312. Blocking sovereign reserves is a critical issue

This was expected and unsurprising: Vladimir Putin refused Volodymyr Zelenskyy's request for a direct meeting. All hopes are now shattered. Ukraine has become a chessboard for the US and Europe, and they are happy to play the game. 

Logically, a person requesting a face-to-face meeting would not attack beforehand and send such a letter. Doing so would be arrogant, suggesting that the letter writer is either not genuinely serious or is issuing a threat before sending the letter.

Just hours before the St. Petersburg economic forum opened, Ukrainian drones struck St. Petersburg’s oil terminal, sending black smoke billowing into the sky.

In response, a Russian Shahed drone inflicted considerable damage on a structure holding spent nuclear fuel close to the abandoned Chornobyl nuclear power plant. This facility was only 9 miles from the site of the 1986 nuclear disaster, which remains the worst in history.

Vladimir Putin’s response was natural when he called his Ukrainian counterpart’s open letter rude. 

Putin asked: “What is this letter really about? Is it intended to create an environment for a personal meeting? Or is it meant to prevent such meetings? I believe it’s the latter.” 

He reaffirmed that Russia intends to achieve its objectives in Ukraine, including capturing the entire eastern Donbas region.

Zelenskyy’s letter suggested holding a meeting in a third country, such as Switzerland or Turkey. It emphasized that diplomacy should begin at the current front lines and stated Ukraine's readiness to accept a complete ceasefire during negotiations.

Putin stated that Russia controls all of the Luhansk region, a claim Kyiv disputes, and over 85% of the Donetsk region. He also reiterated his demand that Ukraine surrender the entire Kherson and Zaporizhzhia regions. With this, Putin has put his demand in writing.

Zelenskyy said, “Unfortunately, the Russian side is once again choosing war. Everyone heard the weak response. I think it will disappoint many around the world.”

Zelenskyy’s bravado may have been appreciated by the leaders of the UK, France and Germany, with whom he discussed the urgent need to scale up Ukraine’s air defenses and deep-strike capabilities in London, but it wasn’t a diplomatic effort in any sense.

The three leaders condemned Russia’s large-scale missile and drone attacks and called on the Russian president to agree to an immediate and complete ceasefire.

The timing of the letter is also questionable. It was deliberately issued before the G7 summit on June 15 to garner more support for Ukraine and to push for increased economic sanctions and a stronger pledge of military and defense assistance at the NATO summit in July.

The UK, France, and Germany are urging Ukraine to keep fighting because they fear Russia. How much longer can they keep providing security guarantees? Rather than easing the tension, these countries are actually exacerbating the situation.

In his letter, Zelenskyy wrote, “The world has not grown tired of Ukraine, as you long hoped it would. But there is growing fatigue with Russia.” He is certainly living in a fool's paradise.

In contrast to his claim that the mood in Kyiv is increasingly optimistic, the people are not happy. They want an end to every day’s beeping siren sounds. 

It is widely believed the letter was written with Ukraine’s allies in mind and with the aim of needling Putin. It included “When Russia grows tired, change comes,” it noted.

Another fact must not be overlooked. The presidential elections in Ukraine were planned for March 2024. However, because martial law has been in place since 24 February 2022, elections have not taken place. Martial law has been extended every 90 days with parliament's approval, and as of May 2026, it has been extended for the 19th time, now until 2 August 2026. 

I have been raising a point since day one: that by freezing Russian assets abroad, Western nations have eroded trust in their own currencies.

Now Putin also said the same thing. He said, “The sanctions and blocking of Russia’s sovereign reserves have irreversibly impacted the standing of international currencies, the dollar and the euro. Just like Russia, any other country could lose access to its legitimate assets in dollars or euros, as well as Western financial and payment systems.”

Remember Iran.

The world needs to heed this message, particularly India, and reclaim its assets while only retaining the essential minimum. India might become the next target.