Zürcher Nachrichten - Trap laid, Ukraine walked in

EUR -
AED 4.334368
AFN 77.894758
ALL 96.747448
AMD 446.136227
ANG 2.112695
AOA 1081.6655
ARS 1702.480769
AUD 1.69272
AWG 2.125878
AZN 2.00686
BAM 1.957764
BBD 2.377785
BDT 144.384818
BGN 1.982033
BHD 0.444913
BIF 3498.523848
BMD 1.180224
BND 1.503608
BOB 8.157216
BRL 6.197829
BSD 1.180584
BTN 106.692012
BWP 15.629743
BYN 3.381692
BYR 23132.385833
BZD 2.374281
CAD 1.613779
CDF 2625.997782
CHF 0.916839
CLF 0.025797
CLP 1018.509037
CNY 8.19329
CNH 8.184451
COP 4338.703206
CRC 585.287044
CUC 1.180224
CUP 31.27593
CVE 110.375707
CZK 24.240023
DJF 209.749378
DKK 7.466918
DOP 74.504728
DZD 153.397249
EGP 55.447707
ERN 17.703357
ETB 183.94936
FJD 2.60546
FKP 0.864141
GBP 0.870657
GEL 3.174617
GGP 0.864141
GHS 12.962056
GIP 0.864141
GMD 86.740757
GNF 10361.392499
GTQ 9.055082
GYD 246.987729
HKD 9.221767
HNL 31.184278
HRK 7.536084
HTG 154.87534
HUF 379.297924
IDR 19909.607804
ILS 3.682233
IMP 0.864141
INR 106.520683
IQD 1546.551194
IRR 49716.926371
ISK 144.790096
JEP 0.864141
JMD 184.6452
JOD 0.836739
JPY 185.038434
KES 152.296234
KGS 103.210396
KHR 4764.79929
KMF 492.153066
KPW 1062.236802
KRW 1728.880289
KWD 0.362777
KYD 0.983833
KZT 582.254002
LAK 25374.450629
LBP 105723.736932
LKR 365.336433
LRD 219.591414
LSL 19.07233
LTL 3.484894
LVL 0.713906
LYD 7.478501
MAD 10.835668
MDL 20.063208
MGA 5223.23892
MKD 61.65878
MMK 2478.214053
MNT 4212.403865
MOP 9.500512
MRU 47.092234
MUR 54.337584
MVR 18.246005
MWK 2047.053199
MXN 20.516809
MYR 4.658371
MZN 75.251445
NAD 19.07233
NGN 1614.628457
NIO 43.443574
NOK 11.511271
NPR 170.70722
NZD 1.971393
OMR 0.453812
PAB 1.180594
PEN 3.96838
PGK 5.132148
PHP 69.355866
PKR 330.553045
PLN 4.220858
PYG 7795.819224
QAR 4.302716
RON 5.092197
RSD 117.389791
RUB 90.583357
RWF 1723.108581
SAR 4.425983
SBD 9.518088
SCR 16.183279
SDG 709.929084
SEK 10.645147
SGD 1.50269
SHP 0.885474
SLE 28.974233
SLL 24748.701417
SOS 673.475497
SRD 44.695013
STD 24428.249115
STN 24.524598
SVC 10.32936
SYP 13052.773144
SZL 19.063201
THB 37.487492
TJS 11.049883
TMT 4.136684
TND 3.420831
TOP 2.841695
TRY 51.385957
TTD 7.994018
TWD 37.355849
TZS 3050.878502
UAH 50.942996
UGX 4214.226879
USD 1.180224
UYU 45.555692
UZS 14480.523997
VES 446.106113
VND 30650.411229
VUV 141.258236
WST 3.217697
XAF 656.646218
XAG 0.015492
XAU 0.000243
XCD 3.189613
XCG 2.127643
XDR 0.815654
XOF 656.615587
XPF 119.331742
YER 281.276853
ZAR 19.111428
ZMK 10623.420988
ZMW 21.929181
ZWL 380.031571
  • RBGPF

    0.1000

    82.5

    +0.12%

  • RYCEF

    -0.0600

    16.62

    -0.36%

  • AZN

    0.2100

    187.66

    +0.11%

  • BTI

    0.4600

    62.09

    +0.74%

  • GSK

    2.1900

    59.42

    +3.69%

  • CMSC

    -0.0100

    23.51

    -0.04%

  • RIO

    -4.5200

    91.96

    -4.92%

  • VOD

    -1.0650

    14.645

    -7.27%

  • NGG

    -0.8150

    86.975

    -0.94%

  • RELX

    0.4100

    30.19

    +1.36%

  • SCS

    0.0200

    16.14

    +0.12%

  • BP

    -0.9850

    38.215

    -2.58%

  • BCC

    -1.5500

    88.68

    -1.75%

  • JRI

    -0.0650

    13.085

    -0.5%

  • CMSD

    -0.0200

    23.85

    -0.08%

  • BCE

    -0.8000

    25.54

    -3.13%


Trap laid, Ukraine walked in




The geopolitical landscape surrounding the war in Ukraine has shifted dramatically in recent weeks, leading many to argue that a trap was set — and Ukraine stepped straight into it. As pressure mounts around a new peace initiative promoted by former 45. and now 47. U.S. President Donald J. Trump, the debate is intensifying over whether Ukraine has been cornered and whether European nations share a shameful responsibility for the current predicament.

The proposed peace framework circulating since late November presents a stark reality: Ukraine would be required to make painful territorial concessions, scale back parts of its military capabilities, and abandon long-term ambitions for deeper integration with Western defence structures. The rationale behind the proposal is packaged as a “pragmatic” path to ending the war, yet the implications would cement strategic gains for Russia and fundamentally weaken Ukraine’s sovereignty.

European governments reacted with unease and internal division. Publicly, they emphasise the need for adjustments and caution against any agreement that reshapes borders under pressure. Privately, however, several capitals fear being left alone to shoulder long-term financial and military support should the United States pull back. Some European leaders recognise that approval of the plan could stabilise parts of the continent in the short term, yet at the cost of undermining the very principles they have defended since the war began.

For Kyiv, the situation is even more delicate. Ukraine’s leadership has signalled willingness to examine the proposal, but throughout the country the sentiment is overwhelmingly hostile. Soldiers, civil society, and much of the population view the plan as nothing short of a surrender. After years of devastating losses, the idea of codifying territorial fragmentation and weakening national defence is seen as a direct threat to the nation’s survival.

To many observers, the timing and structure of the proposal appear intentional. By presenting a plan that heavily favours Russian interests while portraying it as the “only realistic path forward,” Trump effectively places Ukraine under immense diplomatic pressure. If Kyiv rejects the plan, it risks losing political support; if it accepts, it risks losing the country it has fought to preserve.

This dynamic also places Europe in an uncomfortable spotlight. While European nations have repeatedly voiced support for Ukraine, the reality is that they have long relied on U.S. leadership for strategic direction, intelligence coordination, and military supplies. Critics argue that Europe’s inability to develop a cohesive and independent defence posture has left Ukraine vulnerable to geopolitical gambits. Now, as the United States reshapes its stance, Europe must confront its shortcomings.

The central question is no longer whether Ukraine wants to resist, but whether it still can — and whether Europe will meaningfully help. A peace agreement that weakens Ukraine risks redefining the security architecture of an entire continent, emboldening aggressive revisionism, and eroding confidence in the West’s commitment to defending democratic nations under threat.

Whether this moment becomes the beginning of Ukraine’s political end or a turning point in Europe’s strategic awakening depends on the choices made now. What remains clear is that Ukraine cannot afford to be treated as a bargaining chip — and Europe cannot pretend that its own security is separate from Ukraine’s fate.