Saturday, February 22, 2025

Brussels Edition: An ally turns on Kyiv

The timing made it all the more shocking — and painful — when President Donald Trump turned on Volodymyr Zelenskiy this week
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Welcome to the weekend issue of Brussels Edition, Bloomberg's daily briefing on what matters most in the heart of the European Union. Join us on Saturdays for deeper dives from our bureaus across Europe.

KYIV — February is a sad month in Ukraine, when the nation pays tribute to more than 100 civilians killed by riot police in street protests that toppled its pro-Russian president in 2014.

It's also the month when Russia first began annexing the Black Sea peninsula of Crimea and then in 2022 launched its full-scale invasion of Ukraine.This timing made it all the more shocking — and painful — when President Donald Trump turned on Volodymyr Zelenskiy this week, calling him a dictator with a 4% approval rating and demanding elections.

People march in memory of the people killed during the anti-government demonstration of 2014, in downtown Kyiv. Photographer: Roman Pilpey/AFP

The accusations were all too familiar in Kyiv, which has been bombarded with the same lines in a coordinated Russian propaganda effort. Trump even suggested there's no need for Zelenskiy to take part in US-Russia peace talks.

Ukrainians reacted mostly by rallying around Zelenskiy — whose approval rating stands around 57% — with even his critics saying elections cannot be held during wartime and that a stable peace is needed for a fair and democratic vote.

"Trump's unpredictability is very scary," said Serhiy, a trauma doctor who declined to give his last name. "But we shall do what we must do and rely on ourselves. Every time we hoped someone will come and sort out our problems, it ended badly. And only we can scold Zelenskiy and criticize him. Our nation elected him and it is our business."

Ukraine's troops on the battlefield, where Russia has making very slow but steady gains in the grinding war, say they're also ready to keep fighting. 

"I am an opponent to Zelenskiy, however, in this situation I am supporting him, against Trump's and Russian President Vladimir Putin's claims," says Taras Gaevych, a 37 year-old junior sergeant, now deployed to the Donetsk region. "Of course, I am ready to continue fighting, and I did not hear any other views from my mates."

He added, "There is no panic that Trump may sell us off, the main thing is to continue getting rounds." 

EU foreign ministers are meeting Monday, where they're expected to discuss a new military aid package for Ukraine, while several of the bloc's defense ministers are holding a virtual call.

Donald Trump Photographer: Megan Briggs/Getty Images North America

Trump invective toward Zelenskiy reminded Ukrainians that Trump has held a grudge against the former comedian since his first term in office. In 2019, Trump demanded that Zelenskiy open an investigation against Joe Biden's family in exchange for military support. That phone call was at the center of Trump's first impeachment trial.

Now, with the backdrop of fresh US-Russia talks, Trump is pressing Zelenskiy for a new quid pro quo: access to Ukraine's valuable critical minerals.

Daryna Krasnolutska, Kyiv bureau chief

Weekend Reads

Trump Free Speech Attack on Europe Sets Up Big Tech Fight

Elon Musk raises his fists as he speaks virtually during the Alternative for Germany (AfD) general election campaign launch in Halle, Germany, on Jan. 25, 2025. Photographer: Krisztian Bocsi/Bloomberg

Trump's administration is using freedom of speech as the latest line of attack on the European Union in a campaign that's shaking the foundations of an alliance that stretches back to the dawn of the Cold War. The interest in free speech, which includes attacks on European protections against election interference from malign actors such as Russia, appears mostly focused on boosting far-right parties. 

A Stock Trader's Guide to Navigating High-Stakes German Vote

A federal election is looming for a German equity market trading near all-time highs, and the impact is set to reverberate most across the country's smaller stocks and sectors like defense and real estate. The country's benchmark DAX Index has been partly buoyed by hopes that Conservative frontrunner Friedrich Merz will be able to push through much-needed economic reforms.

Ukraine's Women Keep the Economy in Gear Despite the War

Tetiana Ustymenko's family has worked in the coal mines of eastern Ukraine for generations, and as a girl she longed to carry on the tradition. But when she grew up, she discovered women weren't welcome. Yet for more than two years, Ustymenko has spent untold hours piloting a small train along miles of tunnels, transporting miners and materials to subterranean worksites. She has Vladimir Putin to thank for the opportunity.

Le Pen Wants to Make France Great Again — Without Trump's Help

European far-right leaders flooded X to shower Trump with praise after he won the election last November, but France's Marine Le Pen was notably lukewarm.  After years of trying to bring her party into the mainstream, Le Pen is wary of aligning the National Rally too closely with a bombastic American president who has vowed to impose painful tariffs on Europe.

Why Barcelona Bought the Building That Symbolizes Its Housing Crisis

Banners hang at Casa Orsola on February 4, 2025 in Barcelona, Spain. Photographer: Cesc Maymo/Getty Images Europe

Earlier this month, city leaders in Barcelona revealed their latest gambit to prevent real estate speculators from snapping up affordable apartments and converting them into medium-term rentals that escape current rent controls: The city partnered with a local affordable housing provider to purchase a landmark building and prevent its tenants from being evicted.

This Week in Europe

  • Sunday: Germany holds national election
  • Monday: Commission President Ursula von der Leyen in Kyiv to meet Ukrainian President Volodymyr Zelenskiy, EU foreign affairs ministers meet; EU-Israel Association Council in Brussels
  • Tuesday: General Affairs Council convenes in Brussels
  • Wednesday: Commission to unveil Clean Industrial Deal
  • Thursday-Friday: G-20 finance ministers and central bank chiefs meet in Cape Town, South Africa 

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