The Iran war is pushing up European energy prices. Here’s why a Ukraine-style inflation shock could still be avoided


The energy price shock that followed Russia’s invasion of Ukraine four years ago is fresh in the minds of European policymakers as the conflict in Iran once again drives oil and gas prices higher. Experts, however, think this time could be different.

Fears of a full-blown energy crisis on that scale — which saw oil top more than $120 a barrel by June 2022, gas prices soar, household energy bills rise, and eurozone inflation hit a record 9% — may yet be overblown, according to investment strategists.

Brent crude, the global oil benchmark, has retreated from the near-$120 per barrel seen earlier in the week, as the International Energy Agency agreed on Wednesday to release a record 400 million barrels of oil from its emergency reserves. European natural gas prices, as measured by the Dutch TTF futures benchmark, also pulled back from a three-year high of 63.77 euros per megawatt-hour and were last seen under 50 euros per MWh on Wednesday.

‘Eerily familiar’

James Smith, developed markets economist focusing on the U.K. at ING, said that while the initial energy price reaction appears “eerily familiar” to the start of the Ukraine invasion, the global economic picture looks very different from the 2022 shock.

“The 2022 energy crisis landed on a global economy that was ripe for inflation to take off. Supply chains were fractured, job markets tight, and fiscal policy was fueling the fire. All of that, to varying degrees, is less true today,” Smith said in a note.

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The Iran war is pushing up European energy prices. Here’s why a Ukraine-style inflation shock could still be avoided

Brent crude.

Europe does not produce enough gas to meet its energy needs, says Uniper CEO Michael Lewis

But he conceded that Europe does not produce the volume of gas it needs to meet its energy needs.

“What we need to do is have more long-term contracts. Following the elimination of Russian gas from our portfolio, we have to buy more gas on the spot market…That’s why we’re rebuilding the portfolio to get more long-term gas contracts into the portfolio which insulates us from some of these price changes.”

Inflation concerns

Smith said that a scenario in which energy supply normalizes after four weeks, bringing energy prices down in the second quarter, could drive eurozone inflation from its current level of 1.9% to to 2.5% by the second quarter. Meanwhile, inflation could hit 3% in the U.K. and the U.S.

That would be “enough to delay, but not derail,” further Federal Reserve and Bank of England rate cuts, but “not enough to move the ECB out of its ‘good place’,” Smith added.

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The Iran war is pushing up European energy prices. Here’s why a Ukraine-style inflation shock could still be avoided

U.K. 10-Year Gilts.

Yields on government bonds in the U.K. and Germany edged higher as investors revised bets on interest rate policies from the Bank of England and the European Central Bank. Madis Muller, a member of the European Central Bank’s governing council, admitted that the probability of a rate hike has increased, according to a Bloomberg report on Tuesday.

Sharp moves in bond yields underline the market uncertainty, chiming with the huge swings in oil and gas since the conflict began, as analysts say that persistent higher-for-longer energy prices will drive central bank policy responses.

Geoff Yu, senior EMEA market strategist at BNY, said that, in the short-term, ECB rate cuts will probably need to be pushed out. But he added there is “far too much uncertainty” to provide guidance beyond the next three months.

“Markets pricing in two hikes seems too excessive, but it is important to manage expectations and pivot tactically to anchor inflation expectations,” Yu told CNBC via email. “Europe needs to ensure 2022-2023 is not repeated.”

He said that the continent is far less exposed to a sudden tightening in financial conditions this time round, as equities positioning is not as concentrated.

Goldman Sachs' Peter Oppenheimer sees a 'complicated cocktail' for Europe

“Firstly, prices remain a fraction of their 2022 highs. Secondly, European energy resilience is now much stronger thanks to supply diversification, so there is no need for an overreaction. Thirdly, the state of the cycle is different, as there is no post-Covid demand boost to speak of,” Yu said.

‘A complicated cocktail’

Peter Oppenheimer, chief global equity strategist at Goldman Sachs, said the broader market environment leaves Europe facing a “complicated cocktail” as investor sentiment around growth and inflation recalibrates almost “hour by hour.”

“For Europe in aggregate, the combination of rising oil prices and a weakening euro — at least the set-up that we’ve seen in the last couple of weeks or so — is actually a net positive for earnings,” Oppenheimer told CNBC’s “Squawk Box Europe” on Tuesday. “Of course, to the extent that that combination leads to a deterioration in the growth and inflation mix, that would be a net negative.”

“We’ve seen a massive rise in oil prices, a great deal of uncertainty. If that were to continue I think inevitably it would have the effect of pushing down growth expectation to the point where equities correct.”

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Dubai airport drone attack leaves four hurt as influencers post suspicious identical messages insisting emirate is safe: Live updates


Iranian forces insists ships in Strait of Hormuz are ‘legitimate targets’

Dubai airport drone attack leaves four hurt as influencers post suspicious identical messages insisting emirate is safe: Live updates

Iranian forces have declared ships in the Strait of Hormuz belonging to the US, Israel and their allies are ‘legitimate targets’ following three fires on commercial vessels earlier today.

‘Any vessel whose oil cargo or the vessel itself belongs to the United States, the Zionist regime or their hostile allies will be considered legitimate targets,’ said the military’s central operational command, Khatam Al-Anbiya, in a statement carried by state TV.

It reiterated that Iran’s armed forces ‘will not allow a single litre of oil to transit’ through the strait, adding that the ‘closure of this strait is the result of conditions imposed by the US and the Zionist regime,’ referring to Israel.

Meanwhile, Iran has also accused the United States and Israel of striking a maritime ambulance boat at an island in the strategic Strait of Hormuz, local media reported.

‘Following the US-Zionist attacks this afternoon, a maritime ambulance stationed at the dock of Hormuz Island was hit by missiles,’ Mehr news agency reported, showing footage of the boat on fire.

It said the vessel transports emergency patients from the island to Bandar Abbas in Iran’s southern Hormozgan province. Other media carried similar reports.




Rheinmetall sees sales growth of up to 45% in 2026, says it’s in ‘prime position’ to arm the U.S. amid war in Iran


German Rheinmetall MAN tactical military transport vehicles parked in the Edvard Peperko military barracks.

Luka Dakskobler | Lightrocket | Getty Images

German arms maker Rheinmetall said it sees this year’s sales growing by as much as 45% as it reported 2025 revenue growing 29% year-over-year, missing expectations.

It also said it was in a “prime position to help the US replenish their missile stockpiles” used in the war in Iran, such as supplying critical solid rocket motors.

In a presentation to accompany earnings on Wednesday, the company said “higher spend for missile restocking and air defence” was “inevitable.”

It comes as defense companies are expected to be on the receiving end of governments’ hiked spending on military capabilities, amid increased demand due to the wars in Ukraine and Iran. Rheinmetall expects its order backlog to more than double to 135 billion euros this year.

“The tense security situation underpins the promising position of the Group, whose products are playing an increasingly important role for the increase in defence capabilities in Germany and its partner countries,” Rheinmetall said.

The defense giant, Germany’s seventh-largest company by market value, issued its 2026 outlook, which it had hinted at during a preclose call in early February.

Group sales are expected to grow by between 40% and 45% to between 14 billion ($16.26 billion) and 14.5 billion euros. Operating result margin is expected to be around 19%, up from 18.5% in 2025. Jefferies analysts called the guidance “realistic but soft.”

“The world is changing rapidly, and Rheinmetall is well prepared,” said CEO Armin Papperger in a statement.

“With our products, we will have a significant share in the increasing equipment spend of the armed forces and deliver what modern armed forces need in the 21st century.”

Shares fell 5.2% in early trading on Wednesday while the pan-European Stoxx 600 index was down 0.7%.

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The Iran war is pushing up European energy prices. Here’s why a Ukraine-style inflation shock could still be avoided

Shares of defense stocks have risen over the past year.

Sales grew by 29% over the full year to 9.94 billion euros ($11.56 billion), missing expectations of 10.53 billion euros, according LSEG estimates.

Earnings before tax and interest came in at 1.68 billion euros, compared with estimates of 1.75 billion euros, while the order backlog reached a record high of 63.8 billion euros, a 36% jump from the previous year. 

“As budget approvals resumed toward year‑end and defence spending picked up across Europe – particularly in Germany – we expect delayed programmes to convert into contracts, supporting a rebound in nominations and reinforcing the company’s already elevated backlog,” noted Morningstar analyst Loredana Muharremi ahead of the print. 

In February, the company indicated sales for this year would come in at between 13.2 billion and 14.1 billion euros, and EBIT between 2.4 billion and 2.8 billion euros, both more than 10% below expectations. Shares subsequently fell 6.5%.

Barclays analysts in February called the share move following the indicated guidance “a marked over-reaction,” saying that “expectations are high, and shares continue to be very sensitive to any information that comes out.”

Noting some confusion over the like-for-like numbers this year, given recent changes to the business structure, the analysts said that weapon and ammunition growth will remain elevated, and there is scope for its naval business to be resilient, too. 

“From a structural perspective we think nothing has really changed here: the backlog growth in 2026 will be material.”

Rheinmetall shares have risen about 540% over the past three years, as a leading provider of land systems and ammunition in Europe.

Gains, however, have moderated over the past year as some investors question whether shares have reached their full value and if growth can be sustained long-term. Coming into Wednesday trading, the stock was up just 3.4% year-to-date. 

Rheinmetall and other defense firms like Britain’s Bae Systems and Italy’s Leonardo are viewed as well-placed to capitalize on hiked spending by European governments over the next five years against a backdrop of the Russia-Ukraine war.

Increased demand

Rheinmetall is looking to sell its civilian automotive to focus purely on meeting demand for its defence business. It’s also now active in the naval sector following its acquisition of shipbuilder Naval Vessels Lürssen, which closed in February.

Shares of defense companies, including Rheinmetall, initially spiked after the U.S. and Israel launched attacks on Iran on Feb. 28, killing its Supreme Leader, Ayatollah Ali Khamenei. It raised fears that the attacks would develop into a full-blown war engulfing the entire Middle East region, which would eventually lead to more demand for military equipment.

Gains later pared some gains, and while large European defense stocks are up on average between 5% and 10% since the first strikes, Rheinmetall was largely flat over that period, coming into Wednesday trading.

Smaller country-peer Renk’s CEO Alexander Sagel said earlier this month that the Iran war could drive increasing demand for defense capabilities in the Gulf region.

In November last year, Rheinmetall predicted its sales would quintuple over the next five years, boosted by robust demand for its weapons systems amid geopolitical tensions and the war in Ukraine. The bulk of the estimated 50 billion euros in revenue by 2030 will come from its vehicle systems and weapon and ammunition businesses, the company forecasted. It also sees operating margin expanding to about 20%, up from 15.2% in 2024.

In 2025, the Weapon and Ammunition business grew 27% to 3.53 billion euros. Its largest unit, Vehicle Systems, which makes tanks and military trucks, grew 32% to 4.99 billion euros over the year.

It proposed a dividend of 11.50 euros per share, up from 8.10 euros last year, on the back of the growing sales and profits.

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Trump Officials Now Want Ukraine’s Help To Counter Iranian Drones In The Ultimate Twist Of Irony


Donald Trump’s administration has asked Ukraine for help to counter Iranian drones, despite being very reluctant to help Kyiv over the Russian invasion.

The US is looking to intercept Iranian attacks on its military bases in the Middle East after Trump and Israel launched joint strikes on Tehran at the weekend, a move which has sparked a regional war.

Kyiv has expertise in this area because Iran has been exporting its Shahed drones to Russia for use against Ukrainian troops for much of the four-year conflict.

In a post on X, Ukrainian president Volodymyr Zelenskyy said there have been requests from the US, Europeans and other partners in the Middle East for advice from Kyiv on how to deal with these attacks.

He said: “They are seeking our expertise. We are open. If their representatives come, we will provide the expertise.”

But the US request comes after the Trump administration put relations with Ukraine under immense strain over the last year.

In his bid to end the war as soon as possible, Trump has repeatedly sided with Vladimir Putin, despite the US’s alliance with Ukraine.

A year ago, the president cornered Zelenskyy in the Oval Office in front of the press and claimed Ukraine “does not have the cards” in the war.

He also called Zelenskyy a “dictator” while his team also attacked the Ukrainian president for not wearing a suit.

While their alliance has improved in the months since, the US has remained wary about offering Ukraine much help.

At the same time, Trump has been rolling out the red carpet for Putin, even inviting him to face-to-face summit in Alaska last August.

The president pushed for trilateral talks between Ukraine, Russia and the US earlier this year but they have failed to make any significant progress so far.

In his frustration, Trump has repeatedly accused Ukraine of not coming to the table with further compromises over territory – even though that is a red line for Kyiv, especially as Russia already controls more than a fifth of its sovereign land.

The president has also echoed false Kremlin talking points by accusing Ukraine of starting the war – despite plenty of evidence to the contrary.

The Iran conflict has delayed the next round of trilateral meetings which were due to start today and run until March 9.

The US request has caused significant outrage on social media, too….

The US has formally asked for Ukraine’s help to shoot down Iran’s Shahed drones, President Zelensky confirms.

The mind numbing irony. https://t.co/u2kgkipQu6

— Tom Newton Dunn (@tnewtondunn) March 5, 2026




I gave up my dream six figure Wall Street banking job to volunteer on the deadly Ukraine frontline… and I don’t regret it for a second


On the frantically busy trading room floors of Morgan Stanley’s Manhattan offices where billions of dollars change hands every day there is one perpetually quiet corner – a single desk that sits unoccupied.

It is empty because the young Wall Street executive it belongs to remains on unpaid leave – as she is working as a paramedic on the frontline of the war to save her homeland, Ukraine, from invasion by Russia.

So incredulous were colleagues of Viktoriia Honcharuk, 25, giving up her six-figure salary job as a New York investment banker to go to war that her line manager promised to keep her job open for when she changed her mind.

That was in late 2022 – and that desk remains unoccupied.

Viktoriia was moved to sign up when Vladimir Putin launched his ‘special military operation’ and brought Europe’s bloodiest war since World War Two to her homeland.

​’I thought if I don’t do something now, I won’t be able to look myself in the eyes,’ she recalls. ‘If something happens and Ukraine does not exist in a few years, how am I going to look in the mirror and say ‘I am Ukrainian’ or a person of values?

​’If you care about something, you have to act on it, otherwise it just gets worse.’

And so the banker scheduled a meeting with her boss at Morgan Stanley and told him she was going to return to Ukraine.

I gave up my dream six figure Wall Street banking job to volunteer on the deadly Ukraine frontline… and I don’t regret it for a second

Viktoriia Honcharuk, 25, gave up her six-figure salary on Wall Street to go and fight in Ukraine 

Viktoriia was moved to sign up when Vladimir Putin launched his 'special military operation'

Viktoriia was moved to sign up when Vladimir Putin launched his ‘special military operation’

Despite starting out with a phobia of needles she has now worked across some of the war's deadliest battlefields, including in Bakhmut and Avdiivka

Despite starting out with a phobia of needles she has now worked across some of the war’s deadliest battlefields, including in Bakhmut and Avdiivka

Most days she is triaging patients, who have lost legs, arms and even eyes in battle, documenting some of the gruesome injuries on her popular social media accounts

Most days she is triaging patients, who have lost legs, arms and even eyes in battle, documenting some of the gruesome injuries on her popular social media accounts

The high achiever first visited the United States when she was 15-years-old as part of a young leaders exchange programme. She later joined Morgan Stanley after graduating from university in San Francisco

The high achiever first visited the United States when she was 15-years-old as part of a young leaders exchange programme. She later joined Morgan Stanley after graduating from university in San Francisco 

To her surprise, her manager was fully supportive of her move – and three years later her desk still remains in the office, ready for her whenever she wants to return.

​The banker-turned-battlefield paramedic added: ‘As soon as I went into his office, the first thing he said to me was: ‘You want to go to Ukraine, don’t you?’

​’I asked him how he knew, and he told me ‘I can see you walking in every single day to your desk, and I see your eyes, and I know you are not here, you are not here with us.’

‘Which was fair and also true. So he told me to go, figure things out, take a few months and said I am welcome to come back anytime. And I never did.’

Since leaving the shimmering skyscrapers of NYC behind in December 2022, Viktoriia has treated thousands of soldiers as well as Russian prisoners of war.

Despite starting out with a phobia of needles she has now worked across some of the war’s deadliest battlefields, including in Bakhmut and Avdiivka.

Viktoriia says that at times she has feared she would perish on the front line.

Most days she is triaging patients, who have lost legs, arms and even eyes in battle, documenting some of the gruesome injuries on her popular social media accounts.

She has also set up a think tank where she leads on defence tech, warning politicians around the world about how fibre-optic drones are changing the nature of modern warfare.

​Speaking to the Daily Mail this week about her former life of luxury in Manhattan, Viktoriia said: ‘I do miss it but my conscience couldn’t let me stay.’

Viktoriia got a internship at Citi Bank before joining Morgan Stanley

Viktoriia got a internship at Citi Bank before joining Morgan Stanley 

The high achiever first visited the United States when she was 15-years-old as part of a young leaders exchange programme.

She later returned to attend Minerva University in San Francisco where she was enrolled in the elite international programme, that sees students travel across seven cities around the world during their study.

Viktoriia had watched from afar as Russian troops amassed on Ukraine’s borders four years ago, as Vladimir Putin began his invasion.

So when the 22-year-old quit her role at Morgan Stanley to become a paramedic on the frontline – despite a phobia of blood and needles – friends in New York begged her not to go. They called her foolish.

​Her older sister, Maryna, 30, grabbed a bag and joined the resistance the day the war broke out – while her father and mother, who had previously been against women joining the army, joined the local territorial army.

‘My family is a lot more involved than most of the family’s in Ukraine,’ she previously told a YouTuber.

‘My Mum, Dad and sister all joined the armed forces at the beginning. Even my Mum, who was very against women in the army, was standing there with AK74s.

‘I was very proud of her and how my family reacted to the full scale invasion. I knew I needed to at least be as good as them.’

​Thousands of miles away, Viktoriia offered support by donating money to Ukraine’s war effort to help buy food, clothes and other supplies for soldiers. Yet she suddenly felt that this was not enough.

​She said: ‘The Ukrainian army quadrupled in a day, so people needed a lot of things, and that was making me feel that I was useful. But as time passed, what I was doing now was not enough.

​Her older sister, Maryna, who was an inspiration to Viktoriia, is one of her biggest supporters and admires how she put her Manhattan life on hold for Ukraine.

​Maryna, who was working at a television firm in Ukraine when the war broke out, told the Mail this week: ‘I actually think she is a very, very brave girl to leave her dream work and her dream life to do all this.

​’It was not a big question for me about what to do – but for her, it required a lot of thinking, and she is an overthinker. I don’t know if I would have done the same if I were in her shoes.’

Not everyone in her life, however, was so supportive. Her mother even went on hunger-strike to stop her from joinin

Viktorria and her sister Maryna, 30, at the Osborne Studio gallery looking at their portraits from the front line

Viktorria and her sister Maryna, 30, at the Osborne Studio gallery looking at their portraits from the front line

Speaking on the military YouTube channel NAFO 69th Sniffing Brigade, she said previously: ‘My sister was always supportive of me and supports my choices because she knows I am going to do what I want anyways.

‘My dad has always been understanding but my mom not so much. She was not always supportive of my choices. For example when I went to Flex (Future Leaders Exchange Programme) she could not understand what it was.

‘So with this war she stopped eating for a few days as a sign of protest, even though she did the very same thing.

‘She’s good now and she’s supportive now. She’s learnt to support it.’

Friends in Manhattan had actively encouraged Viktoriia not to go to her war-torn country, fearing she was giving up on her career in the United States.

​’Some of my friends were not very supportive,’ she said. ‘They thought it was a very foolish idea. They had seen me trying to get the career that I had really wanted throughout the years and saw how hard it was for me to do.

​’They said I was giving up too much by doing something like this. But some were supportive and that’s what I needed.’

Viktoriia – or Tori as she is called in the military – now works in the Third Assault Brigade, the same unit her sister works in intelligence in.

​The unit is a volunteer-only unit, mostly made up of young, smart, educated Ukrainians who gave up their everyday jobs and studies at university to join the resistance.

​Seen as one of the most elite and efficient units, known for its intense training, has more than 500 people trying to sign up to join every month.

Maryna has been working in the army for four years, since the day after the war broke out. She was given a week’s training in technical medicine before being let out into the field and in those first days of war, when no one knew what lay ahead, she did not know how alone she would live.

Viktoriia - or Tori as she is called in the military - now works in the Third Assault Brigade, the same unit her sister works in intelligence in

Viktoriia – or Tori as she is called in the military – now works in the Third Assault Brigade, the same unit her sister works in intelligence in

‘When I joined, I thought I would die in three days because I didn’t know what would be happening in the next week,’ Maryna said.

‘There was no understanding on how the world would be and if Russians would come here. We didn’t know anything so my plan was to do something and if I was going to die, I would die for my country.’

Maryna, who was Ukraine’s first female assault trooper and now leads the intelligence unit in her squad, has, according to her sister, ‘the most badass job here in Ukraine’.

​The older sister captured members from the Wagner Group, who her sister says ‘couldn’t believe he had been taken prisoner by a woman’.

​When Viktoriia joined, she was given a week’s training in technical medicine before being given her first assignment.

​The sisters, who used to constantly squabble as children, are now grateful they work in the same unit and can check in on each other.

​The pair, who were brought up in Baranivka, close to the Belarus border, can hear each other chatting on the radio and know they are okay.

​’I can tell by her voice if she was tired or not, if she was scared or not, for me it was a lot more peaceful just knowing she was okay and we were getting to see each other a lot more often,’ Viktoriia said.

There are still disagreements, however. Most notably on their view of Russian prisoners of war.

Speaking of having to treat their opponents, Maryna said: ‘I see this sad little guy. This old white guy, who is so scared to say a word to you.

​’It’s not like an option [to treat them]. You don’t think he is a prisoner of war (PoW), just someone you need to help.’

As part of the think tank Viktoriia set up she has spoken in the US, London and at the Munich Security Conference

As part of the think tank Viktoriia set up she has spoken in the US, London and at the Munich Security Conference 

But Viktoriia, who admits she is the more emotional one of the pair, said while she will always treat PoW with compassion, she finds it hard to fully disassociate from the situation.

She said: ‘I don’t feel the same way. It is hard for me not to think that these are the people that came. They could have made a different choice. They could have done something about this.

‘I was a very big believer that people are inherently good before all of this but I don’t think so anymore.

‘One of the PoW I had to treat was right after four friends were killed, right after we retrieved their bodies, and then the same night I had to pick up a PoW and change him adn I thought, really – this might be the guy who killed our friend.

‘It’s difficult because it’s something we have to do because Russians are really cruel with our prisoners of war and we are not like this, we are civilised people.’

​When she is not working as a paramedic, saving lives in often terrible conditions, Viktoriia is working on her think tank – the Snake Island Institute – which was set up in the wake of President Trump’s bust-up with President Zelensky in the Oval Office.

​The think tank aims to represent Ukraine’s military experience in the international arena, communicated by those actively working in units, rather than purely through politicians.

It has led to Viktoriia speaking in the US, in London and last week at the Munich Security Conference about various issues from defence technology to building better partnerships with allies.

​’Often, certain messages about Ukraine’s military experience do not get across in the way it needs to,’ she said.

‘We saw this urgent need to create something that is independent and that can communicate our Ukrainian military experience to our Western allies.

So we started the Snake Island Institute as an emergency think tank with the goals to aggregate Ukrainian military experience and use it to position Ukraine as a partner.

‘Ukraine has so much to offer. President Trump wants a deal, let’s have a deal, right? The deal is we help you, you help us.’

And it’s not just the United States Viktoriia wants to send a message too – it is also to the UK and the rest of their allies in Europe, who she believes are simply not prepared for the threat of war.

​’You guys [the UK] are not ready to fight anyone and you need to be,’ she said bluntly.

​’In Ukraine, we are really interested in you guys [Europe] being strong as you are our allies.

‘It is not a race between the allies; we should be one big allied association.’

The work the sisters have done over the past few years has seen them being made poster-girls for the Ukrainian army – even being painted by the British war artist Max Denison-Pender.

A portrait of Viktoriia sitting in a ruined tank in the city of Bakhmut in 2023 hangs in the reception of the UK Defence Academy in Shrivenham, as an inspiration to British troops.

​She has spoken at Sandhurst and spoke at the Munich Security Conference last week about how fibre optic drones are changing the face of warfare.

Viktoriia has been depicted as a role model to many in Ukraine, and around Europe as a whole and while she was initially proud of this, it comes at a price which weighs on her conscience.

​’I thought it was cool at first until the first girl I knew who I was inspired to join went into the army and was killed,’ she said. ‘I felt very uneasy about it.’

​’That is the hardest part, the hardest part is to see people die,’ she adds.

A portrait of Viktoriia sitting in a ruined tank in the city of Bakhmut in 2023 hangs in the reception of the UK Defence Academy in Shrivenham

A portrait of Viktoriia sitting in a ruined tank in the city of Bakhmut in 2023 hangs in the reception of the UK Defence Academy in Shrivenham

Since Russia launched its full-scale invasion four years ago, at least 55,000 Ukrainian soldiers have been killed since 24 February 2022 according to President Zelensky, however, the estimated figure is expected to be higher.

Amongst the pictures of herself surrounded by friends in the army, there are several tributes to close friends of Viktoriia who have died in the war.

​And as for her return to Manhattan, Viktoriia does not know what the future holds. Her desk remains open for her at any point she does decide to return, but for now, she is focused on creating a stronger Ukraine.


Russia and Ukraine agree local truce to allow repairs at Europe’s largest nuclear power plant


The Director General of the International Atomic Energy Agency (IAEA), Rafael Mariano Grossi (not seen), visits Ukraine’s Zaporizhzhya Nuclear Power Plant (ZNPP) in Russian-controlled Energodar, on March 29, 2023.

Anadolu | Anadolu | Getty Images

Russia and Ukraine agreed to a local ceasefire to allow for repairs of the backup power lines to the Zaporizhzhia nuclear plant, according to the United Nations’ nuclear watchdog.

The International Atomic Energy Agency (IAEA) said in a short statement on Friday that a truce had taken effect in southern Ukraine to enable the restoration of the 330-kilovolt supply line to Europe’s largest nuclear power plant.

“Demining activities are ongoing to ensure safe access for the repair teams,” IAEA Director General Rafael Mariano Grossi said on social media.

The local ceasefire, which the IAEA said it had helped to secure, comes shortly after the fourth anniversary of Russia’s full-scale invasion of Ukraine.

Russian forces have controlled the Zaporizhzhia nuclear plant since the first few weeks of the invasion.

Situated in the southeast of the country, the plant is Ukraine’s largest and houses six of its 15 operational nuclear power reactors. It has recently been reliant on external power to sustain all essential nuclear safety functions.

Both sides have accused each other of raising the risk of a catastrophic accident by staging attacks near to the plant.

Russian nuclear power company Rosatom said on Friday that IAEA specialists located at the power plant were monitoring repairs to disconnected power line, according to state news outlet RIA Novosti.

Ukraine’s Foreign Ministry had not responded to CNBC’s request for comment as this article went live.

View of Zaporizhzhya Nuclear Power Plant from right bank of Dnipro river. At the moment the left bank of the Dnipro River is occupied by Russian forces including the nuclear plant.

Pacific Press | Lightrocket | Getty Images

Earlier this month, the IAEA warned the Zaporizhzhia nuclear plant was operating on its last remaining power line, reportedly as a result of military activity near the switchyard operated by the Zaporizhzhia thermal power plant.

Analysts at the Institute for the Study of War think tank said Tuesday that the fifth year of Russia’s war hadn’t started well for President Vladimir Putin, noting Ukrainian forces have recently made the most significant gains on the battlefield since the country’s incursion into Russia’s Kursk Oblast in August 2024.


Putin’s goddaughter risks his wrath after pleading to end the war


Putin’s goddaughter risks his wrath after pleading to end the war
Knesia Sobchak was once dubbed the ‘Paris Hilton’ of Russia (Picture: Getty)

Vladimir Putin’s ‘goddaughter’ has issued a demand for an end to his horrific war in Ukraine.

TV presenter, media owner, influencer and socialite Ksenia Sobchak, 44, pleaded for an end to the bloodshed in a post this week.

Her late father, former St Petersburg mayor Anatoly Sobchak, was Putin’s political mentor, and the dictator attended her Orthodox Church baptism.

In a post marking the fourth anniversary of the war, the former Playboy model lambasted the war started by Putin and said it ‘must end’.

‘For four years, my country has been living in war,’ she said, adding that the worst of the horrors were hidden from wealthier people living in Moscow, St Petersburg and other major cities.

‘This is not visible in the capitals. It is not visible in the cities. But it’s already woven into countless thousands, and thousands, and thousands of human destinies – and if we mark on a map every mother who lost a son or daughter, every wife who lost a husband, every family that lost a person killed at the front – the whole country will be burning with red dots of grief and pain.’

FILE - Russian TV host Ksenia Sobchak speaks about her campaign to challenge Vladimir Putin in the March 18 presidential election, during an interview to the Associated Press in Moscow, Russia, Thursday, Feb. 1, 2018. Russian investigators on Wednesday, Oct. 26, 2022, raided the home of Ksenia Sobchak, the glamourous daughter of Russian President Vladimir Putin's one-time boss, in a move that has sent shockwaves through the country's political scene. (AP Photo/Alexander Zemlianichenko, File)
In 2018, she challenged Putin by running as a more ‘liberal ‘candidate (Picture: AP)

She warned: ‘Russians are dying, Ukrainians are dying—sometimes quickly, sometimes in pain and agonisingly slowly.

‘Cities on both sides are freezing without heat and light. All of this must end. Both countries will be dealing with the consequences for a very long time, many, many years.

‘Today, I wish us all that this day will come sooner.’

Sobchak stood as a ‘liberal’ rival to Putin in the 2018 presidential election, but she is usually loyal to her godfather.

It comes as Russian media confirmed the names of 200,000 Russians who died in the war.

Other sources indicate the full death toll to be around 320,000.

FILE PHOTO: TV anchor and journalist Ksenia Sobchak attends a session of the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia, June 3, 2021. REUTERS/Evgenia Novozhenina/File Photo
The popular television host spoke out on the anniversary of the war (Picture: AP)

Shortly after the war broke out in 2022, Knesia used her Israeli passport to enter Lithuania from Belarus.

It is believed she was running away from persecution as Moscow state investigators looked into whether she said the invasion into Ukraine was ‘funded from abroad’.

Many suspect Putin actually allowed Knesia to leave – rather than see the woman dubbed his ‘goddaughter’ held in detention like his other political foes.

But the socialite-turned-politician, who was once called the ‘Paris Hilton of Moscow’, grew up to become a critic of the Kremlin.


Ukrainians living in Saskatchewan mark 4-year anniversary of Russian invasion – Saskatoon | Globalnews.ca


Ukrainians living in Saskatchewan are paying their respects to those killed and displaced by the war in Ukraine, as Tuesday marks the fourth anniversary of Russia’s invasion.

Ukrainians living in Saskatchewan mark 4-year anniversary of Russian invasion – Saskatoon | Globalnews.ca

Many have settled in Saskatchewan, but still struggle with their new lives and the ones they left back home.

”On the first day I couldn’t even imagine that it would take four years, and we still don’t know how long it will take,” said Solomia Kulyk.

Kulyk came to Saskatoon from Ukraine a year and a half ago, so she has experienced first-hand both the bombing and the mental turmoil of watching the war from afar.

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“When you’re far from home, it’s really hard to process all that. To read the news. It’s easier when you’re home and when you know that all people surrounded by you are in the same situation,” says Kulyk.

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The Ukrainian diaspora in Saskatoon has been watching and waiting for the violence to end and getting regular updates from families still in the country.

“It’s sad that it’s becoming just a common occurrence every year, attending this vigil. Obviously, we look forward to the end of this war, but it’s great that we still keep those that fought for freedom in our memory, especially on a day like today,” said second-generation Ukrainian Canadian Petro Zerko.

As the war continues, Saskatchewan Premier Scott Moe says he will continue to support those displaced through partnership with the Ukrainian Canadian Congress of Saskatchewan.

“Saskatchewan people stand with the Ukrainian community each and every day over the course of the last four years, and as long as it takes,” said Moe.


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As Ukraine marks 4 years of Russian war, Ukrainians in Canada remember | Globalnews.ca


As Canadians hold commemorations marking four years since the Russian invasion of Ukraine, a Ukrainian woman living in Winnipeg is among the many marking this day.

Ukrainians living in Saskatchewan mark 4-year anniversary of Russian invasion – Saskatoon | Globalnews.ca

Kristina Miroshnyk is originally from Sumy in eastern Ukraine, just 30 km from the Russian border.

In early 2022, she felt anxious over what was a looming possibility of a Russian invasion and was considering moving to another place in the country.

“Everyone said to me just calm down, everything will be all right, it’s the 21st century, no one will allow this to happen,” she told Global News this week from her home in Winnipeg.

Miroshnyk bought a ticket to Lviv, which is close to Poland, but on the day they were to leave they didn’t.

“The next morning I got a call at around, I don’t remember, 5:30 a.m., or 6 a.m. It was my friend who was panicking and she was like screaming, ‘It’s a war, the war has started.’”

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She and her daughter fled to Poland where her husband worked, before leaving for Greece.

The family are just a few of the roughly 300,000 Ukrainians who arrived in Canada under the Canada-Ukraine Authorization for Emergency Travel.

Now, four years later as they watch the war continue to ravage their home, some Ukrainians in Canada say they’re still surprised they’re here.


Click to play video: 'Saskatoon resident looks back four years after fleeing Ukraine'


Saskatoon resident looks back four years after fleeing Ukraine


“My parents are still back home in Ukraine and lots of my friends and my male friends, lots of them were drafted and now they’re fighting,” said Anastasiia Ravska, who also lives in Winnipeg.

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“I do what I can do, I’m trying to support them, I am always trying to donate something to them as much as I can.”

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For many Ukrainians in the city, they’re working to get work permits extended or applying for permanent residency as their children are already established in schools.

R.F. Morrison School, where it’s estimated about half the students in most classes are Ukrainian-born, marked the four-year anniversary with an assembly. Poetry and commemorative pieces were a part of the ceremony.

One province over, a prayer service was held at St. Demetrius Church in Toronto for all Ukrainian children displaced or lost in the war.

“It’s been really stressful because around a year ago my father’s house was attacked, so I was really worried about him,” said Polina Zaitseva, a Ukrainian student at St. Demetrius Catholic School.


Principal Lily Hordienko said they have welcomed 185 students from Ukraine. That welcome has included more than just education.

“Basically from the moment they would enter we would give them toiletries, we would give them food, we would give them clothing, anything they would need,” said Hordienko.

“Basically we would try to help them knowing they had arrived with nothing and had no way of knowing how to help themselves.”

The ceremonies at both schools were just two of many happening from coast to coast.

In Saskatoon, a commemoration vigil was held in the chapel of St. Thomas More College.

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Click to play video: '‘Four years of unbroken resistance’: Ukraine marks 4-year anniversary of Russian invasion'


‘Four years of unbroken resistance’: Ukraine marks 4-year anniversary of Russian invasion


“It’s sad that it’s becoming just a common occurrence every year, attending this vigil,” said Petro Zerko, a second-generation Ukrainian-Canadian.

“Obviously, we look forward to the end of this war, but it’s great that we still keep those that fought for the freedom in our memory, especially on a day like today.”

The Ukrainian Canadian Congress is also expected to hold a walk in Saskatoon later on Tuesday.

In a statement on Tuesday, the Governing Council Members of the Community of Democracies, which includes Canada, said it continues to stand in solidarity with Ukraine’s people and called on all the nations to exercise pressure on Russia to return the abducted Ukrainian children to their homeland and families.

It also said it reaffirmed the protection of children in armed conflict is “not optional, negotiable, or political.”

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But as countries reaffirm their support, some Ukrainians in Canada say they worry people are forgetting what’s happening.

“People seem to be forgetting about the war, they don’t seem as interested anymore in discussing it,” said Kateryna Rudenko, who arrived in Halifax in 2022. “They seem to be more and more uncomfortable with sitting with our grief, witnessing our grief although the shellings only have been worse since 2022.

Rudenko, who arrived as a student just months after the war broke out, said she’d like people to educate themselves about Ukraine’s history so they have a better understanding of what its people are going through.

For those like Ravska, even as the years drag on, the feeling never disappears.

“It’s kind of playing peek-a-boo when you’re a child,” she said. “If you close your eyes, you may feel like you’re out of the room, but you’re still present and what is going on around you is still happening. That’s the kind of situation we are all put into.”

–with files from Global News’ Iris Dyck, Caryn Lieberman, Slavo Kutas, Grace Miller and Mitchell Bailey

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Canada announces new Russia sanctions as invasion of Ukraine hits 4 years – National | Globalnews.ca


Foreign Affairs Minister Anita Anand announced new sanctions against Russia and financial support for Ukraine on Tuesday to mark the fourth anniversary of the Russian invasion of Ukraine.

Ukrainians living in Saskatchewan mark 4-year anniversary of Russian invasion – Saskatoon | Globalnews.ca

“If we value democratic government, if we value the concept of territorial integrity, if we value state sovereignty, then we see Ukraine’s fight as part of a broader fight in defence of those principles,” said Anand.

In front of Ukrainian ambassador Andrii Plakhotniuk and students at the University of Ottawa, Anand announced the renewal of Operation Unifier, a military training mission initially launched in 2014, promising $2 billion for the program.

This adds up to a total of $25 billion of support from Canada to Ukraine over the last four years.

“Furthermore, Canada will be imposing sanctions on 21 individuals and 53 entities, as well as 100 vessels from Russia’s shadow fleet, under the Special Economic Measures (Russia) Regulations,” according to a press release from the Department of National Defence.

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“Canada is also lowering its price cap for Russian crude oil from US$47.60 to US$44.10 per barrel.”


Click to play video: 'Ukrainian Canadians mark four years since Russian invasion'


Ukrainian Canadians mark four years since Russian invasion


Continuing to stand by Ukraine is crucial, according to Anand, for asserting the rule of international law.

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“Putin cannot redraw maps at will. Geography is not a matter that dictators can decide,” Anand said.

Canada is not the only country marking the anniversary with a show of support for Ukraine.

More than a dozen senior European officials went to Kyiv to meet with Ukrainian President Volodymyr Zelenskyy and pay tribute to fallen Ukrainian soldiers, including European Commission President Ursula von der Leyen and Danish Prime Minister Mette Frederiksen.

Earlier today, Zelenskyy addressed the Ukrainian people in a video uploaded to YouTube, praising the strength and resilience of the Ukrainian armed forces.

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“Our people did not raise a white flag — they defended the blue and yellow one. And the occupiers, who thought they would be met here with crowds waving flowers, saw lines at the recruitment centres instead,” Zelenskyy said.

Zelenskyy thanked the countries that have been supporting Ukraine, including Canada and the United States. Zelenskyy also said he hopes to meet with U.S. President Donald Trump in Ukraine to show him the realities of the war.

On the fourth anniversary of a war that Russia declared would only take three days, Zelenskyy was not without hope.

“Putin has not achieved his goals,” Zelenskyy said.

“He has not broken Ukrainians. He has not won this war. We have preserved Ukraine, and we will do everything to secure peace and justice.”


&copy 2026 Global News, a division of Corus Entertainment Inc.