Brussels Edition: A dark anniversary

European leaders are in Kyiv today in a show of support but have arrived empty-handed.

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Welcome to the Brussels Edition. I'm Suzanne Lynch, Bloomberg's Brussels bureau chief, bringing you the latest from the EU each weekday. Make sure you're signed up. Ukraine "never chose this war," President Volodymyr Zelenskiy told the European Parliament in a video address today, as he urged his nation's allies to remain as "determined and strong" as when Russia's full-scale invasion began. The intervention was one of a series of statements by Zelenskiy and other leaders as Ukraine marks four years since it was attacked by its eastern neighbor. European Commission chief Ursula von der Leyen and European Council President Antonio Costa are in Kyiv in a show of solidarity, where they are taking part in another meeting of the "Coalition of the Willing." Zelenskiy with European leaders in Kyiv, on Feb. 24. Photographer: Leon Neal/Getty Images But for all the talk of the EU's undiminished support, they're arriving empty-handed. Hungary continues to block a 20th sanctions package targeting the Kremlin and the €90 billion ($106 billion) loan to Ukraine that was announced with much fanfare at a December summit. EU Foreign Affairs chief Kaja Kallas told us this morning that officials were working with both Hungary and Slovakia to ensure they lift their vetoes. She also floated returning to the idea of giving Kyiv a loan backed by immobilized Russian central-bank assets if the current plan remains blocked, though there has been little substantive discussion on this. The four-year anniversary has reinforced a growing realization that President Donald Trump's efforts to broker peace are stalling. Allies say the US is pushing for a deal before Trump hosts the 250th anniversary celebrations of American independence on July 4. According to senior European and NATO officials, however, there's no indication that Russian President Vladimir Putin is ready to reach an agreement that doesn't grant his central demands. Rutte and Zelenskiy at a news conference in Kyiv on Feb. 3, 2026. Photographer: Andrew Kravchenko/Bloomberg Speaking in Brussels this morning, NATO Secretary General Mark Rutte said that "Putin must show if he is serious about peace." He also said it's imperative that Ukraine continues to receive the military, financial and humanitarian aid it needs to defend itself against "Russian terror from the skies" and to enable it to "hold the frontlines." As the sun sets in Ukraine tonight after a day of speeches and promises, thoughts will be turning to Trump's State of the Union address today as allies search for clues about his bid to end a war grinding into a fifth year. The Latest EU officials believe the US will soon streamline its broad tariffs on products containing steel and aluminum, sources say, a topic that's been an irritant in transatlantic relations and a key sticking point in trade negotiations. An EU assessment found that Trump's new tariffs will increase levies on some of the bloc's exports, including cheese and other agricultural products, above the level permitted in the EU-US trade pact. Mounting Russian casualties are likely to hinder Putin's ability to launch a large-scale offensive against Ukraine in the coming months, according to Western officials. Ukraine joining the EU would give a "significant boost" to the bloc's single market, according to Dutch Central Bank Governor Olaf Sleijpen. A top European Central Bank official said lenders from the region expect to benefit as artificial intelligence shakes up their business models. Europe's largest business lobby called for reforms to the region's multi-billion euro carbon market to better support industry, piling on more pressure to amend the bloc's main emissions-cutting tool. A tanker carrying diesel from India has moored in Europe's largest port, a notable arrival after some traders had expressed caution about falling foul of new sanctions on buying fuel made from Russian crude. Seen and Heard on Bloomberg The US strategy of pressuring Ukraine in peace talks is failing, Kaja Kallas said in her Bloomberg interview today, arguing that Trump should lean harder on Russia. "Their approach has been to put pressure on the victim, on Ukraine," she said. "It hasn't really delivered in one year results so maybe we should focus now on the other side." Chart of the Day Meta and its European partner EssilorLuxottica were out to an early lead in the market for smart glasses. But the two are now working through differences over pricing and strategy as demand surges, sources say. The partners sold more than 7 million Ray-Ban and Oakley AI frames in 2025 — a pace that accelerated with new models introduced in the second half. They're targeting further expansion this year as they seek to consolidate their advantage over challengers including Apple. Coming up EU Trade Commissioner Maros Sefcovic address European Parliament trade committee this afternoon Press Conference by von der Leyen and Costa in Kyiv this afternoon Statement by German Chancellor Friedrich Merz this evening before his trip to China for talks with President Xi Jinping tomorrow Trump's State of the Union address to Congress tonight Final Thought Interest in visiting Greenland has never been higher, with the Danish Arctic territory notching up twice as many international arrivals in 2025 than the previous year. As the political turmoil around Trump's designs on the island has receded, locals have returned their focus to the tourism boom. They're currently preparing for the seasonal resumption of United Airlines direct flights from Newark airport in May, earlier than last year. The territory's extreme isolation and infrastructural challenges — getting around often requires boat or helicopter access — make it an expensive place to visit, with high prices for food, fuel and accommodation. Fishing boats in the harbor at Ilulissat, Greenland, on Monday, Jan. 12, 2026. Photographer: Juliette Pavy/Bloomberg Like the Brussels Edition? Don't keep it to yourself. Colleagues and friends can sign up here. How are we doing? We want to hear what you think about this newsletter. Let our Brussels bureau chief know. We're improving your newsletter experience and we'd love your feedback. If something looks off, help us fine-tune your experience by reporting it here. Follow us You received this message because you are subscribed to Bloomberg's Brussels Edition newsletter. If a friend forwarded you this message, sign up here to get it in your inbox. Unsubscribe Bloomberg.com Contact Us Bloomberg L.P. 731 Lexington Avenue New York, NY 10022 |