The Risk Report

THREE YEARS AND NINE MONTHS after Russia's full-scale invasion of Ukraine, the war grinds on. There's been plenty of news and noise of late. Yet as we approach the end of 2025, there's no sign of resolution on the horizon.

- By Ian Bremmer

In recent months, the Europeans have done much more to bolster Ukraine's defense and its economy. In fact, this has gone from a war in which the U.S. provided most of the direct support to Ukraine, to one where the Europeans are today taking the leadership mantle.