Phillips’s Newsletter • 246 implied HN points • 21 Dec 25
- Ukraine is winning the war at sea: unmanned naval drones have damaged a Russian Kilo submarine in Novorossiysk and struck distant shadow-fleet tankers, degrading the Black Sea Fleet and threatening Russia’s oil shipments.
- Europe split over funding Ukraine: the EU chose guaranteed loans (about €90bn) instead of seizing frozen Russian assets, a compromise that buys time but raises doubts about European willingness to fully confront Russia.
- U.S. policy appears to be easing toward Russia: the Trump administration quietly removed sanctions on some foreign firms and U.S. exports to countries linked to Russia rose, suggesting Washington may be undermining broader sanctions pressure.