Russian executions of Ukrainian prisoners point to systematic policy

Today’s agenda: Trump calls Zelenskyy a “dictator”; Politico owner praises Vance; UniCredit on Russia exit; China’s London embassy; and Big Read on US Treasuries

We start with a Financial Times investigative documentary that has uncovered evidence suggesting that Russian executions of Ukrainian prisoners of war are not isolated incidents but part of a broader pattern indicating a systematic policy.

Execution footage: The investigation identifies a Russian soldier suspected of participating in the mass execution of surrendered Ukrainian soldiers. It also raises concerns about the chain of command and the Kremlin’s involvement in these war crimes.

Rise in cases: Ukraine’s national police have initiated over 125,000 war crimes proceedings for various offenses since the full-scale invasion began. Prosecutors noted a significant increase in execution cases last year, with investigations into 43 incidents involving 133 suspected deaths in 2024.

Read more on the investigation and watch the full documentary.

Here’s what else we’re following today:

South Africa: Foreign ministers from G20 countries, excluding the US, convene for a two-day meeting in Johannesburg.

Results: Accor, Aegon, Airbus, Anglo American, Lloyds Banking Group, Mercedes-Benz, Renault, Repsol, Walmart, and Zurich Insurance Group release their reports. Full list in The Week Ahead newsletter.

Europe faces an era-defining moment. How should policymakers and business leaders prepare? Hear from the FT’s experts on what lies ahead in this exclusive webinar on February 27. Save your spot here.

Five more top stories

1. Donald Trump labeled Ukrainian President Volodymyr Zelenskyy a “dictator” and cautioned that he must act swiftly or risk losing his country. The US president’s remarks came after Zelenskyy accused Trump of living in a “disinformation bubble.”

• UK support: Prime Minister Sir Keir Starmer pushed back against Trump’s suggestion of holding elections in Ukraine.

• Postwar plans: France and Britain are devising a proposal for a “reassurance force” to enforce any ceasefire agreement.

• Military spending: Chatham House’s Bronwen Maddox explains the need for politicians to convince the public to sacrifice some benefits for defense funding.

2. The owner of Politico commended the “inspiring message” in JD Vance’s speech at the Munich Security Conference, criticizing those who misunderstood the address. Vance stirred controversy by suggesting that restrictions on freedom of expression in Europe pose a greater threat than Russia or China. Read the FT’s interview with Axel Springer chief Mathias Döpfner.

3. Federal Reserve officials signaled the necessity of “further progress on inflation” before considering new interest rate adjustments. Despite uncertainties in the economic outlook, the US central bank maintained current rates, viewing monetary policy as appropriately restrictive. More insights from the Federal Open Market Committee’s January meeting minutes.

• Reining in regulators: Trump is set to increase his control over independent federal agencies, including key financial watchdogs, through a recent executive order.

4. UniCredit’s CEO mentioned the possibility of expediting the bank’s exit from Russia if progress is made in resolving the Ukraine conflict, implying better terms could be achieved in a peaceful scenario. UniCredit, one of the few major western banks remaining in Russia, is considering its options. Read the FT’s interview with CEO Andrea Orcel.

5. A US congressional committee expressed concerns over China’s plan to construct a large embassy in London, citing significant security risks for the UK financial services sector. Beijing’s proposal for its largest diplomatic complex in Europe faces opposition from politicians wary of potential espionage activities.

The Big Read

Tariffs, trade wars, and proposed tax cuts could lead to inflation, increased US debt, and unsettle Treasury investors. However, the bond market remains resilient, supported by factors like liquidity, the dollar’s reserve currency status, and a lack of viable alternatives. Could the bond market influence Donald Trump’s policies?

We’re also reading . . .

• Great British Railways: John Gapper warns that Labour’s plan to restrict independent rail network regulation could hinder growth and innovation.

• London’s ‘right-wing Davos’: The Arc conference, a gathering of conservative figures from around the world, blends culture wars and religious urgency.

• Hong Kong finances: Economic challenges like a property downturn and budget deficits are pressuring the government to seek new revenue sources.

Chart of the day

A standoff between airlines and energy companies over sustainable aviation fuel production is hindering the shift to net-zero flying. Airlines cite cost and production issues, while energy firms await more long-term orders before investing in increased production.

Take a break from the news . . .

Banksy, the ultimate outsider-insider artist, balances rebellion with celebrity ownership, maintaining high prices for his works despite a potential market peak.