Ukraine

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Russia-Ukraine Conflict

Ukrainian long-range drones struck oil storage facilities in St. Petersburg, Russia, early on June 3, hours before the opening of the St. Petersburg International Economic Forum, Ukrainian President Volodymyr Zelensky confirmed on his Telegram channel that day. 

Russia, Ukraine: Ukrainian Drones Strike St. Petersburg as Economic Forum Opens

United States

Russia launched a barrage of hundreds of drones and dozens of missiles at Ukraine overnight, killing at least 18 people and injuring dozens in strikes on Kyiv, Dnipro, Zaporizhzhia, Poltava and Kharkiv, The Guardian reported on June 2.

Ukraine, Russia: Russian Missile Strikes Test Ukraine's Civilian Resilience

In an interview with CBS's Face the Nation, Ukrainian President Volodymyr Zelensky said Ukraine needs to find a diplomatic path to talks before winter, arguing that Russia began losing the battlefield initiative in December 2025, CBS reported on May 31.

Ukraine, Russia, U.S.: Zelensky Calls for Renewed Talks Before Winter

Romania

A Russian Geran-2 drone struck a residential building in the eastern Romanian town of Galati on May 29, detonating its full payload on the 10th floor and causing a fire that injured two people and prompted the evacuation of about 70 residents, Romanian news outlet Digi24 reported the same day.

Romania, Russia: Russian Drone Strikes Romanian Apartment Block in Spillover From Ukraine War

Sweden

Ukrainian President Volodymyr Zelensky said Ukraine will buy 150 Swedish Gripen fighter jets using part of a 90 billion euro ($105 billion) credit line, during his meeting with Swedish Prime Minister Ulf Kristersson in Uppsala, Sweden, Interfax-Ukraine reported on May 28.

Ukraine, Sweden: Gripen Deal Deepens Kyiv's Nordic-Baltic Defense Ties

Ukrainian President Volodymyr Zelensky sent U.S. President Donald Trump a letter warning that Ukraine's shortage of air defense systems is worsening, with the most acute need being Patriot PAC-3 interceptors and other systems capable of intercepting ballistic missiles, the Kyiv Independent reported on May 27.

Ukraine, U.S.: Zelensky Warns Trump of Critical Patriot Shortages

United Kingdom

Poland

Polish Prime Minister Donald Tusk and British Prime Minister Keir Starmer signed a new defense and security treaty in London, United Kingdom, on May 27, according to statements from both governments the same day.

Poland, U.K.: New Treaty Deepens Defense and Security Ties

The U.S. State Department approved a possible $108.1 million Foreign Military Sale to Ukraine for HAWK Missile System Sustainment and related equipment, Reuters reported May 21.

Ukraine, U.S.: Trump Administration Approves HAWK Air Defense Support Package

Assessments

Technicians work at the main blast furnace at the Zaporizhstal Iron and Steel Works on Feb. 12, 2024 in Zaporizhzhia, Ukraine.

Part two of this report examines how either a comprehensive peace agreement or a severe escalation of the war would affect Ukraine's investment climate.



Scenarios for the Future of Foreign Investment in Ukraine, Part 2

An employee assembles a long-range drone in a workshop of the Fire Point company, which manufactures FP-1 deep-strike drones and FP-2 strike drones, Jan. 29 in an undisclosed location in Ukraine.

This two-part report outlines how the trajectory of the war with Russia will act as the ultimate determinant of capital allocation and economic recovery in Ukraine.

Scenarios for the Future of Foreign Investment in Ukraine, Part 1

A view taken on Dec. 13, 2023, shows pumping units at the grounds of a fuel tank farm of Russia's oil pipeline giant Transneft.

Energy

The intensifying drone strikes are unlikely to trigger an oil sector crisis or alter Moscow's war calculus, but they will financially drain Russian oil companies, even as high prices buoy the Kremlin's revenues.

Assessing the Impact of Ukrainian Strikes on Russia's Oil Sector

Europe

EU and Ukrainian flags fly outside the European Commission headquarters on Feb. 23, 2025, in Brussels, Belgium.

While a European mediator may unblock frozen peace talks, a durable peace settlement remains unlikely until both Russia and Ukraine conclude that continued war is more costly than compromise.

The Limited Promise of EU Mediation in Ukraine Peace Talks

Snapshots

Russian officers patrol central Moscow on May 5, 2026, in front of the Kremlin, a few days ahead of the Victory Day military parade, to be held at Red Square on May 9. 

While Ukraine is unlikely to attack Moscow during the May 9 parade, its expanding long-range strike capabilities will steadily increase the war's political, economic and psychological toll on Russia ahead of the September elections.

Ukrainian Strikes Put Russia on Edge Ahead of Victory Day Parade

Hungary

Peter Magyar, lead candidate of the Tisza party, speaks to reporters in Budapest on April 13, 2026, after his party's sweeping victory in Hungary's parliamentary elections.

With a two-thirds supermajority, the new government will be able to dismantle Orban's entrenched institutional and economic influence, as well as reset EU relations. But a swift and drastic reversal in Hungary-Ukraine relations remains unlikely.

Hungary's Pro-EU Opposition Wins Big, Ending the Orban Era

Lithuania

Latvia

Estonia

Eurasia

A soldier from the "Taifun" unmanned aerial vehicle unit prepares a new strike drone for flight on April 7, 2026 in Ukraine. 

Although Moscow is threatening retaliation against Baltic states over supposed involvement in Ukraine's drone attacks on Russian energy infrastructure, the Kremlin will not risk a direct military confrontation with NATO.


Direct NATO-Russia Confrontation in the Baltic Unlikely, Despite Ukrainian Strikes on Russian Energy Infrastructure 

Iran

Israel

Denmark

France

Italy

The European Parliament building in 2019 in Strasbourg, France. Parliament is set to hold a plenary vote March 26 on implementing the 2025 EU‑U.S. trade framework agreement.

U.S.-Iran Relations

A look at what the coming week will bring -- and a list of recommended RANE articles from the week that was.

The Weekly Rundown: A Vote on the EU‑U.S. Trade Framework, the Iran Conflict Continues

China

Japan

A large plume of smoke rises March 7 over Tehran after explosions were reported in the Iranian capital during the night.

The Weekly Rundown: The Iran War Continues, Takaichi Meets With Trump

A Ukrainian serviceman stands next to a truck equipped with a machine gun during an air raid alert in Kyiv on Jan. 24, 2026, amid Russia’s ongoing invasion.

Russia's ability to sustain its war efforts despite mounting economic strain, combined with the U.S.'s new focus on Iran, makes meaningful progress in peace talks unlikely anytime soon.

Ukraine War Enters Its Fifth Year, With No Near End in Sight

City authorities and businesses rebuild residential buildings damaged by Russian shelling in Kharkiv, Ukraine, on July 12, 2023.

While European governments can fund Ukraine's war effort this year and next, securing the investment needed to rebuild damaged infrastructure will face significant political, economic and structural hurdles.

The Challenge of Rebuilding Ukraine's Economy

Columns

On Geopolitics

Ukrainian President Volodymyr Zelensky attends a press conference at the European Commission's headquarters in Brussels, Belgium, on Aug. 17, 2025.

Despite its strategic imperative to secure Ukraine's Western alignment, the EU remains unlikely to grant the country full or partial membership anytime soon due to numerous challenges, with the ongoing war being chief among them.

To Keep the Promise of Ukraine's Accession Alive, the EU Mulls Alternative Options

<p>Ukraine is the quintessential borderland state. The country borders three former Soviet states (Russia, Belarus and Moldova) and four countries in the European Union (Poland, Slovakia, Hungary and Romania). Ukraine also has a coastline along the Black Sea to the south. Ukraine sits on the Northern European Plain, the area that has historically served as an invasion superhighway going east and west. Beyond its strategic location, Ukraine&#39;s geography has only facilitated such invasions. The country consists of flat and fertile plains, with the exception of the Carpathian Mountain range that arches into the far west of the country. But even these mountains can be penetrated and have not posed a significant barrier to invasion. Given such lack of barriers, Ukraine&#39;s wide-open geography is inextricably linked to that of Russia. Ukraine&#39;s agricultural and industrial belts have traditionally been integrated with Russia&#39;s, and Ukraine serves as the primary transit state for Russian energy exports to Europe. Due to its location and abundance of agricultural and mineral resources, Ukraine has been contested between regional powers for centuries. This competition is currently playing out in an extreme form today, with a Western-backed government confronting a Russian-backed uprising in eastern Ukraine. Further complicating the situation is the fact that Ukraine has several population and political cores, including Lviv in the west, Kiev in the center and the eastern cities of Donetsk and Luhansk. These different cores make administering Ukraine difficult. The current crisis in Ukraine is therefore merely the latest iteration of the country&#39;s internal divisions and the long-standing East-West conflict over the country. Maintaining sovereignty and unity in the face of this competition is Ukraine&#39;s primary geographic challenge.</p>

SITUATION REPORTS

Russia, Ukraine: Ukrainian Drones Strike St. Petersburg as Economic Forum Opens

Ukraine, Russia: Russian Missile Strikes Test Ukraine's Civilian Resilience

Ukraine, Russia, U.S.: Zelensky Calls for Renewed Talks Before Winter

Romania, Russia: Russian Drone Strikes Romanian Apartment Block in Spillover From Ukraine War

Ukraine, Sweden: Gripen Deal Deepens Kyiv's Nordic-Baltic Defense Ties

Ukraine, U.S.: Zelensky Warns Trump of Critical Patriot Shortages

Poland, U.K.: New Treaty Deepens Defense and Security Ties

Ukraine, U.S.: Trump Administration Approves HAWK Air Defense Support Package

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