Sometimes I think that coverage of Ukraine has become bogged down—a bit like the war itself. Because the front line is not moving, neither is the story. Away from the battlefield, though, the wheels continue to turn. Our cover in Europe this week is a good example.
Ukraine is facing a savage cash crunch. Unless something changes, it will run out of money at the end of February. To keep it in the fight, indebted Europe needs to find a lot of money. It would be a mistake to see this cash call as merely a painful exercise in annual budgeting. Instead, it is a historic opportunity to shift the balance of power between Europe and Russia by exposing the Kremlin’s financial frailty. The price of supporting Ukraine is higher than most Europeans realise, but it is also a bargain.
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