Europe is rearming at a speed not seen in decades.

SAFE, the new €150bn EU defence fund, already filled: 19 states applied, Poland alone asks for €43.7bn, writes The Economist.

1/ SAFE + the National Escape Clause open a massive spending channel.

NEC lets states add 1.5% of GDP to defence over four years, unlocking roughly €650bn.

This is the spine of “Readiness 2030”.

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Germany spent decades preaching pacifism

Now it is buying tanks, building suicide drones, deploying troops abroad and committing €460 billion to rearmament

Isaac Stanley-Becker in The Atlantic shows how a nation built on “never again” is preparing for war again. 1/ Lt. Gen. Freuding says the old U.S.-led order is “really cut off.”

During Trump’s freeze on Ukraine weapons, Germany received no warning. German officers now hunt for information through their embassy because their Pentagon contacts have gone silent. 2/

Russia enters new US sanctions on Rosneft and Lukoil with serious economic cracks.

KSE Institute shows oil earnings in October fell to $13.1B, as Moscow sold barrels at $54, far below global prices.

1/ Russia’s budget hole keeps widening.

January–October deficit hit 4.2T rubles and will likely break the revised 5.7T target in December’s spending surge.

The Kremlin now borrows at record speed: 4.5T rubles in domestric government bonds already, up 135% year-on-year.

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Andriy Yermak’s quit changed Ukraine’s peace team - The Telegraph.

Yermak led negotiations, rejected any territorial concessions.

Now figures like spy chief Budanov, who has already met US Secretary Driscoll and speaks of Trump’s “crucial role” in ending the war, will lead. 1/ NABU raided Yermak’s home over a $100M energy graft scandal.

Hours later, he quit as head of the presidential administration. His exit ends years of dominance inside Zelenskyy’s circle.

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Putin: If Europe starts a war, then soon Moscow will have no one to negotiate with

Russia has no intention of going to war with Europe. But if Europe starts a war, Russia is ready right now.

[Russia is exhausted after three years of war in Ukraine and not ready to face NATO] 1/ Putin: Europe has removed itself from the Ukrainian settlement.

The Europeans have no peaceful agenda and are now hindering US efforts to resolve the situation.

They are living under the illusion of their original goal of inflicting a strategic defeat on Russia.

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Zelenskyy: The hardest issues on peace talks are three: territory, frozen Russian assets in Europe and security guarantees.

I can’t decide on EU-held funds, only discuss them with partners. We need strong guarantees from the U.S., Europe and others.

1/ Q: Some say you face a choice: a bad deal now or a worse one later after Russia’s offensive in Pokrovsk. What’s your response?

Zelenskyy: There are no easy decisions. I can make tough ones, but any deal must be fair, transparent and never made behind Ukraine’s back.

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37-year-old Mykola Zakhozhyi left home on his motorcycle to check Russian positions near his Kyiv suburb. He never returned.

Russian soldiers seized him in the woods, kicked his head until he blacked out and poured diesel on him, threatening to burn him and others – NYT. 1/ Russian troops moved Mykola through camps and jails. Guards lined prisoners up and made them run a gauntlet of kicks and punches.

They slammed men into metal door frames and jumped on their backs as they lay on the ground. 2/

Kasparov: Recall ambassadors, low down diplomatic ties, but Europe is doing business as usual. More than 500K visas were issued for Russians last year. Putin's laughing at you.

You want to be serious? Send French military jets to Ukraine. Show you’re willing to take a hit. 1/ Kasparov: We pray for Ukrainian heroism, but you can't do it forever. Europe preparing for war — behind this is one thought: how can we look so strong for Putin to be afraid to attack us?

They can't comprehend that European soldiers will be dying. I find it unacceptable. 2/

Hodges: Europe and Ukraine know the U.S. has a primary interest, which is business with Russia. Europe sees it cannot count on the U.S.

Unsatisfactory outcome for Ukraine could send millions more Ukrainian refugees into Central and Western Europe. 1/ Hodges: The administration's approach has always been doomed from the start because they didn't care about the origin, history or geography, and approached it as a massive real estate deal.

Rubio said in the beginning, Ukraine, you're gonna have to give up some territory. 2/

Q: Is the U.S. cutting Europe out of the talks and will Witkoff push Ukraine into concessions?

Kallas: I’m worried the pressure will fall on the victim — Ukraine. Russia started this war, continues it and hits civilians daily. Any deal must keep that reality front and center. 1/ Q: Does the EU reparations loan hurt peace talks?

Kallas: No. It strengthens Europe’s leverage over Moscow. Russia owes Ukraine damages.

Using frozen Russian state assets is the right base for reparations. I understand Belgium’s concerns, but we need to move forward. 2/

Belarusian opposition leader, Tsikhanouskaya: Helping Ukraine is a priority.

Its victory is crucial for many countries, especially Belarus. As long as Lukashenko serves Putin, he remains a threat to Ukraine, the EU, and keeps Belarus under Russia’s pressure. 1/ Tsikhanouskaya: The ideal scenario is Ukraine getting all support to secure a just peace. Russia turns inward and stops backing Lukashenko.

A democratic transition begins in Belarus, free from Moscow’s pressure and no longer propped up by the Kremlin. 2/

Historian Antony Beevor: "For Russians, conspicuous cruelty is a necessary weapon of war."

The atrocities in Ukraine aren't aberrations — they're rooted in centuries of uniquely brutal warfare.

And the West failed to see it coming — The Telegraph. 1/ Russian mass rape, torture, and murder in Bucha aren't the work of rogue soldiers — they're systematic. The 19,500 missing Ukrainian children show what Russian conquest really means. 2/

Europe faces a hard choice: sovereignty or dependence on Trump’s America.

Three times Trump pushed Ukraine to concede to Russia. Three times EU leaders scrambled to stop him. The transatlantic relationship is effectively over, writes Martin Sandbu for FT.

1/ Will Europe act as a rule-maker or accept life as a rule-taker under Washington?

EU must build a plan for EU–US decoupling to limit how MAGA America can pressure Europe again.

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Kuleba: There are tasks and missions in life, when you just cannot afford having plan B.

In the case of Russia's war against Ukraine, when the conflict is existential, having no plan B is the best way for you to try to defend yourself and to survive. 1/ Kuleba: I appreciate everything that has been done for Ukraine. This is not me saying that no one did anything to help Ukraine. But history is ruthless and we are judged by whether our deeds were sufficient. Enormous effort was done, but it was still not enough. 2/

“Drone operators are hunted. You feel it from your first day.”

As casualties rise, Ukraine relies on civilians to fill drone units. Training lasts just 15 days before deployment near the front. Dozens of women now serve or train, with more joining monthly — The Guardian.

1/ Dasha, 37, commands a mixed unit near the eastern front. “It’s not about proving anything. It’s about necessity. Everyone is stretched. Everyone is adapting.”

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Zelenskyy: The peace plan looks better now. The points related to territory were discussed for 6.5 hours yesterday.

Tomorrow I will receive the US feedback. Then the US will receive Russia’s reaction. After that, we will see approximately where we stand. 1/ Zelenskyy: Russia’s military suffered its largest losses in 4 years this October — 25,500 soldiers killed. 2/

NATO is preparing for a bad scenario: defending Europe from Russian invasion with limited US support.

A November wargame in Romania's Carpathian mountains revealed the stark reality and the dangerous gaps Europe must urgently fill — Bloomberg. 1/ A French brigade deployed in Transylvania showed what NATO's future looks like as Trump reduces US forces in Europe.

European soldiers under French command defended the continent largely alone. Romanian officials says reinforcements could take weeks to arrive. 2/

Putin is not negotiating. He is stalling the West.

Dan Hoffman, former CIA station chief: Putin has not shown any hesitancy to engage in negotiations with the Trump Administration because talks help him avoid sanctions and block weapons for Ukraine. 1/ Q: What could come from this round of talks?

Hoffman: Russia declined a ceasefire, made no concessions, and shows no interest in real negotiations. The talks serve only one purpose for Moscow: delay. 2/

Q: Why are territorial concessions so dangerous for Ukraine?

Dan Hoffman, former CIA station chief: Donetsk is heavily fortified.

Giving it up would leave Ukraine exposed and give Putin a future opening for another attack. He has never honored past deals, not even Budapest.

1/ Q: What does this mean for Europe?

Hoffman: Ukraine fields Europe’s most capable army and leads in drone warfare.

Their resistance is what shields Europe’s security. Backing Ukraine is the clearest way to deter Russia’s next move.

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A major escalation in China-Russia military-industrial cooperation.

FT: The owner of a major Chinese drone-parts supplier has quietly taken a stake in Russia’s leading FPV-drone manufacturer Rustakt — a key producer of the VT-40 attack drone used across Ukraine. 1/ A filing in Russia’s registry listed Wang Dinghua, owner of Shenzhen Minghuaxin, as acquiring 5% of Rustakt in Sept.

Within 24 hours of accessing the document, all ownership data was suppressed from Russian state and private corporate registries. 2/

US-Ukraine talks in Florida centered almost entirely on post-war territorial lines — the most contentious element of Trump’s emerging peace deal.

Washington pushed Kyiv to accept a new de facto border in Donbas to entice Putin — Axios. 1/ The core meeting shrank to 3-on-3 — Witkoff, Rubio, Kushner vs Umerov, Hnatov, Skibitskyi — with territory dominating the entire 5-hour session. 2/