Leaders including Volodymyr Zelenskyy, Sir Keir Starmer, Friedrich Merz, Emmanuel Macron, Giorgia Meloni, Donald Tusk and Ursula von der Leyen issued a joint statement on 21 October 2025 setting out conditions for “Peace for Ukraine”. The text was published by the UK Prime Minister’s Office and was updated on 22 October to reflect additional signatories.
The statement supports the US President’s call for hostilities to stop immediately and identifies the current line of contact as the starting point for negotiations. It simultaneously reaffirms that international borders cannot be changed by force, anchoring any talks in established international law.
Leaders argue that Ukraine must enter any ceasefire from a position of strength. They commit to intensifying pressure on Russia’s economy and defence industry, and confirm that work is under way on measures to use the full value of immobilised Russian sovereign assets to fund Ukraine before, during and after a ceasefire.
This formulation goes further than the EU and G7 model currently in operation, which uses proceeds generated by immobilised assets to service loans. The European Commission has been disbursing under the G7 Extraordinary Revenue Acceleration loan, and in the 11 September State of the Union address outlined a potential “Reparations Loan” using cash balances linked to frozen assets while leaving principal untouched.
Any shift from deploying proceeds to mobilising principal would require a detailed legal basis and risk‑sharing for custodians and central banks. Technical papers circulated in Brussels point to Euroclear, which holds the majority of relevant assets in the EU, as a potential operational hub for such a structure.
Treating the line of contact as a negotiating baseline does not alter the political position repeatedly expressed by EU leaders that Ukraine’s internationally recognised borders remain the end‑state reference. The approach creates an entry point for talks while preserving the legal stance on territorial integrity.
Follow‑through is scheduled this week. The European Council meets in Brussels on Thursday 23 October, with President Zelenskyy due to address leaders; the agenda includes options based on immobilised Russian assets. Leaders also plan to convene in the separate “Coalition of the Willing” format referenced in the joint statement.
That coalition track has evolved since March, when the UK and France began coordinating security guarantees that would activate only once a ceasefire holds. In July, participants confirmed a permanent headquarters in Paris with a future coordination cell in Kyiv, advancing planning for a reassurance force to support a peace deal.
For practitioners, the key design issues are verification and enforcement of any ceasefire, sequencing of military de‑escalation, and the interface between external guarantees and Ukraine’s own defence build‑up. The joint statement’s language on support before, during and after a ceasefire implies a continuous posture rather than a single package.
On sanctions, expect continued emphasis on enforcement and circumvention, possible tightening on energy‑related revenues, and additional trade and financial measures on entities materially supporting Russia’s war effort. Firms with residual exposure to Russia‑linked trade and finance should anticipate shorter wind‑down windows and closer supervisory scrutiny.
Moscow has indicated it is monitoring EU steps on sovereign assets and, as of 22 October, said it has no immediate plans to confiscate European property while reserving the right to respond if the EU proceeds further. That warning underscores the legal and retaliatory risk calculus around any decision to use principal.
The UK Government notice records that additional signatories were added on 22 October. Outcomes from the European Council on 23 October and the ensuing coalition discussions will show whether the ‘full value’ wording on sovereign assets converts into concrete proposals in the near term.