The world in 2026

Chatham House experts highlight the crunch moments and potential flashpoints in the year ahead.

The World Today

Published 15 December 2025

Updated 5 January 2026 — 19 minute READ

Image — Ukrainian President Volodymyr Zelenskyy visits Chatham House in June. Ukraine will need $100 billion in military aid and financial support next year just to hold the line against Russia, says Orysia Lutsevych (left). Photo: Carmen Valino.

Ukraine: Keeping the money flowing

Four years after Russia’s full-scale invasion of Ukraine, a peaceful settlement remains far from reach. As long as Vladimir Putin continues his extreme agenda to control not just Ukraine’s eastern regions but the entire country, Donald Trump’s negotiations alone are unlikely to stop him.  

The next year will be a battle of wills. Ukraine must adapt its economy to a protracted war and strengthen its industrial capacity to produce more weapons. It is equally vital that Ukraine wins the technological race in drone interception and gains deep-strike capabilities from European allies. Russia, meanwhile, continues to innovate. Its ballistic missiles, for example, are now better able to evade interceptors such as the US-made Patriot system. 

Access the archive

The current issue is open access with previous editions reserved for our members and magazine subscribers.

Subscribe