March 11, 2024 - 7:00am

Pope Francis has called on Ukrainian President Volodymyr Zelensky to have the “courage of the white flag”. Speaking to Swiss broadcaster RSI, the Pope argued that “the strongest one is the one who looks at the situation, thinks about the people, has the courage of the white flag, and negotiates.” While the comments were condemned in some quarters, at this stage they are merely a recognition of the reality of the situation in Ukraine.

Since the country’s ill-fated summer counteroffensive last year, it has become increasingly clear that Ukraine is not winning the war and may not be able to do so. Enormous promises were made regarding this counteroffensive, not least that the Ukrainians would push all the way through to Crimea and thereby deal a devastating and perhaps destabilising blow to the Kremlin. But none of this came to pass. As the Ukrainians met dug-in Russian defences, it quickly petered out.

The same cannot be said for the Russians. Last month’s fall of Avdiivka, a key Ukrainian position which was thought to have almost impenetrable defences, provoked Western media outlets to speculate that Russia might be turning the tide of the war. There are now widespread rumours that Vladimir Putin might instigate a major offensive this spring to try to break the Ukrainian lines.

This is bad news for the Zelensky government, which has become increasingly frayed. Last year media reports suggested that Zelensky had become involved in a spat with the man who was then in charge of the war effort, the respected General Valerii Zaluzhny, who had become increasingly critical of the President’s handling of the war. This came to a head last month when Zelensky fired Zaluzhny. Last week the former commander was made ambassador to the United Kingdom, in a move many suspect was geared towards containing his potential entry into the political arena.

The economic situation is looking increasingly grim for Ukraine too. At the start of February the European Union approved another €50 billion in aid to the embattled nation, but this is simply not enough money to keep the lights on. The €50 billion supplied by the Europeans was supposed to be met with a similar package from the Americans, but President Joe Biden remains unable to get the aid package through Congress, leaving Ukraine potentially short on cash.

Ukraine’s domestic situation is still combustible. Zelensky is fending off internal political criticism and even the emergence of rival factions which disagree with his handling of the war. Meanwhile, the economic situation may deteriorate further in the course of this year. And that’s not even to mention the increasing problems the Ukrainian military is having with recruitment. A successful spring offensive by the Russians could prove to be the spark that lights the powder keg ablaze. Perhaps the Ukrainian President would be wise to listen to the Pope’s suggestion.


Philip Pilkington is a macroeconomist and investment professional, and the author of The Reformation in Economics

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