Back European Strategy/Geopolitics

Another Transatlantic Reset And Security Guarantees Are Back Under (What Will Be a Very Long) Discussion

Published on August 19, 2025

Download the PDF Report

By

Jacob Funk Kirkegaard

By showing up in force, the seven European leaders not only seem to have quashed the question of whether they will “have a seat at the table” – turns out they will have many – but also seemingly found a way to engage Donald Trump that works to their advantage. Combined with a Ukrainian president dressed in what can perhaps be described as a “militarized version of Roy Orbison’s all black suit” and clearly conscious of needing to thank Trump and praise his leadership, Zelensky and European leaders executed what was a good day for well-prepared European diplomacy. At least for now, the risk of Trump explicitly siding with Russia and blaming Ukraine for failing to end the war appears over, and Trump remains engaged in the conflict while still supporting Ukraine, and the onus of staying on Trump’s “good side” might be shifting back to Vladimir Putin again after Anchorage.

So far so good for Ukraine and European leaders, as much worse possible (repeat) outcomes were avoided at the White House. Several additional elements of the process to end the fighting in Ukraine were reintroduced at the meeting, not least the reemergence of “security guarantees for Ukraine” as a key point of discussion. Trump appeared quite optimistic that a direct meeting between Zelensky and Putin is now feasible, and European leaders and Zelensky will be very satisfied that the issue of kidnapped Ukrainian children has returned to a prominent position in the Trump agenda.

There still appears to be some dissonance between Trump and some of the European leaders about whether a ceasefire (or “stopping the killing” as it is now termed) is required ahead of concrete peace negotiations, but perhaps crucially Ukrainian President Zelensky does not appear to insist on such an outcome. Hence, it looks plausible that several additional avenues of direct negotiations will (re)start soon, including preparatory negotiations for a possible Putin-Zelensky meeting and negotiations concerning security guarantees to Ukraine. These are concrete positive developments largely initiated by Trump’s meeting with Putin in Alaska, but it should be clear that despite Trump (and Zelensky) talking about these negotiations delivering results in “ten days to two weeks”, great skepticism must for several reasons follow any claim that concrete facts on the ground in Ukraine will change any time soon. 

First of all, President Zelensky has very important reasons to engage constructively with any proposal Trump makes, irrespectively of what he actually thinks is realistic. Zelensky needs Trump engaged and cool on Putin and wants to conclude a large weapons deal with the United States – up to $100bn worth as part of any future security guarantees. This includes air defense and weapons Ukraine desperately needs, and initial partial delivery seems plausible even before other negotiations are fully concluded.

Secondly, the issue of “security guarantees” is not new, but was extensively – and futilely – discussed in 2022-23. The issues remain the same today. What constitutes credible “security guarantees” to Ukraine absent NATO membership? The weasel-like “Art 5-like guarantees” notion that is frequently mentioned is largely meaningless, as NATO Art 5 includes an actual expectation that the US will go to war to defend another NATO member. It is a treaty commitment ratified by two thirds majorities in the U.S. Congress, and not subject to any say from third (e.g. Russia) parties. Anything short of that level of commitments are not “Art 5-like”, but much weaker and potentially meaningless for Ukraine. It seems implausible that anyone seriously expect the U.S. to go to war with Russia, if it invaded Ukraine again. Art 5-like hence essentially means “smokescreen”, and may be unacceptable to Ukraine. Indeed, the only credible guarantee Ukraine will likely get from future Russian attacks is the strength of its own army (bolstered also by large U.S. weapons sales) and relatively soon EU membership to improve its economic capability to sustain such an army. This cannot happen in the short-term however, and hence a peacekeeping/deterrence force in Ukraine looks necessary if peace is to break out anytime soon. The question though is who will supply these troops? The U.S.? Other NATO members, including Turkey? And is such a force acceptable to Vladimir Putin? The Russian government has already ruled out Western troops in Ukraine.

Thirdly, while Trump has repeatedly mentioned a direct meeting between Zelensky and Putin, the Russian government has only talked about “raising the level of negotiating delegations” – recalling how low the level of Russian negotiators is (deputy minister level), this would be easy to achieve, but does not necessarily include presidential level meetings. Putin has repeated to date rejected meeting Zelensky directly. Again, it is far from obvious that any acceptance from Russia is present.

Overall therefore, bad outcomes were avoided at the White House meeting, and new areas of negotiations have been initiated. Nothing however at Monday’s summit serves to increase pressure on Russia to suddenly agree to any of the new initiatives started by Trump. Moscow retains the key diplomatic gain from the Anchorage meeting that additional U.S. economic sanctions now seem unlikely to ever be implemented. Absent “severe economic consequences” from such new sanctions, only battlefield setbacks and gradual economic decline from existing sanctions and Ukrainian strategic bombing looks like avenues to gradually increase the pressure on Putin to compromise. Until that happens, concrete negotiated progress towards an actual end of fighting in Ukraine should not be expected. Putin still has no real reason to, and remains extremely unlikely to, abandon the war path he has put Russia on since 2022.

This war unfortunately therefore looks likely to rage on for quite a while yet. 2026-27 seems a more realistic time point for substantive negotiations to begin than “another two week deadline” issued at the White House.

Jacob

DISCLOSURES AND DISCLAIMERS

Analyst Certification

The analyst, 22V Research Group, primarily responsible for the preparation of this research report attests to the following: (1) that the views and opinions rendered in this research report reflect his or her personal views about the subject companies or issuers; and (2) that no part of the research analyst’s compensation was, is, or will be directly related to the specific recommendations or views in this research report.

Analyst Certifications and Independence of Research.

Each of the 22V Research analysts whose names appear on the front page of this report hereby certify that all the views expressed in this Report accurately reflect our personal views about any and all of the subject securities or issuers and that no part of our compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views of in this Report.

22V Research (the “Company”) is an independent research provider. The Company is not a member of the FINRA or the SIPC and is not a registered broker dealer or investment adviser. 22V Research has no other regulated or unregulated business activities which conflict with its provision of independent research.

22V Research, LLC is a professional services and independent publication organization. 22V Research, LLC is not a securities broker-dealer, not a member of the Financial Industry Regulatory Authority (FINRA), not a registered investment advisor (RIA) and not a member of SIPC.

Securities transactions, when offered, are offered by 22V Securities, LLC through LPS Capital, LLC. Certain employees of 22V Securities, LLC are dually registered as securities representatives of LPS Capital, LLC or Analyst Hub Securities, LLC. 22V Securities, LPS Capital and Analyst Hub Securities are members FINRA, SIPC.

https://brokercheck.finra.org/

Current Ratings Definition.

SECTOR OUTPERFORM: An “outperform” rating anticipates the company will outperform the S&P Regional Banking Index (peer group).

SECTOR PERFORM: A “market perform” rating anticipates the company will perform in line with the S&P Regional Banking Index (peer group).

SECTOR UNDERPERFORM: An “underperform” rating anticipates the company will underperform the S&P Regional Banking Index (peer group).

Limitation Of Research And Information.

This Report has been prepared for distribution to only qualified institutional or professional clients of 22V Research Group. The contents of this Report represent the views, opinions, and analyses of its authors. The information contained herein does not constitute financial, legal, tax or any other advice. All third-party data presented herein were obtained from publicly available sources which are believed to be reliable; however, the Company makes no warranty, express or implied, concerning the accuracy or completeness of such information. In no event shall the Company be responsible or liable for the correctness of, or update to, any such material or for any damage or lost opportunities resulting from use of this data. Nothing contained in this Report or any distribution by the Company should be construed as any offer to sell, or any solicitation of an offer to buy, any security or investment. Any research or other material received should not be construed as individualized investment advice. Investment decisions should be made as part of an overall portfolio strategy and you should consult with a professional financial advisor, legal and tax advisor prior to making any investment decision. 22V Research Group shall not be liable for any direct or indirect, incidental or consequential loss or damage (including loss of profits, revenue or goodwill) arising from any investment decisions based on information or research obtained from 22V Research Group.

Reproduction And Distribution Strictly Prohibited.

No user of this Report may reproduce, modify, copy, distribute, sell, resell, transmit, transfer, license, assign or publish the Report itself or any information contained therein. Notwithstanding the foregoing, clients with access to working models are permitted to alter or modify the information contained therein, provided that it is solely for such client’s own use. This Report is not intended to be available or distributed for any purpose that would be deemed unlawful or otherwise prohibited by any local, state, national or international laws or regulations or would otherwise subject the Company to registration or regulation of any kind within such jurisdiction.

Copyrights, Trademarks, Intellectual Property.

22V Research Group, and any logos or marks included in this Report are proprietary materials. The use of such terms and logos and marks without the express written consent of 22V Research Group is strictly prohibited. The copyright in the pages or in the screens of the Report, and in the information and material therein, is proprietary material owned by 22V Research Group unless otherwise indicated. The unauthorized use of any material on this Report may violate numerous statutes, regulations and laws, including, but not limited to, copyright, trademark, trade secret or patent laws.