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 begin with a Financial Times investigative documentary which has found evidence that Russian executions of Ukrainian prisoners of war are not isolated incidents but likely part of a broader pattern that points to a systematic policy.

Execution footage: The investigation reveals the suspected identity of one Russian soldier who is filmed taking part in the mass execution of surrendered Ukrainian soldiers. It also raises questions about chain of command and the Kremlin’s role in these war crimes.

Rise in cases: Ukraine’s national police have initiated more than 125,000 war crimes proceedings for a range of different offences since the start of the full-scale invasion. Prosecutors said execution cases rose dramatically last year: in 2024, they launched investigations into 43 incidents involving 133 suspected deaths.

Read more on the investigation and watch the full documentary.

Here’s what else we’re keeping tabs on today:

South Africa: Foreign ministers from G20 countries minus the US begin a two-day meeting in Johannesburg.

Results: Accor, Aegon, Airbus, Anglo American, Lloyds Banking Group, Mercedes-Benz, Renault, Repsol, Walmart and Zurich Insurance Group report. 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 called Ukrainian President Volodymyr Zelenskyy a “dictator” and warned that he “better move fast or he is not going to have a Country left”. The US president hit out at his Ukrainian counterpart hours after Zelenskyy accused Trump of living in a “disinformation bubble”.

• UK support: Prime Minister Sir Keir Starmer pushed back against Trump’s suggestion that elections should be held in Ukraine.

• Postwar plans: France and Britain are drawing up a proposal to create a “reassurance force” to enforce any ceasefire deal.

• Military spending: Politicians will have to persuade voters to surrender some of their benefits to pay for defence, writes Chatham House’s Bronwen Maddox.

2. Politico’s owner has praised the “inspiring message” of JD Vance’s speech at the Munich Security Conference and said many people had “intentionally misunderstood” the address. The US vice-president stunned the audience last week by claiming restrictions on freedom of expression in Europe were a greater threat to the region than Russia or China. Read the FT’s interview with Axel Springer chief Mathias Döpfner.

3. Federal Reserve officials indicated last month that they needed to see “further progress on inflation” before any new interest rate cuts. The US central bank held rates steady in the face of high uncertainty over the outlook, with officials judging it was still appropriate to keep monetary policy at “restrictive” levels. More from the Federal Open Market Committee’s January meeting minutes.

• Reining in regulators: Trump is to take greater control of independent federal agencies, including important financial watchdogs, with his latest executive order.

4. Exclusive: UniCredit could accelerate its exit from Russia if there is a breakthrough on the Ukraine war, its chief executive has said, adding that an end to hostilities could allow UniCredit to secure better terms. The Italian bank is one of the few large western lenders to have remained in the country. Read the FT’s interview with the bank’s head Andrea Orcel.

5. A US congressional committee has sounded the alarm over China’s plan to build a huge embassy in London, saying the project raises “significant security concerns” for the UK financial services industry. Beijing’s plans to build its largest diplomatic complex in Europe have met resistance from politicians who warn of potential for increased espionage.

The Big Read

Tariffs, trade wars and plans for big tax cuts could stoke inflation, increase US debt and rattle investors in Treasuries. But the market is resilient, cushioned by intrinsic advantages including the bonds’ vast liquidity, the status of the dollar as the world’s reserve currency and the lack of any obvious alternatives. Could the bond market rein in Donald Trump?

We’re also reading . . . 

• Great British Railways: Labour’s plan to curb independent regulation of the rail network will damage growth and innovation, writes John Gapper.

• London’s ‘right-wing Davos’: The three-day Arc conference has attracted conservative politicians, theologians and business leaders from around the world with its blend of culture wars and religious urgency.

• Hong Kong finances: A property slump and budget deficits are weighing on the government’s fiscal health, forcing it to look for new sources of revenue.

Chart of the day

A stand-off between airlines and energy groups over the production of sustainable air fuel is stalling the transition to net zero flying. Airlines complain that sustainable aviation fuel is too expensive and not enough is being made. But unless energy companies receive more long-term orders they remain reluctant to invest in more production.

Take a break from the news . . . 

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