In the early hours of March 20, 2025, Russia escalated its military aggression against Ukraine, launching six missiles and 145 drones. Ukrainian defense forces swiftly responded, managing to down 72 of the attacking drones across 12 regions, although 56 drones were lost from radar due to electronic jamming. The air assault primarily targeted the Kiev region, with 45 drones involved in the operation, of which 19 were destroyed by air defense systems, while the remaining drones mysteriously vanished from surveillance.
Simultaneously, diplomatic tensions continue to rise as the European Union ramps up its defense measures in response to the ongoing threat posed by Russia. On March 19, 2025, the EU unveiled a significant plan aimed at rearming the continent by 2030, pledging an astounding 800 billion euros for defense initiatives. This ambitious move was met with vehement criticism from the Kremlin, with spokesperson Dmitri Peskov declaring that "Europe is part of the war," highlighting the increasingly charged atmosphere between Russia and European nations.
In light of these developments, leaders from approximately 30 countries convened in the United Kingdom to discuss a peacekeeping strategy for Ukraine that aims to establish a framework for resolving the ongoing conflict. As the situation continues to evolve, efforts are being directed not only towards military preparedness but also towards negotiating peace. Emphasizing collaboration between nations, Ukrainian President Volodymyr Zelenski engaged in a productive telephone discussion with former U.S. President Donald Trump on March 19, where both leaders discussed the potential for a ceasefire. Their conversation resulted in Zelenski expressing gratitude for the productive start to cooperative efforts between Ukrainian and American teams that was discussed during a recent meeting in Jeddah.
Wielding significant influence in European security matters, Norway is doubling its financial support to Ukraine, pledging 85 billion crowns (approximately 8.03 billion dollars) for this year, a substantial increase from the previously agreed 35 billion crowns in November. Norwegian Prime Minister Jonas Gahr Stoere emphasized, "Norway stands with Ukraine," ahead of Zelenski's official visit to Norway, where he joined discussions about enhancing cooperation and military support.
Moreover, at the same time Zelenski was engaging with world leaders, the European Council held an important meeting in Brussels. The Council reiterated its unwavering support for Ukraine, accentuating the need for European countries to voluntarily increase their military contributions, particularly in the area of heavy artillery and ammunition. The meeting also acknowledged the joint declaration made between Ukraine and the United States, which was signed in Riyadh on March 11, outlining pathways toward a ceasefire and humanitarian initiatives.
A significant aspect of the meeting was the proposal for a common EU debt to facilitate the urgent rearmament of member states, a topic that has sparked heated debates among leaders. French President Emmanuel Macron has additionally pushed for a new substantial loan to underwrite the defense effort. However, concern lingers as countries grappling with high levels of debt, such as France and Italy, could face challenges in mobilizing these funds.
Meanwhile, in other news, the new Canadian Prime Minister Mark Carney is on track to announce early legislative elections set for April 28, following his installation in a minority government last week. Facing pressures from rising tensions with the United States, marked by President Trump's consistent suggestions that Canada should join the U.S. economically in the ongoing trade disputes, Carney is poised to leverage his experiences from leading Canada’s central bank to secure a more stable majority in Parliament.
Amid these international developments, the Kremlin's response to the EU's military plans articulates a stark warning against what it perceives as Western provocation. As the EU embarks on a path toward extensive military rearmament, the situation poses questions regarding security and defense across Europe. The decisions made in coming weeks will be pivotal in shaping the security landscape of the continent.
On the domestic front, the National Bank of Romania recently convened a discussion concerning the Romanian Treasure sent to Moscow during World War I, as efforts intensify to reclaim centuries-old claims. During a debate held in Bacău, BNR Advisor Cristian Păunescu emphasized the importance of asserting Romania's rights regarding the treasure, declaring it to be a real and undeniable claim that has persisted for over a century.
Finally, as Ukraine continues to navigate through diplomatic complexities and armed threats, the upcoming international conference in Italy in July 2025, dedicated to the reconstruction of Ukraine, promises to pave the way to further support and rebuilding efforts post-conflict. As wartime tensions persist, the European Council's commitment to backing Ukraine, through both financial and military means, stands firm, illustrating the EU’s robust policy stance in the face of aggression.
