Summary of the 2nd Day of discussions at the ‘Ukraine: Future’s Frontline’ project, held in Davos on the occasion of WEF 2026

On the occasion of the World Economic Forum Annual Meeting 2026 in Davos, the Victor Pinchuk Foundation hosted a series of high-level panel discussions as part of the ‘Ukraine: Future’s Frontline’ project.

The events brought together leading global and Ukrainian figures to discuss how our future security, prosperity and global position are being shaped in Ukraine. Speakers and participants discussed topics including: Future’s Frontline, the World Emerging in Ukraine, Russia’s Attack on EU Countries – When and How?; Innovate or Die: Europe and the US’ Future; and Building Blocks for Lasting Peace: Security, Investment and Reconstruction.

In conversation with Zanny Minton Beddoes, Editor in Chief, The Economist, on the ‘Future’s Frontline: The World Emerging in Ukraine’ panel, speakers addressed the key challenges facing Ukraine and the world in ending the war during a period of increased uncertainty about the future of the world order. Opening the panel, Zanny Minton Beddoes said: “This is a pretty important moment not just for Ukraine, but for whatever is left of a world order. The reality is pretty grim. Ukraine is experiencing one of the worst winters, and Russia is mass-attacking the energy grid. And now, of course, we also have to contend with Trump’s desire to have Greenland.” 

Yehor Cherniev, Member of Parliament of Ukraine, Head of the Ukrainian delegation to the NATO PA, responded: “I woke up, like other Ukrainians, to news of further genocide against Ukrainians, massive attacks on Ukrainian cities including Kyiv, leaving us without heating, water supply. I don’t see any readiness or desire from the Russian side to stop this war. The main thing is territories. We are not ready to betray our people, to give up to the Russians and leave our people in Donbass. The expectation is that we will see some final workings at the end of February. The outcome depends not only on Ukraine’s position, but on Russia’s.

We have to accept that the world order after WWII does not exist anymore. It’s no longer the rule of law, it’s now the rule of power. We see that the US is one of the key players who destroys it along with Russia. It’s not a surprise that Trump does this.”

Nataliya Gumenyuk, CEO, Public Interest Journalism Lab, said, “As I said this time last year, no deal is better than a bad deal. Putin’s goal over the last year was to make Europe abandon Ukraine, to make Ukraine give up. He failed. Europe and our partners know that it is not the Ukrainians. You do not destroy the power grid of the country a month before reaching a deal.”

Espen Barth Eide, Minister of Foreign Affairs of the Kingdom of Norway, stated: “There is a real war, with real Russians in it, going on, versus this absurd idea held by one person that there are Russian ships threatening Greenland. That absurd conversation is taking energy away from what we should be talking about.”

He continued: “The initial shock of the lack of clarity from this US administration, forced the formation of the coalition of the willing, which showed Ukraine that there is real support from Europe. 

States must respect each other’s sovereignty. Russia didn't. It makes no sense to compensate, to ‘help’ Ukraine by giving up somebody else's territory, which, in principle, although the magnitude is colossally different, is the same problem. It will not fly with us.”

Elina Valtonen, Minister of Foreign Affairs of Finland, agreed: “There is no sign at all that the Russians wish to make a deal. And frankly, I am a bit allergic to portraying  Russia and Ukraine in a sort of neutral position towards each other. Russia started this war. Ukraine is only defending itself.”

She continued: “It is time for Americans to decide whether they are on the right side of history or not. Yes, they elected Trump, but I’m not sure the rest of the country thinks this (taking Greenland) is a proper strategy. “We fully support the Kingdom of Denmark, along with all the other Arctic/Nordic countries. We do not want to have to retaliate, but we are ready to, and are looking at different tools. There will be a reaction of some sort.” 

Walter Mead, Global View Columnist, Wall Street Journal, told the panel: “Trump believes that European and American interests are not the same. He believes that a Russian conquest of Ukraine would not be the existential threat to America it is to Europe. He also believes that Europe has been free-riding on America’s defence for years and he is determined to end that. He does not believe that a united western alliance is of high value for him. He does not believe in international cooperation. He believes Europe needs the US to have an effective Ukraine policy – and he wants to know how much they are willing to pay. He might be thinking that Europe should think Greenland is not too high a price to pay.”

“I see a fork in the road. On one hand, Europe develops a strategic concept, with China as a challenger, and Russia aligned, but possibly not forever, with China, and out of that, comes up with ideas for rejuvenating the transatlantic relationship that work with this administration, because if they work with this administration, they'll work. If that doesn’t happen, we’ll have Washington and European capitals going at cross-purposes. Russia will see it and see no reason to make concessions on Ukraine.”

During the second panel, ‘Russia’s Attack on EU countries – When and How?’ moderated by Gillian Tett, Columnist and Editorial Board Member, Financial Times, Provost, King’s College, Cambridge, Carlo Masala, Professor for International Politics at the Bundeswehr University Munich, Director of the Centre for Intelligence and Security Studies, and Kyrylo Berkal, Deputy Commanding General of the 3^rd Army Corps of Ukraine, discussed the likelihood of a Russian attack on a European or NATO country, and the potential roles of Western democracies including Ukraine. 

Opening the panel, Gillian Tett said emphatically: “What is clear is that the Putin admin is not just focused on Ukraine, but much wider. Europe needs to wake the hell up, and very quickly indeed.

“Do you think the German government and others have properly got the message that it is time to get tough?”

Carlo Masala responded: “I couldn’t have imagined that the collapse of NATO would come from the US President threatening another NATO territory. NATO is based on the commitment that member countries will come to the aid of any member under attack. But if you have the most powerful country saying they will attack another member - what messages are you sending? What’s next? If I was Putin, I would be drunk all day right now.

“Putin does not want to negotiate about Ukraine, he wants to negotiate about European security. If Russia wins in Ukraine it will have consequences for the international system, and whether the liberal world order will survive. They want to talk about security architecture, what they call the global order. 

“I don’t see any deals on the horizon. The Paris meeting could have been an email. The US will not commit to a hard backstop. Trump will blackmail the Europeans by saying if he doesn’t get Greenland then he will walk away from Ukraine. 

“The ‘Coalition of the Willing’ is thinking about turning itself into a kind of alliance, including Ukraine. A new player in town - which would have to have an integrated command structure, to standardise and become interoperable. I think we will go more down this road, rather than a European army. It is the best option. We don’t need to become as strong as the US, we just need to be as strong as the Russians are.”

Kyrylo Berkal said: “When I was in (Russian) captivity I saw that all officials think they are fighting with European and US military on Ukraine soil. All the people inside Russia think it already. If Ukraine fails, they will have victory over NATO.

“Any agreement with the devil is not good for our soul. Russia will not stick to the agreement. They want to steal our souls, our country, they want to steal our history, our resources. They want Ukrainian people as a resource for the next fight. Crimeans are being mobilised to fight against us. An agreement for Russia is an opportunity to prepare for the next step. I don’t want to give my neighbours and friends to the Russian mobilisation.

“The Ukrainian army would be willing to defend Latvia or Lithuania. They are our friends. We were the first in Georgia - we will always send our guys to defend freedom.”

During the third discussion, titled, ‘Innovate or Die: Europe and US’ Future’ Charlie Gasparino, Journalist, Fox Business News, spoke with Jeanette zu Fürstenberg, Managing Director, General Catalyst, about how innovation power determines how wealthy, secure and powerful countries will be in the future, and what are the opportunities for Europe and Ukraine. 

Beginning the interview, Charlie Gasparino said: “You don’t seem like a war person. How did you get involved with drones?”

Jeanette zu Fürstenberg replied: “I am passionate about Europe, deeply passionate about investing in the technologies we need to defend the values we have. 

“Nobody was actually able to foresee the scale and the endurance that is displayed in Ukraine every day, which is more than just impressive. I think the fact that the defence architecture is actually shifting from heavy legacy systems and man-to-man combat to increasingly AI and edge-enabled capabilities that are sitting on devices and on mass hardware, is a trend that became visible four or five years ago. The urgency in Ukraine, combined with the intersection of technologies, combusted a large swell of innovation. Not incremental, but disruptive, innovation.

“Our organisation focuses on two things, AI and global resilience. Our core belief is that each region needs to be resilient in core functionality. When you think of healthcare, when you think of energy, when you think of defence, you need to be able to control your destiny when it comes to core IP and the things you cannot depend on others for.

“If you think about AI - we have the infrastructure layer, and now you increasingly have the application side, that is where Europe can play. For the first time, you have this evolution to being able to actually build technologies that are global from day one on, the application layer. You are able to take existing data from customers, existing industry contexts, from the large part of European industry, and really think about the application potential of AI within that specific customer context, within that specific sector.

“People value the European value system, we believe in democracy and free speech, we believe in values, we think these things are worth protecting. We are looking at European talent in the US and encouraging them to move back. It is blatantly clear we cannot afford dependency anymore, and not just on the US. We have outsourced our defence architecture for too long. We have to be intentional about how we innovate to defend our values.

“President Macron said that what we have in Europe is precious. We have deeply rooted values and a humanist tradition. We have a unique capability to read nuance, it is a living, breathing part of who we are - not a museum. It is the layering of culture and history that surrounds us that gives us much more strength and potential. It was a profound comment.”

In the final panel, titled “Building Blocks for Lasting Peace: Security, Investment & Reconstruction,” moderated by Charlie Gasparino, Journalist, Fox Business News, Taras Kachka, Deputy Prime Minister for European and Euro-Atlantic Integration of Ukraine, discussed how reconstruction efforts and investment are key for a sustainable peace.

“We received a promise there would be efforts to rebuild Ukraine straight after the war, straight after the full-scale invasion. The promise was important to Ukrainian society, and meanwhile we are restoring bridges and maintaining electricity. We have never stopped this and have the support of all our partners. There is a real formula and structure. Ukraine’s stable peace is based on economic prosperity. We are working on documents with the EU, US and Ukraine,” he said.

“Russia will not change its behaviour. The cornerstone of Ukrainian society is to maintain the army as it is now. We will continue to maintain the army at no less than 800,000 soldiers. It is the largest army in Europe. Whatever happens we will continue to build on Ukraine’s finances to maintain the army. It means we need lots of support from our partners. Europe wants that.

Asked by Charlie Gasparino about growth and the need for the return of Ukrainian citizens, Taras Kachka replied: “It is a chicken and egg problem. It will be a complex migration. Once we have a basic security environment the majority of the people will come back. It is more about the social things, tradition, family and culture. Ukrainians will be glad to come back. If there is no economic recovery to the level that they are seeing it will build a lot of resentment. So it is important we do this as fast as possible.”

And on the separate reconstruction fund for 800 billion post war recovery, Taras Kachka answered: “The idea is to consolidate all efforts and energy, and we have agreed on a working level agreement on this document. We now see we should target at least 500 billion and then move further. We rely on EU and IMF mechanisms as well as BlackRock to have security guarantees. These are based on assumptions that we are accepted into the EU. We need to be part of the EU for prosperity and for security. We are our biggest obstacle and need to implement all reforms and take the necessary steps so that we can formally be part of the EU”.

The project ‘Ukraine: Futures’ Frontline’ takes place on 19-22 January, 2026, on the occasion of #WEF2026 in Davos as part of a broader series of Ukrainian events designed to amplify Ukraine’s voice, highlight its resilience, and foster a dialogue on the future of the country and global security.

‘Ukraine: Future’s Frontline’ is a platform exploring our future security, prosperity and global position. Our future is shaped in Ukraine: Ukrainians defend their sovereignty and Europe’s security. And in this fight, Ukraine must be at the cutting edge of innovation. Of the competition that will determine tomorrow’s world. Ukrainians develop cutting edge drone technology, AI, and redefine standards for military and civilian technologies.

The project “Ukraine: Future’s Frontline”, organized by the Victor Pinchuk Foundation in partnership with PinchukArtCentre and the Office of the President of Ukraine.

More information about the project “Ukraine: Future’s Frontline” is available at www.ukraineindavos.org

Photos are available here

Video will be available here  www.youtube.com/user/PinchukFoundation/

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