers retrieved the body of one resident from under rubble. He said two people were injured in an attack on a village south of the city.

Prosecutors in the region said two people were killed in the course of the day.

Kupiansk, east of Ukraine's second largest city of Kharkiv, was seized by Russian troops in the early weeks of their February 2022 invasion of Ukraine.

Andriy Besedin, head of Kupiansk's military administration, told Ukrainian media outlet Espreso TV on Tuesday that the situation around the town was "very difficult and critical".

Challenges for the Russian economy in 2025

02:00

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Jabed Ahmed

The Russian economy has shown resilience during the three years of war in Ukraine and Western sanctions. However, as the war approaches its fourth year, the economy faces major challenges with key economic policymakers at odds on how to address them.

Below are the key challenges for the Russian economy in 2025:

Inflation

  • Russian annual inflation reached 9.5% in 2024, driven by high military and national security spending, which is set to account for 41% of total state budget spending in 2025, state subsidies on loans, and spiralling wage growth amid labour shortages.
  • Inflation tops the list of economic woes in public opinion polls, with prices for staple foods such as butter, eggs, and vegetables showing double-digit growth last year.

Economic slowdown

  • The government projects that economic growth rates will slow to 2.5% in 2025 from around 4% in 2024 as a result of measures to cool down the overheated economy, while the International Monetary Fund (IMF) projects growth at 1.4% this year.
  • The pro-government economic think tank TsMAKP estimated that many industrial sectors outside defence have been stagnating since 2023, raising prospects of stagflation, a combination of high inflation and economic stagnation.

Budget deficit

  • Russia's budget deficit reached 1.7% of GDP in 2024, while the country's National Wealth Fund, the main source of financing the deficit, has been depleted by two-thirds during three years of war.
  • The government raised taxes to bring the deficit down to 0.5% of GDP in 2025, but its revenues could also fall due to the latest U.S. energy sanctions, which targeted Russia's oil and gas sector.

What is Russia’s strategic partnership with North Korea?

01:33

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Jabed Ahmed

Putin and North Korean leader Kim Jong Un signed a "comprehensive strategic partnership" pact in Pyongyang on 19 June, 2024, including a mutual defence clause in case of aggression against either country.

Kim expressed "unconditional support" for "all of Russia's policies", including "a full support and firm alliance" for Russia's war in Ukraine. Putin has said Russia would help North Korea build satellites.

The US and South Korea say North Korea has shipped ballistic missiles, anti-tank rockets and millions of rounds of ammunition for Russia to use in the war. Moscow and Pyongyang have denied weapons transfers.

Ukraine, South Korea and the US say Kim has sent more than 11,000 troops to fight for Russia in its western Kursk region, part of which has been held by Ukraine since August. Ukraine says many North Korean soldiers have been killed and wounded. Moscow has never confirmed or denied their presence.

Boris Johnson attacks Trump over claims Ukraine started war with Putin

00:59

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Jabed Ahmed

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Zelensky and Trump trade insults as US president launches blistering attack on ‘modestly successful comedian’

00:28

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Jabed Ahmed

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Analysis | Europe may need to think hard about threatening Putin with troops for Ukraine

00:00

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Alex Croft

Russian officials meeting with their American counterparts to discuss the future of Ukraine can rationally expect to get pretty much everything they want from “peace talks” in Saudi Arabia.

They hope to emerge with a deal that cedes at least 20 per cent of Ukraine to Moscow, turns Ukraine into a neutral state with no Nato membership, and that a toothless multinational force will patrol Ukraine’s new borders with Russia.

It is almost certain a Trump-Putin deal would be rejected by Ukraine and its allies. So they will have to take over future negotiations and threaten to put troops into Ukraine.

World affairs editor Sam Kiley writes:

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Trump says Zelensky has done a 'terrible job'

Wednesday 19 February 2025 23:53

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Jabed Ahmed

US President Donald Trump doubled down on his criticism of Ukrainian President Volodymyr Zelensky, telling a conference in Florida that the Ukrainian leader done a terrible job and could have come to talks with Russia in Saudi Arabia if he had wanted to.

Trump said he hoped for a ceasefire between Russia and Ukraine soon.

Former MI6 chief warns: Europe's military weakness could lead to 'nightmares'

Wednesday 19 February 2025 23:33

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Jabed Ahmed

Failing to build up Europe’s military would result in “the stuff of nightmares”, the former head of MI6 has said.

Sir Alex Younger told the BBC’s Newsnight programme that Donald Trump’s actions over Ukraine should be a “wake-up call” for Europe.

He said: “The Russian army has performed risibly, it’s not going to march into Warsaw tomorrow, but nor should we obscure the fact that this will be hugely emboldening and over time they will build up their capabilities.

“The reason we don’t need to be that worried is we are 10 times richer as European Nato than Russia.

“We absolutely have the capability to build up the necessary military forces to restore this but if we don’t do that, then yes, this is the stuff of nightmares.”

World affairs editor Sam Kiley: Delusional of Trump to say Ukraine led by authoritarian regime

Wednesday 19 February 2025 23:29

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Alex Croft

Former MI6 chief: Trump 'embolding' Putin

Wednesday 19 February 2025 23:19

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Jabed Ahmed

Donald Trump’s comments about Volodymyr Zelensky will be “emboldening” for Vladimir Putin, the former head of MI6 has said.

Sir Alex Younger, who led MI6 between 2014 and 2020, described Mr Trump’s comments as “unfortunate”.

He told the BBC’s Newsnight programme: “This will be emboldening for Putin.

“I don’t know whether Donald Trump buys the Russian line, but I think the Russians probably think he does and I think that significantly diminishes his leverage.

“I saw this happen in Afghanistan where he gave away the biggest concessions before we even started. It’s a strange art of the deal, honestly.”

Rubio in 2022: Putin will only agree to ceasefire if he sees strategic benefit

Wednesday 19 February 2025 23:00

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Alex Croft

In an unearthed post from US secretary of state Marco Rubio from soon after Russia’s invasion of Ukraine, he says Putin will only agree to a ceasefire if he sees strategic benefit.

“Many in the West still don’t understand that #Putin is an expert liar,” Mr Rubio wrote.

“He doesn’t care about ‘humanitarian’ relief, if in fact there is a ‘ceasefire’ it’s because he sees some strategic or tactical benefit.

“And beware of attacks on refugees #Russia blames on #Ukraine or NATO.”

Key points from Zelensky’s press conference

Wednesday 19 February 2025 22:28

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Alex Croft

Here are the key points from Ukrainian president Volodymyr Zelensky’s press conference held in Kyiv:

  • Donald Trump is living in a “disinformation space” sowed by Russia. Mr Zelensky said this in response to Trump’s claim that the Ukrainian president’s approval rating was as low as four per cent.
  • The US has “helped Putin to come out of isolation” by holding talks with Russian officials and being more open to Moscow’s demands. But the isolation imposed on Russia by the international community was “completely fair”.
  • The Trump administration’s demand for $500 billion in minerals from Ukraine as payment for US support of Kyiv is “not serious”. The US supplied his country with $67 billion in weapons and $31.5 billion in budget support, he added.
  • You cannot “whitewash” Russia’s responsibility for the war, he said, hitting back at Trump’s claim that Ukraine was responsible for war breaking out.
  • A deal is “impossible without us”, Mr Zelensky said. He described the Ukrainian military as the strongest and most resilient in Europe.

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EU envoys approve more sanctions against Russia to mark the third anniversary of its war on Ukraine

Wednesday 19 February 2025 21:59

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Alex Croft

European Union envoys have approved a new raft of sanctions against Russia, with the measures set to enter into force next week on the third anniversary of its full-scale invasion of Ukraine, a top EU official and diplomats confirmed on Wednesday.

The move comes with the Europeans sidelined from U.S.-led talks to end the war.

The EU has slapped several rounds of sanctions on Russia since President Vladimir Putin ordered his troops into Ukraine in February 24, 2022. More than 2,300 officials and entities – usually government agencies, banks and organizations – have been hit.

Read the full report:

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Analysis | US hoping to prise Russia away from Chinese influence

Wednesday 19 February 2025 21:31

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Sam Kiley, World Affairs Editor

US secretary of state Marco Rubio repeatedly referred to the need to normalise relations, end the conflict in Ukraine and then look towards the “extraordinary opportunities” for commerce with Russia but also in geopolitical efforts.

The latter was clearly a signal that the US was hoping to prise Russia away from Chinese influence and bring closer into the western sphere over the long term.

“I think the key really in all of this is ultimately going to be whether an agreement can be reached with all parties involved on an acceptable resolution to the conflict in Ukraine … We have to get the Ukraine situation resolved first,” Mr Rubio said.

Zelensky praises UK support after Starmer call

Wednesday 19 February 2025 21:27

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Tom Watling

Healey calls for peace talks not to detract from fight in Ukraine

Wednesday 19 February 2025 21:16

Talks between the US and Russia must not distract from the war in Ukraine, which could risk “jeopardising the peace”, the UK defence secretary has said.

Speaking at what he called “Nato's front line” in Finnmark, Norway, John Healey warned that the Moscow administration is a “threat well beyond Ukraine and reminds us that Russian aggression is not confined to Ukraine”.

He visited the region as Ukrainian President Volodymyr Zelensky accused his US counterpart Donald Trump of “living in this disinformation space”, after Mr Zelensky was left out of talks between the US and Russia.

The US president has previously said that Ukraine “should never have started” the war.

Asked whether the UK agreed with Mr Trump's suggestion that Ukraine “started it”, Mr Healey told reporters on Wednesday: “Three years ago, one country illegally invaded another, and since then the Ukrainians have been fighting for their freedom.

“They've been fighting for their future, and they still are.

“So whilst all the focus may be on talks, not even negotiations, our concern as defence ministers is that we're not jeopardising the peace by forgetting about the war.

“And our job as defence ministers is to put Ukraine in the strongest possible position going into any talks, and that means continuing to step up the military aid that we in Europe, alongside, we argue, to the States, needs to be maintained, because the maximum pressure on (Russian President Vladimir) Putin is going to mean the maximum chance that he will negotiate seriously.”

In pictures: Residents and rescuers walk among devastation in Zaporizhzhia

Wednesday 19 February 2025 21:02

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Alex Croft

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Zelensky holds cal with Macron

Wednesday 19 February 2025 20:49

Ukrainian president Volodymyr Zelensky has held a phone call with his French counterpart Emmanuel Macron to discuss continued support against Russia.

Starmer speaks to Zelensky, dismisses Trump's 'dictator' remark

Wednesday 19 February 2025 20:39

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Tom Watling

Sir Keir Starmer has held a phone call with Ukrainian president Volodymyr Zelensky, reiterating British support for Ukraine and dismissing Donald Trump’s description of the Ukrainian leader as a “dictator”.

“The Prime Minister spoke to President Zelenskyy this evening and stressed the need for everyone to work together,” a statement issued by Starmer's office after the call said.

“The Prime Minister expressed his support for President Zelenskyy as Ukraine's democratically elected leader and said that it was perfectly reasonable to suspend elections during war time as the UK did during World War II.”

Earlier, US president Donald Trump denounced Mr Zelensky as “a dictator without elections”and said he had better move fast to secure a peace or he would have no country left.

The statement from Sir Keir's office did not directly refer to Mr Trump's comments.

It added: “The Prime Minister reiterated his support for the US-led efforts to get a lasting peace in Ukraine that deterred Russia from any future aggression.”

Russia and US demand Ukraine holds an election – what would that mean?

Wednesday 19 February 2025 20:30

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Alex Croft

After more than four hours of talks in Saudi Arabia this week, US and Russian negotiators have reportedly established a plan to end the war in Ukraine.

The action comprises three stages, according to Fox News, culminating in a final agreement. But before that, there must be a ceasefire, and then elections in Ukraine.

The country’s president, Volodymyr Zelensky, was not informed of the talks on Ukraine’s future, nor invited to them. He has said that any deal made without the consent of his administration won’t be accepted.

The leader, who has remained in power for the duration of Russia’s invasion, claims that the negotiations are looking to put the same terms to his country that they faced three years ago when it began, saying: “I wonder – if we didn’t accept such ultimatums in our most difficult moment, why does anyone think we would now?”

Albert Toth reports:

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Trump's former VP calls for truth over Russia claims

Wednesday 19 February 2025 20:17

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Tom Watling

Donald Trump’s former vice president Mike Pence has called for the US president to start telling the truth after claims that Ukraine started the war with Russia.

“Mr. President, Ukraine did not ‘start’ this war. Russia launched an unprovoked and brutal invasion claiming hundreds of thousands of lives. The Road to Peace must be built on the Truth,” he said.

Former Russian president applauds Trump's Zelensky comments

Wednesday 19 February 2025 20:13

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Tom Watling

Former Russian president Dmitry Medvedev has applauded Donald Trump’s labelling of Ukrainian leader Volodymyr Zelensky as a “dictator”.

In a message on X, the former Russian leader from 2008 to 2012 (although Vladimir Putin remained as prime minister in de facto control) quoted Mr Trump’s latest comments on Mr Zelensky, adding: “If you'd told me just three months ago that these were the words of the US president, I would have laughed out loud. @realDonaldTrump is 200 percent right. Bankrupt clown…”

Wartime costs amounted to $320 billion - Zelensky

Wednesday 19 February 2025 20:02

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Alex Croft

Ukraine’s wartime costs have added up to $320billion, president Volodymyr Zelensky said.

Kyiv provided $120 billion, while the US and EU provided $200 billion, he said.

"We, the people of Ukraine, (covered) $120 billion, the U.S. and the EU — $200 billion. We are talking about arms, this is a weapons package worth $320 billion," he said according to the Kyiv Independent.

It came after US president Donald Trump claimed demanded $500 billion in Ukraine's natural resources in exchange for Washington's support.

Can Starmer build a bridge between the US and Europe strong enough to withstand a Trump kicking?

Wednesday 19 February 2025 18:59

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Alex Croft

When Keir Starmer meets Donald Trump in Washington next week, I’m told he will tell the president that the US can achieve much more working with its allies than it can alone.

The prime minister will reassure Trump the UK will boost its defence spending. He will define what he meant by the US needing to be a crucial “backstop” for European forces to safeguard a ceasefire or peace deal in Ukraine – probably air support, intelligence, satellite communications and reconnaissance, but without US combat troops (even if European forces were killed by the Russians).

But can Starmer really be a bridge between the EU and the US?

Political columnist Andrew Grice reports:

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Watch | Putin shares details of peace talks with Trump, claims that Ukraine won't be excluded

Wednesday 19 February 2025 18:44

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Jabed Ahmed

US pauses applications by migrants from Ukraine – report

Wednesday 19 February 2025 18:32

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Alex Croft

The Trump administration has put a pause on all immigration applications filed by migrants from Ukraine and Latin America who were allowed into the United States under some Biden-era programs, CBS News reported.

Concerns over fraud and security were cited for the halt, it added, citing two US officials and an internal memo.

Pictured | Ukrainian tank patrols in a village near Kupiansk

Wednesday 19 February 2025 18:30

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Jabed Ahmed

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Full report | Zelensky and Trump trade insults as US president launches blistering attack on ‘moderately successful comedian’

Wednesday 19 February 2025 18:24

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Jabed Ahmed

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Trump calling Zelenskiy 'dictator' is 'false and dangerous', Germany's Scholz says

Wednesday 19 February 2025 18:21

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Jabed Ahmed

German Chancellor Olaf Scholz said on Wednesday that US President Donald Trump calling Ukrainian President Volodymyr Zelensky a 'dictator' is 'false and dangerous', German newspaper Spiegel reported.

"It is simply wrong and dangerous to deny President Zelenskiy his democratic legitimacy," Scholz said.

ICYMI: Trump says he won't object to European peacekeeping troops in Ukraine

Wednesday 19 February 2025 18:07

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Alex Croft

In remarks after the US-Russian talks in Saudi Arabia on Tuesday, Donald Trump has said he would not be opposed if European nations want to send peacekeeping troops to Ukraine to provide security guarantees in the event of a peace deal.

"Having troops over there would be fine, I wouldn't object to it at all," Trump told reporters on Tuesday.

Europe has been discussing sending a peacekeeping force to Ukraine to prevent future Russian attacks after Mr Trump said no US troops would be involved.

Mr Zelensky and Sir Keir Starmer have warned that a US security guarantee against future Russian aggression is vital.

However, Russian foreign minister Sergei Lavrov has said that it would be “completely unacceptable” for Nato troops to be positioned in Ukraine.

EU floats plan to boost arms supplies to Ukraine

Wednesday 19 February 2025 17:56

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Jabed Ahmed

The European Union's diplomatic service has proposed boosting the bloc's military aid for Ukraine, aiming to show continued support for Kyiv as the United States and Russia have begun talks about ending the war.

Ukraine's President Volodymyr Zelenskiy has repeatedly called on his allies to honour all their promises to supply Ukraine with weapons, including those to counter Russian air attacks.

The EU proposal, in a brief paper seen by Reuters, suggests each member state fulfil a financial quota based on the size of its economy to produce a package that would include 1.5 million rounds of artillery ammunition to be delivered this year.

Diplomats held initial talks on the plan - first reported by Politico - this week in Brussels and EU foreign ministers may discuss it on Monday, diplomats said. But no decisions on the proposal are expected at that meeting, they said.

The proposal by the EU's External Action Service does not put an estimated value on the package. But diplomats said the aim was to come up with a plan worth billions of euros.

The proposal says the main goals of the package would be to supply at least 1.5 million rounds of large-calibre artillery ammunition, as well as air defence systems, missiles for deep precision strikes and drones.

How Trump administration is planning 'permanent end' of Ukraine war

Wednesday 19 February 2025 17:40

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Alex Croft

US national security adviser Mike Waltz told reporters in Riyadh on Tuesday that the war must come to a permanent end, and this would involve negotiations over territory.

"Just a practical reality is that there is going to be some discussion of territory and there's going to be discussion of security guarantees," he said.

High-level teams would begin talks on ending the conflict and would separately work to restore the countries' respective diplomatic missions in Washington and Moscow to ease the talks going forward, US secretary of state Marco Rubio said.

Mr Rubio said he came away from the initial talks convinced that Russia was "willing to begin to engage in a serious process" but that reaching peace would involve concessions from all sides.

Kemi Badenoch: Trump is right on Europe’s defence but wrong on Zelensky

Wednesday 19 February 2025 17:31

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Jabed Ahmed

Conservative leader Kemi Badenoch has said Donald Trump is “right that Europe needs to pull its weight”, but rejected his claim that Ukrainian president Volodymyr Zelensky is a “dictator without elections”.

She wrote on X, formerly Twitter: “President Zelensky is not a dictator.

“He is the democratically elected leader of Ukraine who bravely stood up to Putin’s illegal invasion. Under my leadership, and under successive Conservative prime ministers, we have and always will stand with Ukraine.

“President Trump is right that Europe needs to pull its weight – and that includes the UK.

“We need to get serious.

“The PM (Sir Keir Starmer) will have my support to increase defence spending – there is a fully funded plan to get to 2.5% sitting on his desk. That should be the bare minimum.

“Starmer should get on with it, get on a plane to Washington and show some leadership. We cannot afford to get this wrong.”

British volunteer who lost an arm and a leg in Ukraine ‘has no regrets’ - and wants to help other amputee victims of Putin’s war

Wednesday 19 February 2025 17:22

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Alex Croft

Eddy Scott, a young British civilian volunteer medic, was evacuating people from one of Ukraine’s most wartorn locations, Pokrovska, when his vehicle was targeted by bombs dropped from Russian drones which blew off his left arm and leg.

The Independent visited him in a hospital in Kyiv, where he was transferred after initial treatment at two facilities near the frontlines in the country’s east. That morning we had both been woken by Russian ballistic missiles that began slamming into the Ukrainian capital before dawn, injuring many and killing at least one person.

“It woke me up although I don’t sleep very well because I have really bad phantom limb pains - it feels like someone is running a hot knife along where my arm and leg were,” Mr Scott said. “For a moment I thought I was back in Pokrovsk. But once you’ve actually been blown up, if it doesn’t land next to you, everything else feels far away. So I wasn’t worried.”

Askold Krushelnycky writes:

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Ukraine's foreign minister: we will defend our right to exist

Wednesday 19 February 2025 17:13

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Jabed Ahmed

Ukrainian foreign minister Andrii Sybiha said on Wednesday no one can force his country to give up following remarks from US President Donald Trump attacking Ukraine and its president.

"We will defend our right to exist," Sybiha said on X.

The challenges faced by the Russian economy in 2025

Wednesday 19 February 2025 16:59

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Alex Croft

The Russian economy has shown resilience during the three years of war in Ukraine and Western sanctions. However, as the war approaches its fourth year, the economy faces major challenges with key economic policymakers at odds on how to address them.

Below are the key challenges for the Russian economy in 2025:

Inflation

Russian annual inflation reached 9.5% in 2024, driven by high military and national security spending, which is set to account for 41% of total state budget spending in 2025, state subsidies on loans, and spiralling wage growth amid labour shortages.

Inflation tops the list of economic woes in public opinion polls, with prices for staple foods such as butter, eggs, and vegetables showing double-digit growth last year.

Economic slowdown

The government projects that economic growth rates will slow to 2.5% in 2025 from around 4% in 2024 as a result of measures to cool down the overheated economy, while the International Monetary Fund (IMF) projects growth at 1.4% this year.

The pro-government economic think tank TsMAKP estimated that many industrial sectors outside defence have been stagnating since 2023, raising prospects of stagflation, a combination of high inflation and economic stagnation.

Budget deficit

Russia's budget deficit reached 1.7% of GDP in 2024, while the country's National Wealth Fund, the main source of financing the deficit, has been depleted by two-thirds during three years of war.

The government raised taxes to bring the deficit down to 0.5% of GDP in 2025, but its revenues could also fall due to the latest U.S. energy sanctions, which targeted Russia's oil and gas sector.

Ukraine-Russia war map: What territory has Putin taken as British troops could be sent to defend border

Wednesday 19 February 2025 16:18

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Alex Croft

US and Russian officials are meeting in Saudi Arabia to lay the ground for talks about ending Vladimir Putin’s war in Ukraine, as Donald Trump insisted Volodymyr Zelensky would be included in any ceasefire discussions.

But there have been no such guarantees for other European nations, prompting an emergency meeting in Paris to discuss Europe’s role in a ceasefire on Monday, featuring the leaders of the UK, Germany, Italy, Poland, Spain, the Netherlands, and Denmark.