Ukrainecast Q&A: Is this Europe’s last chance to bankroll Ukraine?
Dec 18, 2025
Lyse Doucet, BBC Chief International Correspondent, shares insights on diplomatic contexts while Frank Gardner, BBC Security Correspondent, discusses military strategies. Paul Kirby, BBC Europe Digital Editor, dives into the financial implications of Ukraine's crisis. They explore the complexities of frozen Russian assets, NATO concerns, and competing US visions. The conversation also touches on China's role in the conflict and why Ukraine cannot cede Donbass, illuminating the intricate web of international relations affecting the war.
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Progress Without Russia Is Hollow
- European talks produced detailed 'security guarantees' but Russia is not at the table so real progress is limited.
- Lyse Doucet warns paper agreements without Russian buy-in are more 'pieces of paper than peace.'
Deterrent Plans Face Russian Veto
- The proposed multinational deterrent would likely avoid NATO boots on Ukrainian soil to reduce escalation.
- Frank Gardner notes Russia will veto any NATO presence inside Ukraine, limiting what forces can do on land.
Guard Euroclear With Collective Guarantees
- Protect Belgian and Euroclear reputations by ensuring collective European guarantees before seizing principal Russian assets.
- Frank Gardner advises Europe must provide plausible funding backstops to Belgium to avoid systemic risk.